On Tue, 31 Aug 2010 14:05:02 -0500, Jim wrote:

Here's the top 10 U.S. bankruptcies.
You pick the ones killed by unions.
I'll pick the ones killed by management.
They're all mine. Every single one.


Lehman Brothers Holdings Inc. 2008-09-15 $639,063,000,800
Washington Mutual 2008-09-26 $327,913,000,000
Worldcom Inc. 2002-07-21 $103,914,000,000
General Motors Corporation 2009-06-01 $82,300,000,000
CIT Group 2009-11-01 $71,019,200,000
Enron Corp.* 2001-02-12 $63,392,000,000
Conseco, Inc. 2002-12-18 $61,392,000,000
Chrysler LLC 2009-04-30 $39,300,000,000
Texaco, Inc. 1987-04-12 $35,892,000,000
Financial Corp. of America 1988-09-09 $33,864,000,000

Jim - Facts are easy to come by. But it's even easier to wing it.

Speaking of winging it, what makes you think that Texaco went
bankrupt? They merged with Chevron in 2001, very succesful at the
time of the merger, still successful as a merged entity today.

In 1987, Texaco was forced to file for Chapter 11 because it could not
afford to pay a jury award to Pennzoil. That award had been knocked
down by a judge from $10.53 billion. Pennzoil successfully sued
Texaco for jumping its planned merger with Getty Oil, in part, by
moving the case to local court near its headquarters. The jury awarded
triple damages.

Texaco sought protection under federal bankruptcy laws in order to buy
time and negotiate a better settlement with Pennzoil. Subsequently,
Texaco was able to settle with Pennzoil at a reduced payment of $3
billion. In April of 1988, Texaco emerged from bankruptcy and
continued to expand their market share.

http://finance.yahoo.com/q?s=cvx

http://en.wikipedia.org/wiki/Texaco