Submitted by Tyler Durden on 04/02/2012 - 17:25 BAC Bank of America Bank of America Credit Line Creditors GE Capital None recovery Ron Burkle
In the first of two major bankruptcy stories du jour (the next one coming up shortly), we learn that AFA Foods, best known for being the maker of "pink slime", and a portfolio company of labor unions and Clinton afficionado Ron Burkle and his PE firm Yucaipa, has just filed for bankruptcy. The reason? The sudden public realization what pink slime is, and just how prevalent it is - perhaps it is best to think of it as the Bernie Madoff of the food industry - it was always there, yet it took a wholesale shift in public awareness and consciousness for the firm to realize it would have been prudent to come up with a slightly different name for its ground-beef product. As for whether or not the company is going to the pink sheets, well no. But one thing is certain: the management team is about to get a pink slip.
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http://www.zerohedge.com/news/pink-slime-maker-files-bankruptcy-pink-slips-galore-pink-sheets-next
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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