Date: Fri, 21 Sep 2001 13:12:22 +0200 From: Brad Knowles <brad.knowles@skynet.be> To: Nicolas Rachinsky <list@rachinsky.de>, chat@freebsd.org Subject: Re: chapter 11 Re: FreeBSD 4.4 upcoming release/timetabling/mirroring Message-ID: <p0510033db7d0cf82266a@[194.78.144.27]> In-Reply-To: <20010921112018.B1226@pc5.abc> References: <20010420111439.Q5017@casimir.physics.purdue.edu> <Pine.OSF.4.20.0109101621390.29054-100000@azure.dstc.edu.au> <20010910093357K.jkh@freebsd.org> <20010921112018.B1226@pc5.abc>
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At 11:20 AM +0200 9/21/01, Nicolas Rachinsky wrote: >> I must have missed the attached rant from Will, but let me first just >> say this: Forget about Lightning Internet - they're chapter 11 and out >> of the picture. ftp.freesoftware.com, RIP. > > Is it an commonly used idiom? Where does it come from? The term "Chapter 11" refers to a particular section of US bankruptcy code. The idea is that the company is able to continue to operate relatively normally, with protection from all its creditors while it seeks to arrange suitable terms for refinancing all of its loans, etc.... If they fail to make suitable arrangements in the specified time, then the company is sent to liquidators who sell off all the various assets and try to get as much money for them as they can. What money is obtained from the sales of the assets then gets paid out to the creditors, usually for just a small fraction of what the real monetary liability (i.e., "for pennies on the dollar"). Therefore, if you are a company in a business where you are likely to be a creditor, you probably want to make arrangements with your customers so that you are given preferential treatment whenever it comes to Chapter 11 proceedings, liquidation, etc.... This way if they go bankrupt, you still have a decent chance of being able to recover all or most of the money they owe you -- of course, doing so really screws the other creditors, so knowing this all creditors will try to ensure that they are the ones at the front of the line, as opposed to anyone else. Many people and companies manage to come out of Chapter 11 bankruptcy just fine, but many also fail permanently. Being in "Chapter 11" is not necessarily a guaranteed death knoll, but it is certainly one of the first bars of what is likely to become your requiem. -- Brad Knowles, <brad.knowles@skynet.be> H4sICIFgXzsCA2RtYS1zaWcAPVHLbsMwDDvXX0H0kkvbfxiwVw8FCmzAzqqj1F4dy7CdBfn7 Kc6wmyGRFEnvvxiWQoCvqI7RSWTcfGXQNqCUAnfIU+AT8OZ/GCNjRVlH0bKpguJkxiITZqes MxwpSucyDJzXxQEUe/ihgXqJXUXwD9ajB6NHonLmNrUSK9nacHQnH097szO74xFXqtlbT3il wMsBz5cnfCR5cEmci0Rj9u/jqBbPeES1I4PeFBXPUIT1XDSOuutFXylzrQvGyboWstCoQZyP dxX4dLx0eauFe1x9puhoi0Ao1omEJo+BZ6XLVNaVpWiKekxN0VK2VMpmAy+Bk7ZV4SO+p1L/ uErNRS/qH2iFU+iNOtbcmVt9N16lfF7tLv9FXNj8AiyNcOi1AQAA To Unsubscribe: send mail to majordomo@FreeBSD.org with "unsubscribe freebsd-chat" in the body of the message
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