[NittanyLion]

All I'm suggesting is that the current leniency shown these bankrupt companies simply leads to even more waste and corruption by other companies. At some point the courts should be required to dispose of ALL assets in a manner that preserves the residual value owned by the retirees.

I could see the logic behind protecting "deferred wages" first and foremost, then on to bondholders and eventually stockholders.

Oh, yes, and this should include stripping company policy-makers and board members of their personal assets if necessary.

That's where you lost me. When policymakers and board members act illegally, the recourse is through criminal courts. But opening the possibility of seizing personal assets would send a chilling effect through all businesses. The ultimate effect would be to ensure no competent person is making policy for corporations.

[longtermmemmory]

Hence the point of forming corporations in the first place.

[muawiyah]

The company can, of course, purchase suitible liability insurance for its officers and board members.