BK

[rffrydr]

Not your father's bankrucptcy:

http://media.bloomberg.com/bb/avfile/News/Surveillance/v_g8nB8o_6W0.mp3

And you thought it was about abortion and credit cards:

http://www.washingtonpost.com/wp-dyn/articles/A17567-2005Mar8.html


http://www.goodwinprocter.com/~/media/3F86128BF42048A3BC513EB869AE8323.ashx
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Today is the Tomorrow you worried about Yesterday!

[rffrydr]

Banks don't like the new and improved capital structure of "good vs. bad" and decide to get some authority on the matter:

http://bloomberg.com/apps/news?pid=20601087&sid=akoMgOGzNKa4&refer=home
_________________
Today is the Tomorrow you worried about Yesterday!

[rffrydr]

http://www.youtube.com/watch?v=FUqAZl42zII
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Today is the Tomorrow you worried about Yesterday!

[rffrydr]

So begins the test if a company can sell itself to itself while shedding its encumbrances. The question then becomes: what other bankruptcy would there be?

http://online.wsj.com/article/SB124109550079373043.html
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Today is the Tomorrow you worried about Yesterday!

[rffrydr]

General Growth restructures under BK--with Ackman, Mr. Target, providing financing. This is one case where DIP was ready and willing.

http://www.latimes.com/business/la-fi-mall-bankruptcy17-2009apr17,0,4850977.story

Setting a trend? This begs the question how much of the "deleveraging" will be born by wiped shareholders.
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Today is the Tomorrow you worried about Yesterday!

[rffrydr]

Delphi, april 17; Chrysler april 30, with 5billion secured by TARP recipients including the one who doesn't need it, JPM....distressed investors turned on their head...every ONE creditor allowed a say in court. Getting interesting.

http://online.wsj.com/article/SB123957652811811897.html

If they are going to model the Banks then why not model the PPIP?....or, do we need a hanging?
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Today is the Tomorrow you worried about Yesterday!

[rffrydr]

Back to Beginnings, Rembrandt. Who better to map the process than an artist?

Watch this, one of the more famous bankruptcies by the people we get our tradition from, the people who invented it--the people of boards, markets and trade who brought you the world first corporate empire, the Dutch:

http://www.youtube.com/watch?v=r7vZ6oQxB1I

The marbled porticoes of rat-infested empty money chests over the Bankruptcy court is not to be missed. Yet, it is true, in every other advanced culture debt is a punishment. The jews have their "jubilee" but that's a special case.

Markets are freedom "constrained by order." That is the secret of Dutch success and markets themselves. Is it any wonder that they would spring from this basic black uniformed people of magnificent collars?!
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Today is the Tomorrow you worried about Yesterday!

[rffrydr]

Listen to the good professor wax poetically about the "magic" of bankruptcy and the american way while squirming in the face of those all-too-close counter examples of now: Lehman and, on the other end, Circuit City. The latter had a viable core business, it's gone. The former's hydra-headed structure that boggles the mind of any judge (apparently leading this one to batter his wife) thinking matters can be "contained" to the courtroom.

http://media.bloomberg.com/bb/avfile/Economics/On_Economy/vx3wnTD.LXOo.mp3

Bernanke's Jackson Hole speech last year, in the pincers of this crisis, was about exactly this: the inadequacy of BK.

The Pension Guarantee Corp is already wondering if it's one bankruptcy away from its own BK.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aazS4bEfFmzs
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Today is the Tomorrow you worried about Yesterday!

[rffrydr]

http://www.structuredcreditinvestor.com/story.asp?PUB=250&SID=19441&ISS=22247
_________________
Today is the Tomorrow you worried about Yesterday!