Word: chaptered
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...final chapter to one of Wall Street's many scandals, Wall Street power trader Salomon Brothers agreed to pay a $290 million fine as a settlement to a suit filed by the Securities and Exchange Commission and other government agencies. The investment firm admitted last August it had submitted billions of dollars in phony bids for Treasury notes and bonds. But unlike the benighted houses of E.F. Hutton and Drexel Burnham Lambert, Salomon can take solace in the government's decision not to press criminal charges...
...other hand, for six years LTV has been in Chapter 11 bankruptcy, which allows for rehabilitation rather than liquidation of a company's assets. Without a bail-out from somewhere, LTV is almost certain to go belly up, leaving a $3.1 billion pension shortfall for more than 100,000 current and retired -- American -- employees. Beyond secrets and beyond jobs, what's at stake is how the U.S. should cope with an industry that is bound to shrink as the country comes home from the cold...
Some firms have found that the best way to survive Chapter 11 is to escape it as swiftly as possible. The Days Inns motel chain brought 1,200 franchises out of Chapter 11 in January after a relatively brief 17-month stay. "A lot of bankruptcies just go on forever," says John Snodgrass, who heads the franchise operations. "But the judge made sure we didn't get bogged down and drawn out. It really serves no one but attorneys to continue in bankruptcy for a lengthy period of time. It can't be healthy for a business to do that...
Experts say big firms should speed through Chapter 11 in the same no- nonsense way. Chicago investor Zell would give companies an "absolute deadline" of one year to reorganize or go out of business. "By having little discipline, you create a huge playing field for a lot of ghouls to make a living," he says. "They're all feeding at the trough." For all the richness of his metaphors, Zell has a point. Tight deadlines could curb Chapter 11 abuses by encouraging companies to get out of court quickly and return to the business of surviving in the marketplace without...
...Chapter 11 has lost its stigma, but is it being misused...