Top 10 Bankruptcies in US History, 3 this month

In business, usa by Michael Michelini2 Comments

Wow, reading this financial article about the top 10 US bankruptcies…and 3 on the list just happened this month! GM today, Chrysler April 30, and Thornburg Mortgage on May 1.

My friends back at Deutsche Bank Distressed Debt Desk MUST BE BUSY AS EVER! I remember how much work it was to work through the mess for Enron, worldcom, united airlines, and others. Good opportunity to be on the junk bond trading floors in NYC I can imagine. Would be a lot of action right now, haha

I remember the huge news about Enron and Worldcom being huge disasters for investors, but those are below 2 that happened late last year (Lehman and Washingon Mutual), and GM is also above Enron in size.

Company, Bankruptcy Date, Assets

Lehman Brothers Holdings Inc., Sept. 15, 2008, $691.06 billion

Washington Mutual Inc., Sept. 26, 2008, $327.91 billion

WorldCom Inc., July 21, 2002, $103.91 billion

General Motors Corp., June 1, 2009, $91.05 billion-x

Enron Corp., Dec. 2, 2001, $65.50 billion

Conseco Inc., Dec. 17, 2002, $61.39 billion

Chrysler LLC, April 30, 2009, $39.30 billion

Thornburg Mortgage Inc., May 1, 2009, $36.52 billion

Pacific Gas and Electric Co., April 6, 2001, $36.15 billion

Texaco Inc., April 12, 1987, $34.94 billion

x-GM listed $91.05 billion in assets in its annual report as of Dec. 31, 2008, but listed $82.29 billion in assets as of March 31, 2009, in its bankruptcy petition.

source – and

So imagine how many small, personal investors have lost everything these past few months.

We have to appreciate what we have, keep on pushing, and never be 100% invested in 1 stock. I can only image those family investments holding GM stock and bonds.

A sad day, truly

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    1. Author

      thanks Andrew – so much news about these bankruptcies. Wonder how many more are to come. The sizes keep getting bigger and bigger.

      I really believe its a shift in the global economy, both on the west vs east as well as online vs. offline businesses

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