into electronic streams flowing thru the cosmos On Thursday 25 May 2006 9:46 am, Anders Johansson wrote:
On Thursday 25 May 2006 15:32, Ken Schneider wrote:
#7 means a company has -no- hope of paying its creditors and is going out of business.
#11 means a company is having financial difficulties and is trying to over come them. It also gives them court backing and allows them to temporarily suspend payment to its creditors until another payment option is agreeable to all involved.
For those interested in US bankruptcy law
http://www4.law.cornell.edu/uscode/html/uscode11/usc_sup_01_11.html
And a small win for the people happened today when Ken Lay and Jeff Skilling were convicted in Federal court of various bad things ( Conspiracy to commit wire fraud , illegal securities transactions etc..) In addition to the sentences they will serve ( more than 45 years for Lay, and something really long for Skilling ,like 90 years or so ) they will also be subject to huge fines that will likely take up any money not paid to lawyers and which can be found by forensic accountants . As for lawyers , in criminal trials, they always get paid up front. Skilling , and I apologise if I misspell his name.. Paid more than $23 Million as a retainer some time in 2002 or so.. So we can bet there have been some additions to that bill before its all said and done ! Not sure about Ley, he was bitching some time ago at being "down to his last few hundred thousands.. " awwwww ,poor baby, yet not a single word about the people who worked for Enron who lost everything as they were told to put all their investment money and 401k, retirement funds etc "only into Enron" at time when these two knew the company was going under and were quietly selling their own stocks.. and collecting outrageous bonuses ... To borrow a quote from a famous comic " It's enough to make ya crazy." -- j "There's a woman goin' crazy on Caroline Street Stoppin' every man that she does meet Sayin' if you'll be gentle if you'll be sweet I'll show you my place on Caroline Street" Song lyric