Render Unto Rainwater...

Another lesson from the over-leveraged 1980s: How to milk a dead cow. Darling-Delaware, a sweet name for an unlovely business (it boils down animal carcasses into tallow and chicken feed), is struggling under a ton of debt after a 1986 takeover by Fort Worth financier Richard Rainwater and other high rollers. To settle a creditors' lawsuit, the money-losing company is being handed over to its long-suffering bondholders to own--and the takeover crowd comes out way ahead.

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