Howard Marks
👤 SpeakerAppearances Over Time
Podcast Appearances
I saw in the Wall Street Journal an article saying that they just declared bankruptcy and they're going to do this chapter seven, which is a liquidation.
You know, I don't know.
It was August.
The auction was in August.
What year?
2005.
I think people were scared.
What were they losing?
Oh, they were losing...
They're losing that much.
They're probably losing $30 million a year.
But you know what happened?
They couldn't file their public statements.
They're a publicly traded company.
Their auditor fired them.
And they couldn't file anymore their file.
Well, if you can't file anymore your financial statements as a publicly reporting company...
The likelihood at this point is the SEC, you're going to get delisted, and SEC is going to come after you.
So they just bankrupt.
They decide, okay, you know what?