I read that as, the purpose of PE is to kill the sick business quickly and strip any valuble assets before dumping it in the legal fiction bankruotcy river wher

I read that as, the purpose of PE is to kill the sick business quickly and strip any valuble assets before dumping it in the legal fiction bankruotcy river where the remaining obligations and externalities are paid for by the public (PBGC, Superfund, water treatment).