Strategic Bankruptcy - Kevin J. Delaney

Strategic Bankruptcy

How Corporations and Creditors Use Chapter 11 to Their Advantage
Buch | Softcover
224 Seiten
1999
University of California Press (Verlag)
978-0-520-07359-3 (ISBN)
33,65 inkl. MwSt
Bankruptcy, once a term that sent shudders up a manager's spine, has become a potent weapon in the corporate arsenal. The author explores this change in our legal landscape, where corporations with billions of dollars in assets employ bankruptcy to achieve political and organizational objectives.
In 1982 Johns-Manville, a major asbestos manufacturer, declares itself insolvent to avoid paying claims resulting from exposure to its products. A year later, Continental Airlines, one of the top ten carriers in the United States, claims a deficit when the union resists plans to cut labor costs. Later still, oil powerhouse Texaco cries broke rather than pay damages resulting from a courtroom defeat by archrival Pennzoil. Bankruptcy, once a term that sent shudders up a manager's spine, has now become a potent weapon in the corporate arsenal. In his timely and challenging study, Kevin Delaney explores this profound change in our legal landscape, where corporations with billions of dollars in assets employ bankruptcy to achieve specific political and organizational objectives. As a consequence, bankruptcy court is rapidly becoming an arena in which crucial social issues are resolved: How and when will people dying of asbestos poisoning be compensated? Can companies unilaterally break legally negotiated labor contracts? What are the ethical and legal rules of the corporate takeover game?
In probing the Chapter 11 bankruptcies of Johns-Manville, Frank Lorenzo's Continental Airlines, and Texaco, Delaney shows not only that bankruptcy is pursued by managers more and more as a strategy, but that it is becoming accepted by the business community as a viable option, and not just a last-ditch solution. This searing expose of current corporate practices will incite debate among corporate executives, lawyers, legislators, and policy makers.

Kevin J. Delaney is Assistant Professor of Sociology at Temple University.

Erscheint lt. Verlag 4.1.1999
Verlagsort Berkerley
Sprache englisch
Maße 152 x 229 mm
Gewicht 318 g
Themenwelt Recht / Steuern EU / Internationales Recht
Sozialwissenschaften Politik / Verwaltung Politische Theorie
Wirtschaft Betriebswirtschaft / Management Planung / Organisation
Betriebswirtschaft / Management Spezielle Betriebswirtschaftslehre Bankbetriebslehre
Wirtschaft Betriebswirtschaft / Management Unternehmensführung / Management
ISBN-10 0-520-07359-2 / 0520073592
ISBN-13 978-0-520-07359-3 / 9780520073593
Zustand Neuware
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