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Meet the bankruptcy barons who turn bust into boom

Discussion in 'The Economy' started by Tropo, 28th Jan, 2009.

  1. Tropo

    Tropo Well-Known Member

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    Meet the bankruptcy barons who turn bust into boom

    The staff and owners of Manchester tea-bag maker JR Crompton thought a sympathetic bank manager would rescue them in times of trouble; after all, the company had been around since 1856.
    What they didn't know was their future was in the hands of young, aggressive traders in a well-known investment bank in London.
    The traders had bought parts of the company's debt, gaining enough control to block a proposed restructuring.
    The company was pushed into administration and the assets sold.
    Crompton ceased to exist.
    more....Meet the bankruptcy barons who turn bust into boom | Business | The Guardian