This is akin to saying, “After the Titanic hit bottom, it quit sinking.”
Does David Nicklaus read the business pages of other papers? In virtually each instance, the bankrupt entity proclaims the Chapter 11 process to be the greatest thing to happen in the history of the business. What used to be a flag proclaiming the failure of a business and its leadership is now considered a virtue. Quick example: Heather Murren, co-founder and board member of the Nevada Cancer Institute after its bankruptcy filing last week: This is “a great day for us.” (Las Vegas Review-Journal, 12-2-2011). And don’t forget the proud posturing of the auto companies.