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Originally Posted by Papa_lecki
Thanks for the education on bankruptcy. But bankruptcy involves a re structuring plan - and if you’ve ever been to the WOB in Brownwood, you would see it is not a well performing location.
It will get re-structured out of existence. They’ve been in Brownwood for at least 4 years, they might have had a 5/6 year lease -so writing it off will help the restructure.
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There have been several tries to re-structure some of the bankruptcy laws but to no end. In another life, I saw time after time where top executives took down very large salaries for several years with the final plan to bankrupt the company in the end. Employees and creditors got “screwed”, millions are made, and life goes on. Yes, mostly all legal.
You have to know how to work the system at the top of the economic ladder just like some who know how to do the same at the bottom of the economic ladder. Then us folks somewhere in the economic middle wonder why our taxes are so high. Still we are fortunate to live in the best Country on the planet. Fore!