PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Ted Downs who wrote (103374)	12/6/2000 4:10:53 PM
From: swisstrader	Read Replies (1) of 769667

Armstrong allowed other lines of credit to expire to avoid fees. The Armstrong default was a case study in the consequences of lacking a Plan B for liquidity and is only the latest in a string of bad news from them. On Nov. 22, it reported that it had failed to repay $50 million in commercial paper, which constitutes a default under a long-term $450 million credit facility. On Oct. 26, Armstrong's general counsel and senior vice president, Deborah Owen, resigned, just a month after the company's president of flooring operation retired and six weeks after the death of its vice president of human resources.

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