Vertis: Third Chapter 11 in Just Five Years –Michelson
I’m no bankruptcy lawyer or Wall Street banker, but it doesn’t make sense that our legal system and bankruptcy laws can allow one company to reorganize and shed its commitments three times in five years. Unfortunately, each time, the current crop of senior execs in charge—with none of their life savings or years of sweat equity on the line—just float off into the sunset, golden parachutes held tightly in hand, while the rank-and-file workers and mid-level managers face job uncertainty. That’s not the land of opportunity our American forefathers envisioned.
Mark T. Michelson