One thing that puzzles me is that the media seems to be reporting from Penton's owner's and officer's perspective, but not much from the creditor's perspective - almost like it's okay that the creditors get stiffed, while the owner's interests are served.
That reminds me of a conversation I had with a lawyer a number of years ago about the idea of organizing my company as a corporation to enable the "business" to grow by taking on debt, while protecting the equity in our house. The lawyer's response kind of surprised me in that he indicated that there was no way to protect our home equity - that Utah was a "creditor friendly state" - that they would go after our home regardless of the organization of the business.
Judging by the large number of Pay Day Loan stores, which in my opinion is just a half step above organized crime, it appears to me that Utah must be a creditor friendly state.
-Nathan.
----- Original Message ----
From: Chuck Lewis <chuck.lewis@xxxxxxxxxxxxxxxxx>
To: Midrange Systems Technical Discussion <midrange-l@xxxxxxxxxxxx>
Sent: Mon, February 15, 2010 6:52:20 AM
Subject: RE: Sad news
$1 billion in debt ? WOW !
Chuck
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