Olympus Corp in real trouble

Started Nov 8, 2011 | Discussions thread
Richard Briscoe
Regular MemberPosts: 401
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Re: Olympus Corp in real trouble
In reply to MichaelKJ, Nov 9, 2011

MichaelKJ wrote:

Bankruptcy doesn't remove financial liability for illegal activities. Creditors and shareholders would undoubtedly sue to recoup as much of their losses as possible.

As I don't know the particulars of Japanese bankruptcy law, my comment is with respect to generally accepted principles of bankruptcy. I defer to anyone who has specific knowledge of Japanese bankruptcy procedure.

The distinction here is that the activity which actually resulted in the loss was legal, if less than prudent, investments. The illegal activity was the fraudulent accounting, the coverup, and any associated reporting issues regarding Japanese securities.

To paraphrase Richard Nixon..."It's always that damned coverup that gets you."

Cheers

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