It was bound to happen, and it looks like it just did: Peanut Corporation of America has filed for Chapter 7 bankruptcy, and will liquidate its assets to pay off creditors.
“Peanut Corp. of America files for bankruptcy” [MSNBC] (Thanks to Liz!)
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It’s about damned time!
@ugadawg: agree, good riddance!
Awesome. Could not have happened to a more deserving company. Good riddance.
I wonder what this means for the spot price of peanut butter. Better stock up! I’ll make a killing on the secondary market.
This whole fiasco has made me even more glad I get my peanut butter freshly made for $2.00 a pound.
@ludwigk:
One article I read said they were less than 5% of the total peanut butter market.
So other than the collateral damage to the entire peanut industry, there won’t be any price increases, probably a decrease because people are going to stop buying the stuff for a few months.
In related news, Peanut Inc. is now in business, and expected to take a substantial share of the lucrative peanut butter products market.
@TechnoDestructo:
Peanut Butter with extra Salmonella this time?
@Xabora:
Salmonella with less peanut butter.
Liquid salmonellaaaaaaa…I feel like maybe that’s the only thing PCA has right now. How do you liquidate when you don’t actually produce a product anymore? What do you liquidate? Stock?
@pecan 3.14159265:
Machinery, buildings.
@pecan 3.14159265: Anybody wanna buy some moldy tiles, dead rats, pigeon feathers? Anybody?
@Chris Walters:
Only if throw in the asbestos ceilings and lead lined office furniture, otherwise, no dice.
I’ve never before felt the need to use this term but it seems appropriate in this situation:
Huzzah!
Queue the Final Fantasy victory music, everybody dance!
@Skunky: Dun dun dun dunnnn dun dun DUN da DUN!
@Skunky: I’m glad I’m not the only person who hears the victory fanfare when good things happen!
@Alex Chasick:
Wow, that goes for me too
Ask and ye shall receive, but its too good a news for just the victory from ONE game…here it is from all the games!
Play it and enjoy the article all over again!
@Patrick Henry: Thanks, hee hee hee!
@Patrick Henry: This is really mesmerizing. I’ve never played anything past VII; it’s good to know they kept at least the opening fanfare for most of the sequels. Here’s hoping XIII remains true.
@Alex Chasick: Has it ever bugged anyone that they call it “final” fantasy”? Its like, get it over with already!
@Davan: It was called “Final Fantasy” not because of the game, but because when the first one was made, the staff of the studio that made it thought it would be the last game they could make before they’d go out of business. Who knew it would end up launching them to being one of the best known developers in the game industry?
@Skunky: It was definitely a crapshoot because I don’t recall any good titles from Square before Final Fantasy, so I don’t think they even had a good reputation to start with.
Yes but I saw the money hungry lawyers with nowhere to get money…are now going after Kellogs. After all, Kellogs used the ingredients without knowing but they have deep pockets.
@bananaboat:
True, but they didn’t verify the products that they shipped themselves, it does make them at least partially liable.
“…and will liquidate its assets to pay off creditors.”
Wait, lemme fix that for you:
“…and will liquidate its assets to pay its irresponsible CEO one last big fat bonus.”
@kathyl: “…and will liquidate its assets to avoid paying off lawsuits and settlements to all the innocent people sickened or killed due to their gross neglegence, callowness, and greed.”
@WiglyWorm: That’s what I was thinking too.
That didn’t take nearly as long as I thought it would!
They are ceasing operations as a Peanut company and applying to become a bank to get TARP funds to pay all the lawsuits they will have with taxpayer money.
@CaptZ: LOL…god I hope not!
…and straight to Chapter 7 also. Impressive. I can’t imagine anyone giving these guys DIP financing after everything that happened.
Since some of this was done by direct actions of the company owner can the injured parties go after the owner directly?
I saw last week that his corporate insurance was suing Peanut Corp to have the insurance policy voided due to his bad actions.
The injured people and surviving families do need to be first in line at any assets.
This is nothing. The upper management of this company should be prosecuted and thrown in jail.
Isn’t anyone going to show some sympathy for those poor mistreated company executives?
(just getting in the customary “blame the victim” post in before the peanut gallery can)
@catnapped: I thought we already did that with massive company bailouts…these guys missed there chance.
Peanut gallery……I see what you did there…..
As it should be. Although I hope no innocent employees suffer.
I know they should have been whistle-blowers, but in this economy, I’d be more than prone to keeping my eyes, ears and mouth shut just to keep a job.
@pollyannacowgirl: True, but then they’re not innocent.
THAT SUCKS!! NOW THE COMPANY IS OUT OF BUSINESS. WHOM CAN THE VICTIMS SUE??? there are victims out there who are hospitalized or dead. The president of this company should be go to jail for this…
@karlsl:
That was my thought as soon as I heard this. They are not going to be able to get any more money out of this…
They may be able to sue him personally. After saying, “”to turn the raw peanuts on our floor into money,” there is no reason why he should not be used personally and put in jail for murder.
how many people are out of jobs?
@Crazytree: That pales in comparison when people are dropping dead from salmonella.
They are not going to be able to get any money money out of company…
They may be able to sue him personally. After saying, “”to turn the raw peanuts on our floor into money,” there is no reason why he should not be used personally and put in jail for murder.
good riddance to the murderers
Good for them. They do not deserve to be in business…I think they should have the shit sued out of them as well.
now, if the bastards who knew & did nothing would just be made to eat some of the product. . . .
@bohemian: karma baby
Great news! Good riddance to these asshats…!
I feel bad for the workers, because corruption that pervasive has to start at the top.
That’s the problem with Corporations. They are a “Person”, so many times you can’t sue the actual people who made the decisions. And you can’t sue the Corporation, either, since that “Person” is effectively dead. But is this enough to pierce the corporate veil in a civil suit, or potentially criminal case?
My assets were liquidated from the salmonella they gave me!
So when’s the FDA going to go out of business so we can replace it with a new and fully-functioning regulatory body that actually does its job?