On Sat, 06 Oct 2007 16:24:45 -0400, Wes wrote:

F. George McDuffee wrote:

Topp's age is given as 67 in the article, thus it existed between
two and three times the normal/average corporate life span.

Up until 2003 if was a family held business and not a 'corporate' entity. If
the owners that know the business are on site keeping an eye on things it is
amazing how things that may get blown off in the corporate world are
addressed immediately.

I wonder if they sold because no one in the family wanted to take over the
reins? That seems like a common problem with family businesses.

Wes
============
This seems plausible, and indeed likely is the case. The problem
is that without an "inquest" the facts will never be established,
and even if an "inquest" is held in this particular case, it is
not valid to extrapolate from a sample of one.

Given the devastation the failure of a major employer/supplier
causes to all it's stake/share holders, and thus the foundational
importance to the American economy/society/culture of adequate
corporate governance, IMNSHO it is far past time to mandate
public inquests/autopsies into all major business failures, for
example over 10 million dollars and/or involving the loss of
life.

As indicated in another posting, the total/aggregate societal
cost of these debacles far exceeds the book value of the
corporation. Thus, the public/society has a legitimate interest
in and "right to know" what went wrong, be it simple mischance,
incompetence or fraud.

If no information is forthcoming, be assured the fix is in, and
the pols got their "cut" of the action, ala the S&Ls.

I continue to be amazed that we require anyone that drives a
vehicle as part of their employment to have special licensure
such as a CDL, back-ground checks, and pass periodic physicals
examinations and drug tests, while we let anyone with only a good
line of BS, pointy-toed shoes, and a sharp suit, (capped teeth
and styled hair optional) run our major corporations.

Somebody [most likely the employees and taxpayers] is going to
wind-up holding the big "pooper-scooper" bag on this. Does
anyone know who the major creditors/owners/execs of The Topps
Corporation are?

I have no evidence of this, but one typical scam is when
management borrows heavily, piling on corporate debt [including
local economic development funds], while declaring special
dividends/bonuses and stuffing the pension funds and 401ks with
restricted stock [no voting rights / no dividends] and IOUs.
When the pickle is sucked dry, all the documents are shredded,
and the corporation "torched" via chapter 11/7.


Unka' George [George McDuffee]
============
Merchants have no country.
The mere spot they stand on
does not constitute so strong an attachment
as that from which they draw their gains.

Thomas Jefferson (1743-1826),
U.S. president. Letter, 17 March 1814.