Many methods for distance estimation, such as the ultrasonic pulse-echo method, involve the estimation of a Time-of-Flight (TOF). In this paper, a signal model is developed that, apart from the TOF, accounts for an unknown, linear frequency dependent distortion as well as for additive noise. We derive a TOF estimator for this model based on the criteria of Maximum Likelihood. The resulting receiver can be seen as an extension or generalization of the well known cross-correlation, or ''matched filter'', estimator described, e.g., by Nilsson in [12]. The novel receiver is found to be more robust against unknown pulse shape distortion than the cross-correlation estimator, giving less biased TOF estimates. Also, bias versus noise sensitivity can be controlled by proper model order selection.