Re: Re: Re: Re: To glib or not too glib?

[Doug Henwood]

[EMAIL PROTECTED] wrote:

>Quite right, from a legal point of view. It's supposed to give the 
>debtor either a chance to reorganize or a fresh start, while giving 
>the creditors a fair id meagre settlement. However, and this is the 
>point, it shuts down or reorganizes inefficient enterprises that 
>fail to  produce stuff people want in a cheap and nonwasteful way.

It also is a way to handle firms that may be operationally ok, but 
which have been saddled with debt by financial parasites. Or a way - 
e.g. Manville - to avoid paying damage claims.

Doug