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Reversing the Slide: A Strategic Guide to Turnarounds and Corporate Renewal by James B. Shein

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Chapter 6. The Bankruptcy Process as Sword and Shield

I often start a certain lecture by asking, "What do the following have in common?" I then go through a list that includes Kim Bassinger, Tia Carrere, Anna Nicole Smith, Vail Ski Resort, Elite Modeling (agent to many super models), Corelco Pictures (made many successful Rambo and Schwarzenegger movies), Willy Nelson, Sharper Image, and singing groups Run-DMC and TLC. As I go through these and then add Linens 'n Things, United Airlines, and other major corporations, the audience gasps when they realize that they all went through bankruptcy. Some used it as a sword to sever unprofitable contracts, others used it as a shield to get out from under a pile of debt that was due.

It is important to understand ...

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