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Re: Pitt77 post# 23910

Thursday, 11/18/2010 11:53:40 PM

Thursday, November 18, 2010 11:53:40 PM

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'AbitibiBowater defended the guarantee, saying it preserved cost savings and other benefits of merging the companies. Allowing the Abitibi side to file for bankruptcy would have cost Bowater about $200 million a year, the company said in court papers.'

They never needed to file Bankruptcy for the whole company and wipe out shareholders completely.

'Courts of bankruptcy are essentially courts of equity, and their proceedings inherently are proceedings in equity.'

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