Holley Decides To Screw Shareholders And Their bank

[John Galbreath Jr.]

http://www.wbko.com/pressreleases/headlines/15559727.html

"The actual conversion of debt into equity will be accomplished through a prepackaged bankruptcy filing that will cancel out the old capital structure and formally establish the new one. Customers, suppliers and employees will not be affected."

 

[B Gillespie]

The statements made in the article certainly make bankruptcy sound like a great and honorable financial move. Corp. bankruptcy should equal automatic of all mgmt. Currently, if firm stiffs lienholders, mgmt. gets new jet and longer vacation.