No. of Recommendations: 1
Another auto parts maker has filed for Ch 11. I never heard of the company, but I have heard of a lot of brands they own: Raybestos (brakes), Fram (filters), Trico and Anco (wiper blades), Autolite (spark plugs), Reese and Drawtite (trailer hitches). Flox more.
Seems the "JCs" have been employing a lot of financial trickery to cover up how sketchy their finances were.
US auto parts supplier files Chapter 11 bankruptcy; 'billions in debt'msn.com - US auto parts supplier files chapter bankruptcy billions in debtlaff break:
Just about 20 years ago, another auto parts maker, Collins & Aikman, went BK. CEO was Reagan's former head of OMB, David Stockman. The stock was still trading, for peanuts. A coworker of mine was geeked on the idea of buying vast quantities of the stock. I said "Tom, they're bankrupt". Didn't seem to penetrate. I don't know if he ever bought any of the stock. If he did, his investment would have gone to money heaven. C&A was defunct in 2007. SEC filed charges claiming crooked accounting on the firm's part, including on Stockman's watch. Stockman paid $7.2M to settle the charges against him.
en.wikipedia.org - Collins %26 AikmanSteve
