A typical consumer bankruptcy filing, doesn’t cause much of a stir to the public at large. Usually no one other than your creditors ever finds out that you have filed. Unless, of course, you happen to be famous.
Here is a sampling of the newsworthy bankruptcy filings that have taken place throughout the years. (See how many names you recognize):
And let’s not forget these highly notable filings: Texaco, Macy’s TWA, Penn Central Station and Enron.
Most famous “ALMOST WENT BANKRUPT” goes to: New York City. The year was 1975 and Abe Beam was mayor. The City avoided bankruptcy only because the federal government extended a large federal loan, and the NYC Teacher’s Union agreed to invest $150 million dollars from their pension fund to purchase municipal bonds. Anyone remember the New York Daily News Headline from that era? “FORD TO CITY: DROP DEAD!”