Bankruptcy attorneys write up a legal document so complex that the ordinary person can not read it, much less understand it but, In short, the way BIG company ( B&S), BIG money bankruptcy works is....find a company ( company X) to make a deal with, sell them your holdings for a low price. Then (B&S) buys it back for a slightly higher margin than what is was sold for...so (company X) makes a profit and (B&S) is out of debt now and owns the holdings back.
It's a Legal Scam that has been going on since the first Bankruptcy Attorney past the Barr Exam!
It goes back to the golden rule
Them that has the gold makes the rules.
Down here things are different as none of the old board are allowed to be on the board of the take over company or on the board of the second take over company for a minimum of 5 years after the investigation has finished, which can take decades.
It was called the anti-Pheonixing laws passed in the 80's after an financial company collapsed and the same board had done exactly what King had mentioned 3 times .
We realized that businesses could not be trusted with pension funds post WW I so the government took them all over .
Back in the 80's the government realized they had created a mill stone so we invented compulsory super annuation , soon to be 12 % of your wages that have to be paid into an external fund so CEO's can't raid it .
Funny enough the Unions all created industry funds and as one would expect, over paid themselves for managing them . However over time these have all outperformed the funds run by banks & insurance companies .
