"jps" wrote in message
...


That's a sum total of 1 decision. How many hundreds of bad decisions
have management made to get in this position? Hundreds.

$2.5 billion in annual revenue but you can't figure out how to make a
profit? The simple truth, the business is worth more in parts to the
current owners than the profit from business operations.

Don't blame the unions for not wanting to commit their people to
poverty so owners can make enough.

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Sounds to me like management made the right decision if the goodwill
of the company is worth more than profits .... especially if there
aren't any.
Your mileage may vary if you think that the sole purpose of a business
is to provide jobs.

The bonuses to management and salaries of the hired "turnaround" guy
are peanuts when compared to the overall debt and are very commonplace
in Chapter 7 situations like this. The bankruptcy judge approved
them for reason. The simplistic views of bystanders are
understandable but don't reflect reality.