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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Elroy Jetson who wrote (202119)5/13/2009 7:31:32 PM
From: RockyBalboaRead Replies (1) of 306849
 
As you said, risk... a forgotten lesson. I have followed some major bankruptcy cases, including New Valley, Kmart, Warnaco, some steel factories, Dana, Dura and many more and in bullish times bondholders have been highly rewarded.
A friend of mine, a Lehman associate praised restructurings as the best thing to happen.

This was clearly based on the fact that unencumbered assets under new management have been employed profitably. But there was a big difference; in most cases major parts of the former company were highly profitable if not for a debilitating debt load. In todays prominent BK cases the same can not be said. Many of those including Chrysler, GM and their suppliers have been on life support for years much like our beloved zombie banks. How else would one regard the billions of good money thrown after bad, by the government?
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