3 ms·

Maybe they could declare bankruptcy and sell for pennies on the dollar to a mysterious new holding company: Ksum Nole, LLC.

• seanhunter 2y ago
  That's not how a bankruptcy works. In a bankruptcy, the company is owned by the creditors and gets resolved by them. Usually a business will attempt to avoid bankruptcy by filing Chapter 11[1] or similar so they get to propose a plan for restructuring that will pay back the creditors over time, but their actions as debtor in posession are scrutinized by the US trustee to ensure they meet a fiduciary obligation to the debtors, and the debtors can file a court case to appeal both the chap 11 and can try to get the debtor kicked out and a trustee appointed if they aren't acting in their interests. [1] https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics https://www.uscourts.gov/services-forms/bankruptcy/bankruptc...
  • arresin 2y ago
    Nah uh. Mr Ksum would find a way.
  • queuebert 2y ago
    Yes, I know. It was a joke.
  • sebastiennight 2y ago
    Quick heads-up: I think you've written "debtor" instead of "creditor" a couple times in there.