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1、www.hbr.orgFORETHOUGHTTHINKINGABOUT...Bankruptcylaws,designedtoTheSocialCostofpreservesoundcompaniesthathavetemporaryproblems,areincreasinglyFraudandBankruptcybeingusedforsomethingfundamentallydifferent.byJosephBowerandStuartGilsonReprintF0312DFORETHOUGHTTHINKINGABOUT...TheSo
2、cialCostofFraudandBankruptcyBankruptcylaws,designedtopreservesoundcompaniesthathavetemporaryproblems,areincreasinglybeingusedforsomethingfundamentallydifferent.byJosephBowerandStuartGilsonFollowingoneofthemostcomplicatedandnancialconcessionsfromlessors.(UnitedAir-closelywatch
3、edcorporatereorganizationsinlinesissaidtohavereduceditsaircraftleasethehistoryofU.S.bankruptcylaw,WorldCompaymentsby50%inthisway.)Chapter11alsoisnowpoisedtoemergefromChapter11withgivesthecompanyaccesstonewfinancingbyaconfirmedreorganizationplan.Abenefi-givingnewlenderspriorit
4、yoverexistingdebt.ciaryoflawsmeanttopreservesoundcompa-WorldComhaswrittendown$74billioninas-niesintemporarydistress,WorldComstandssetsand$42billionindebt,leavingitwithlit-togainundeservedadvantagefromitsmis-tleinterest,negligibledepreciation,andadeeds.Thefirm—oncegreatlyadmir
5、edastheclaimedoperatinglosscarryforwardof$7bil-low-costpricesetterinthehypercompetitiveliontodeductfromanyfutureincometaxtelecommunicationsindustry—wasinrealitybills.Itsearningswillnotbeburdenedbyanelaborateworkoffiction.Throughfraudu-heavyinterestordepreciation.Nor,ifitsclai
6、mlentunderreportingofoperatingexpenses,isupheld,willitpaytaxesinthenearfuture.thecompanyconcealedlossesofmorethanThemeritsofthislong-standingapproach$12billionfrompublicview.areclear.Inprinciple,itprovidesgreatervalueThecostsofthedeceptionandofcleaningforallthefirm’sstakehold
7、ers—notonlycredi-upthemesshavealsobeenstaggeringlyhightorsbutalsovendors,employees,andshare-totheindustryasawhole.Unabletomatchholders.Keepingabusinessontrack,whenitisWorldCom’slowcoststructureandaggressivefundamentallysoundbutsufferingatempo-pricing,competitorswereforcedtodr
8、asticallyraryfinancialsetback,ultimatelyimprovescutexpendituresbysac
