Peanut Company Bankrupt

[general_kill]

Following the heavily covered salmonella outbreak, the Peanut Corporation of America has filed for bankruptcy and is planning on liquidating its assets.

http://www.nytimes.com/2009/02/14/business/14peanut.html?_r=1

So a company screws up and goes bankrupt. What do you guys think? Brief excerpt:

The peanut company at the center of a salmonella scandal filed for bankruptcy protection on Friday, saying the extensive recalls of its products left it no choice but to close.

The Peanut Corporation of America filed for liquidation under Chapter 7 of the bankruptcy law in Virginia, where it is headquartered.

“This bankruptcy filing, while regrettable, will allow for an orderly liquidation of the company,” said Andrew S. Goldstein, a lawyer representing the peanut firm.

 

[Dachs]

I saw on TV last night that they had bird feathers and other contaminants on the factory floor. If they're being that shoddy then it was basically their own fault.

 

[Bigfoot3814]

Do they want bailout money from the government?

 

[innonimatu]

So a company screws up and goes bankrupt. What do you guys think?

That they didn't ran a banking operation?

 

[Zarn]

Do they want bailout money from the government?

Don't worry, it is on its way...

 

[general_kill]

I saw on TV last night that they had bird feathers and other contaminants on the factory floor. If they're being that shoddy then it was basically their own fault.

Sigh... Why can't people take some professional responsibility? People had to get sick or die for these people's negligence.

 

[Defiant47]

Do they want bailout money from the government?

They should first award their CEOs with millions and millions of dollars.

 

[Bigfoot3814]

If George Washington Carver were alive today.

 

[Irish Caesar]

This could hurt Jimmy Carter politically?

 

[El_Machinae]

This is one aspect of the current corporation system that bothers me, in that people can profit from a damaging product for a long time, and then just close up shop without being able to pay for any damages they end up causing.

 

[amadeus]

and is planning on liquidating its assets.

Isn't that what got them in trouble the first time around?

 

[mrt144]

This could hurt Jimmy Carter politically?

Classic!

 

[Cutlass]

This is one aspect of the current corporation system that bothers me, in that people can profit from a damaging product for a long time, and then just close up shop without being able to pay for any damages they end up causing.

There's been some talk of criminal charges, but it won't amount to much. Once the company is liquidated or sold off everyone walks away free and clear.

 

[Bigfoot3814]

This is one aspect of the current corporation system that bothers me, in that people can profit from a damaging product for a long time, and then just close up shop without being able to pay for any damages they end up causing.

You mean if someone filed suit against them they couldn't get anything?

 

[Cutlass]

You mean if someone filed suit against them they couldn't get anything?

By liquidating the company before any judgments, anyone who sues will not be able to get all that much. They could get something.

 

[mrt144]

This is one aspect of the current corporation system that bothers me, in that people can profit from a damaging product for a long time, and then just close up shop without being able to pay for any damages they end up causing.

In light of asbestos, you can clearly see why companies do that sort of thing.

 

[Bigfoot3814]

By liquidating the company before any judgments, anyone who sues will not be able to get all that much. They could get something.

Wow that really is a gyp, to say the very least.

 

[West 36]

Good grief.

 

[generalstaff]

This whole peanut thing could not have come at a worse time, considering that peanut butter is a staple for poor Americans.

 

[Narz]

Peanuts are overrated anyway.