This comment provides a brief and incomplete educational overview of a complex topic and is not intended to provide legal advice. Always consult experienced legal, accounting, and financial professionals in all specific debtor-creditor and bankruptcy situations.
Greece and the European Union could face a showdown in their debt talks as early as this week. And if you had to place odds right now, the likelihood is that the stubbornness of Europe's senior leaders will create a catastrophe for both Greece and the EU. Here is the state of play.
The company's bankruptcy filing listed $16.3 million in debt and $50,000 in assets. How can a company like this even have any assets? Is it the stacks of VHS tapes sitting in the corner? The Hollywood rights to "Sexiest Shower Scenes?"
Senior executives and policy leaders have repeated the same tired excuse time and again, "We had to do this, it was the only responsible thing to do." Keep that in mind, and you will see it for what it is: self-serving bullshit.