Several years ago, I bought a big chunk of 'distressed' debt in a major company and landed on the creditors committee when it filed for Chapter 11. Shortly thereafter, the bankers who were hired by senior management told me that I would have to pay retention bonuses to keep its top managers from leaving.
The company, they warned, would crumble if these star managers left. Nine had already threatened to march out the door if they didn't get substantial...
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