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.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.