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Date:	Thu, 16 Aug 2001 10:36:11 PDT
From:	"Randell Flint" <randell@sundialsystems.com >
Reply-To:	scoug-general@scoug.com
To:	< "scoug-general@scoug.com" > scoug-general@scoug.com >
Subject:	SCOUG-General: Gone: Covad, Egghead

Content Type: text/plain

Peter,

Saying "Gone" in the title of something like this is very misleading
and helps perpetuate the misunderstanding that many folks have that
a "bankruptcy" means a "liquidation". Many bankrupcies are "chapter
11" ones that involve reorganization efforts... and that's happened
to many, many major companies (including most airlines, for example)
over time. It's still not good but doesn't mean "gone".

Covad's is a "prepackaged chapter 11" that was arranged with the
bondholders to convert their debt into stock at a steep discount.
The fact that the bondholders agreed to this is actually a good
thing for the customers and the longer term prospects of the company.

Egghead is being bought by Frys as an "ongoing opertion" thus it's
quite conceivable that customers will notice little or no difference.

Randell

On Wed, 15 Aug 2001 20:03:30 PDT, Peter Skye wrote:

>Two bankruptcies today:
>
> Covad
> http://news.cnet.com/news/0-1004-200-6885116.html
>
> Egghead
> http://news.cnet.com/news/0-1007-200-6883365.html
>
>- Peter
>
>
>
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