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<blockquote data-quote="Babagounj" data-source="post: 2214737" data-attributes="member: 12952"><p>Most notably, former Hewlett-Packard CEO Carly Fiorina criticized Trump’s history of bankruptcies in his businesses.</p><p>Trump’s four bankruptcies were Chapter 11 reorganizations (named for its location in federal bankruptcy code), which are designed to restructure businesses without shutting them down completely. The purpose is to "save" the business, as opposed to other forms of bankruptcy which would liquidate the company, said Michael Venditto, a partner at the ReedSmith law firm who has extensive experience with Chapter 11.</p><p></p><p>Source.....<a href="http://www.politifact.com/truth-o-meter/statements/2015/sep/21/carly-fiorina/trumps-four-bankruptcies/" target="_blank">None</a></p></blockquote><p></p>
[QUOTE="Babagounj, post: 2214737, member: 12952"] Most notably, former Hewlett-Packard CEO Carly Fiorina criticized Trump’s history of bankruptcies in his businesses. Trump’s four bankruptcies were Chapter 11 reorganizations (named for its location in federal bankruptcy code), which are designed to restructure businesses without shutting them down completely. The purpose is to "save" the business, as opposed to other forms of bankruptcy which would liquidate the company, said Michael Venditto, a partner at the ReedSmith law firm who has extensive experience with Chapter 11. Source.....[URL='http://www.politifact.com/truth-o-meter/statements/2015/sep/21/carly-fiorina/trumps-four-bankruptcies/']None[/URL] [/QUOTE]
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