> This is a mess because Hanjin's top management was in denial about the possibility of bankruptcy. Just like the typical startup. Just like pretty much anybod

> This is a mess because Hanjin's top management was in denial about the possibility of bankruptcy. Just like the typical startup. Just like pretty much anybody. Everyone keeps hoping against hope, everyone is afraid to show weakness, and nobody likes to tell the boss no. Typically the staff knows for months that the end is nigh until some minor event precipitates the final undeniable crisis. Megan McArdle has some interesting things to say about this in her book "The Up Side of Down." Chapter 5 is about handling crises (in general) and the GM failure (in particular). "Wagoner [the head of GM] seemed to believe that by not admitting GM might declare bankruptcy, he could somehow keep it from happening. What he thought would take place when the company ran out of cash is not clear. Nor is it clear why his executives and his board of directors nodded and said 'Yes, Rick' rather than insisting that he confront reality. Instead, they helped him sustain his delusion by formulating a mad plan to merge with Chrysler, as if strapping together two nearly bankrupt auto firms would somehow make both of them solvent." https://www.amazon.com/Up-Side-Down-Failing-Success/dp/0143126369 https://www.amazon.com/Up-Side-Down-Failing-Success/dp/01431...