Chapter 10. A Different Fresh Start
To many executives, consultants, lawyers, and reporters, the turnaround and bankruptcy world is one more suited for Harry Potter: it has changed over the centuries, often in mysterious ways, and seems the exclusive province of wizards. John Pierpont Morgan Sr. took over bankrupt railroads and combined them to become one of the wealthiest men in the world. His legacy, J.P. Morgan Chase, has recently acquired large pieces of bankrupt companies, albeit unintentionally; they extended loans that went sour, and had to exchange their debt for equity.
If the turnaround is enacted in a timely manner, the bankruptcy policy of a fresh start can be avoided for a less jarring approach to a fresh start. The successful turnaround ...
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