All along they were saying they were insolvent and now all of sudden they are saying they are not. Sounds like they want their cake and be able to eat it too. If filing for BK is such a benefit for the the CEO, BOD and creditors then why don't all companies just file, get rid of some debt (then issue some more debt), give themselves a pat on the back (with a very good bonus) or some increased post BK ownership and then re-issue stock and screw the existing shareholders who footed the bill for their bad management.
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