Wow.. so soon we forget?
Enron (short for Energy Wrong..??) went BK in 2001..
https://en.wikipedia.org/wiki/Enron_scandal#:~:text=Enron %20was%20formed%20in%201985,WorldCom%20scandal%20the%20following%20year.
Taking the Natty Gas market for a ride.. which BKd firms like domestic fertilizer producer Farmland.
https://www.iatp.org/news/farmland-loses-190-million
Jul 18, 2002 Kansas City Star | By ERIC PALMER | July 16, 2002 Farmland Industries lost almost $190 million in its third quarter, which ended May 31, the day it filed for Chapter 11 bankruptcy protection. The cooperative has now racked up losses of $236 million in its three quarters of operations in fiscal 2002. Farmland lost about $90 million in all of fiscal 2001. The company reported an operating loss of $91 million for the third quarter, compared with a $35.9 million operating gain in the third quarter a year ago. "The numbers are very large, but these numbers are historical," said Robert Terry, Farmland president and chief executive. "That was the quarter before we filed for bankruptcy, and the operating loss is simply reflective of what we have been telling everybody since we hit our liquidity problem." Farmland, the largest farmer-owned cooperative in North America, listed assets of $2.7 billion and liabilities of $1.9 billion when it filed for bankruptcy, making it the largest bankruptcy of a Kansas City-based company. With about $11.8 billion in sales in fiscal 2001, Farmland is one of Kansas City's few Fortune 500 companies, ranked at 170. |