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- catalog abstract "Eastern Airlines' bankruptcy illustrates the devastating effect of court-sponsored asset stripping - using creditors' collateral to invest in negative net present value "lottery ticket" investments - on firm value. During its bankruptcy, Eastern's value dropped over 50% We show that a substantial portion of this value decline occurred because an over-protective court insulated Eastern from market forces and allowed value-destroying operations to continue long after it was clear Eastern should be shut down. The failure of Eastern's Chapter 11 demonstrates the importance of the court's role in protecting a distressed firm's assets, not only from a run by creditors, but also from overly optimistic managers.".
- catalog contributor b9860073.
- catalog contributor b9860074.
- catalog created "1996.".
- catalog date "1996".
- catalog date "1996.".
- catalog dateCopyrighted "1996.".
- catalog description "Eastern Airlines' bankruptcy illustrates the devastating effect of court-sponsored asset stripping - using creditors' collateral to invest in negative net present value "lottery ticket" investments - on firm value. During its bankruptcy, Eastern's value dropped over 50% We show that a substantial portion of this value decline occurred because an over-protective court insulated Eastern from market forces and allowed value-destroying operations to continue long after it was clear Eastern should be shut down. The failure of Eastern's Chapter 11 demonstrates the importance of the court's role in protecting a distressed firm's assets, not only from a run by creditors, but also from overly optimistic managers.".
- catalog description "Includes bibliographical references (p. 33-35).".
- catalog extent "35 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; HBS 97-013.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 97-013".
- catalog issued "1996".
- catalog issued "1996.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog subject "Eastern Air Lines, inc. Bankruptcy.".
- catalog title "Information problems, conflicts of interest and asset stripping : Chapter 11's failure in the case of Eastern Airlines / by Lawrence A. Weiss and Karen H. Wruck.".
- catalog type "text".