No longer viable or barely viable is a fine line. Here are a few cases: https://www.washingtonpost.com/business/the-debt-laden-lbo-that-wants-to-be-a-hot-tech

No longer viable or barely viable is a fine line. Here are a few cases: https://www.washingtonpost.com/business/the-debt-laden-lbo-that-wants-to-be-a-hot-tech-ipo/2019/09/13/eec65d76-d619-11e9-8924-1db7dac797fb_story.html https://www.washingtonpost.com/business/the-debt-laden-lbo-t... https://www.bloomberg.com/news/articles/2006-08-06/buy-it-strip-it-then-flip-it https://www.bloomberg.com/news/articles/2006-08-06/buy-it-st... Edit: It's not fraud, they disclose it all but a lot of people are fooled by the low IPO price, even though the business is loaded with debt and has a gazillion shares issued.