Real Men.

[Jeff]

Well, his businesses filed bankruptcy multiple times.

On the outside looking in, that's usually a bad thing (and this very well could have been one of those cases). But I have a hunch that it may have been a strategic move to use the laws to his advantage. He has high priced lawyers who know more than our hometown lawyers ever will and if the laws let him file multiple times,then I would be inclined to believe that it wasn't bad management on his behalf.

[RobertELee]

On the outside looking in, that's usually a bad thing (and this very well could have been one of those cases). But I have a hunch that it may have been a strategic move to use the laws to his advantage. He has high priced lawyers who know more than our hometown lawyers ever will and if the laws let him file multiple times,then I would be inclined to believe that it wasn't bad management on his behalf.

And also quite a few of those bankruptcies (3 I believe?) came during the early 90s recession that hurt a lot of casinos. He was protecting himself, his business, and those who worked for him. And as long as those bankruptcies were legal why would it matter?

If having a bankruptcy is wrong, then it's time to change the law, not piss on the guy who used them legally to his advantage.

[JParis]

On the outside looking in, that's usually a bad thing

That's more a touch on not understanding how a business runs....a Chapter 11 bankruptcy is, when used, usually a good move for a company.

A Chapter 11 by & large doesn't discharge debt if the company has the means to repay it. What does happen is, a business gets to reorganize that debt, renegotiate terms, which is still paid off....lenders get paid, the court receives reports on how the company is performing its now court ordered plan. The business get to restructure its debt load as business conditions change. Once either completing or sufficiently reworking agreements, they company can emerge from bankruptcy.

In cases where a company files bankruptcy and is no longer liquid, the remaining assets are divided up, leaving some with some value on their dollar and others losing out.

As business conditions can and do sometimes change a Chapter 11 can allow a viable business to remain a viable business.

[Jim at Gentex]

That's more a touch on not understanding how a business runs....a Chapter 11 bankruptcy is, when used, usually a good move for a company.

A Chapter 11 by & large doesn't discharge debt if the company has the means to repay it. What does happen is, a business gets to reorganize that debt, renegotiate terms, which is still paid off....lenders get paid, the court receives reports on how the company is performing its now court ordered plan. The business get to restructure its debt load as business conditions change. Once either completing or sufficiently reworking agreements, they company can emerge from bankruptcy.

In cases where a company files bankruptcy and is no longer liquid, the remaining assets are divided up, leaving some with some value on their dollar and others losing out.

As business conditions can and do sometimes change a Chapter 11 can allow a viable business to remain a viable business.

No, No, No, you don't understand!!!

Orange Man Bad!! 

[Dan_AKA_ROY23]

Check out the hottie 25 seconds in..

(Incog corrupted me!) 

[mkd]

Actually the last one was 2009. I don't really care but saying everything he touches turns to gold is taking it a bit far.

fair enough, I actually didn't know it was that recent.
After he won the highest office in the world the first time he ever tried politics, the year was 2016. Vast majority of policy decision as president turned to gold, imho

[Incogneeto]

Check out the hottie 25 seconds in..

(Incog corrupted me!) 

Pppppffft "The willing can't be raped"  Bwahahaha


Like YoDoug I think it could be a new App.


"PornYo"......Gaa.

[JParis]

To  illustrate a difference I noted above about a business bankruptcy....Bed, Bath and Beyond has been in trouble for sometime and it's ability to continue in business has been in doubt..

Well...

https://www.cnbc.com/2023/04/23/bed-bath-beyond-files-for-bankruptcy-protection.html

"Bed Bath & Beyond Inc.today announced that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets," a statement Sunday read.

In this case, the intention is to close the business, not reorganize as it is seen that the viability in this business is all but over....they may try to sell some assets, likely real estate. Those funds would go to the creditors first...many of those will take the haircut, stock holders will be left with nothing most likely.

So this is a case of business that is folding...

Now, could there be a "White Knight"....a person who would assume some or all of the debt in the hopes of keeping the business viable....it's possible but big names like Sears and Toy's R Us found late White Knights but in the end, they wound up folding...

Based on the business climate, based on brick & mortar stores struggling already, it's most likely they are done.

[Tim Johnson]

Based on the business climate, based on brick & mortar stores struggling already, it's most likely they are done.

This is why I refuse to buy anything from Amazon.