Tulipomania Blowoff Contest: Why and When will it end? Message Board

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Non-Tech : Tulipomania Blowoff Contest: Why and When will it end?

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To: eric012 who wrote (2333)	12/27/1999 3:06:00 PM
From: Razorbak	Read Replies (1) of 3543

Railroads in the 1890s It was a good idea to mention railroads -- what we are facing now is imho just like the early railroad years. IMO, this analogy is much richer than most people realize. Did you know that the majority of the early railroads in the US actually went bankrupt? More than half of the railroad trackage in the late 19th Century was tied up in reorganization proceedings at one time or another, some more than once. Railroads were to the 1890s reorganization practice what airlines were to the 1980s. Many of the railroads of this period should never have been built in the first instance and could not make enough to pay off their creditors in full. In fact, the "railroad problem" was a defining event that fundamentally changed the US bankruptcy system. What emerged in the end were the basic features of Chapter 11 of the US Bankruptcy Code, the chapter which governs reorganization proceedings. Even now, railroads are prevented from liquidating under Chapter 7 of the US Bankruptcy Code. Chapter 11 reorganizations are the only bankruptcy alternative still available in the US. Razor

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