The Profitability of Bankruptcy

At work, I’m the guy who deals with accounts payable. I’m the guy that gets the letters from the bankruptcy court that says: “This person is filing for bankruptcy. How much do they owe you?” I then tell them the relatively small amounts that are owed. Then, I’ll get a letter back, saying (in a sense) “The debtor can pay this much. He owes a metric butt ton to these other people. They’re going to get a pittance payment. You’re getting nothing.”

Today, I received a follow up letter regarding a business that went belly up. They owe my company $266.00. Though nothing is final, I’m sure I won’t see a penny of this. The follow up letter is letting me know of an upcoming meeting. The accounts for the company are asking for a shade under $409,000! The attorneys are asking for $575,000! And we’ll get nothing. I wonder how much the attorneys and accountants “wrote off” for this company…

Living in the Country

You know, there are some distinct advantages to living in the country. After supper, Susan and I went for a walk. Julia rode her bike. After getting off the main road, we let the boys take turns riding their bike. We spent about 45 minutes at the Post Office, riding and running. We worked on tree climbing. We made silly noses out of maple seeds. After we got home, I took the boys on a short 10mph scooter ride. I think there may be ice cream in the future. Man, it’s great to be back in Spruce Head!