04-02-2020, 10:39 AM
(04-02-2020, 09:56 AM)Otter Wrote:(04-02-2020, 09:53 AM)fenders53 Wrote:(04-01-2020, 02:38 PM)vbin Wrote: @fenders53 bankruptcies have started. Whitening patrolium filled it.
If the SA article was correct they also paid out HUGE bonus money to upper management literally a week ago prior to filing CH11 and it's made right. I'm just going to hope that is illegal. And we cry the government wants to make rules. smh
That can be clawed back by the trustee in bankruptcy. It is, in all likelihood, a fraudulent transfer that occurred while the company was technically insolvent:
https://www.law.cornell.edu/uscode/text/11/548
Good! I know the business world isn't Disney story morals. I don't remember the exact numbers but it was clearly enough money to keep them in business a good while longer. It wasn't just a couple million bucks, and it was literally like 7-8 days ago they blessed themselves with the remaining cash.