Apparently when you file for Chapter 11 there are consequences: Re-organization of assets – lenders threatening to yank your “management”…er Sam Zell. Who knew.
“It completely depends on whether the new owners see value in keeping Zell,” said Douglas Baird, a corporate reorganization specialist at the University of Chicago Law School. “They have to decide: Is the person at the helm when the company went into the storm the most able person to steer it out?”
They have to decide: Is the person who wrecked the car also able do a decent lube job?