Outcome of another well known BK
The Rape of Polaroid
GET ready for yet another 10-digit accounting scandal from the world of big business: The astonishing disappearance - behind the drawn curtains of a federal bankruptcy court in Delaware - of more than $1 billion of corporate assets from the books of Polaroid Corp., and the reappearance of most of it, free of charge, in the pockets of a Wall Street buyout fund.
nypost.com
In conclusion...
At week's end, WorldCom was set to join Enron, Global Crossing, Adelphia and Williams Communications as the latest multi-billion-dollar behemoth to enter Chapter 11 bankruptcy. And there will doubtless be many more.
As for Polaroid, expect to see stock in the company offered by One Equity Partners to investors all over again, via an initial public offering, as Wall Street's endless cycle, from IPO to Chapter 11 and back again, repeats itself once more. It's the way Wall Street really works, and it's why, from cradle to grave, the tricks of accounting lurk at every turn. |
