Originally Posted by BigRedChief
Letting the executives that ran the company into the ground to profit while the working stiffs lose their pensions? In what world does that make sense?
As mentioned, in a world where we care about creditors and think the old executives are best able to handle the assets creditors are owed. Are the old executives taking advantage of the situation? Yeah, most likely. What is the cheaper alternative for wind-up management? Is it the receivership? I don't know.