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Technology Stocks : WCOM
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To: calgal who wrote (11239)7/10/2002 7:15:55 AM
From: paul t  Read Replies (1) of 11568
 
On the other hand, he said, a debt-for-equity arrangement would give bondholders — who hold $26 billion in bonds — greater leverage and a better chance of recovering their investment.

Without debt, Comack said, a leaner WorldCom could emerge from bankruptcy and possibly survive on its own or become a takeover target.

Why is that a publicly owned company would be better off if it screwed the owning public? It's my understanding that in Chapter 11 the shareholders get wiped out and the debt and company continue. If correct how the hell did this become an option? It barely seems legal.

I guess when the elected board fails to represent the electing shareholders anything is possible. So how do the electing shareholders impeach their current board if that is the way they vote? Is there any way for the owning/electcing shareholders to block this horrible action?

I think a good ol' fashion call to arms is needed here boys.
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