This Blog Posting was first written in 2007. I have now updated it and I bring it back because what I was confused about in 2007 is still confusing me in 2020.
I
spent over 30 years in the world of business. I rose to the very pinnacle of a
Mediocre Automotive Career. I thought I had a firm understanding of business
terminology but I must have been wrong. A good example was I thought I
understood the term “Bankruptcy”. I was
pretty certain it meant...
Ø
Your
company was in deep dodo.
Ø
Your
company had had it.
Ø
Your
company was toast.
Ø
Your
company was about to close its stores and/or plants.
Ø
Your
hard work had all gone for naught.
Ø
No
need to circle the wagons because the Indians already were inside your camp and
raising hell.
Ø Your boss was about to nail your office door shut.
Ø The wheels were off the wagon.
That’s
what I thought before but now I have
found out that Bankruptcy must be a changing
concept because...
Ø
Kmart
went Bankrupt.
Ø
Right
after Kmart went Bankrupt Kmart bought Sears and Roebuck.
Ø
At
that time Sears and Roebuck was hovering on the brink of Bankruptcy.
Ø
Eventually
Sears and Roebuck did go Bankrupt.
Can you understand my confusion?...
How In The Heck Can A Bankrupted Company Buy Any Other Company Much Less A Company That Is About To Go Bankrupt?
Does anyone know where a Kmart Store is? I went online to find the nearest Kmart from where I hide out. It was a confusing search but it looks like the nearest Kmart is 146 miles away. That’s too far to travel even for a Blue Light Special.
If there is a Statue of the guy who passed over the “Don’t Buy Sears Roebuck” button on his computer and clicked on the “Buy Sears Roebuck” button, that statue ought to be Torn Down.
Would
I kid u?
Smartfella
2 comments:
Most of the bigger commercial filings are to reorganize cash flow by new loans, lower rate, sell some low performing stores, get lower rental, want to reduce debts sometimes most are in place when you file other times have to some things after filing or need new $ to pay suppliers some on past due and to order new stock same with all other outstanding and monthly expense while increasing income. Too big to fail but court appoints trustee to assist court and debtor. none commercial also have way to do it as well.
Yep, you know when you see your boss getting out a hammer and a bucket of nails that you are in big trouble.
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