"F. George McDuffee" wrote:

snip
How about making the share holders liable for the debt. They are after all
"owners" of the companies :-)
snip

This simply echos a legal fiction. In fact 'shareholders' have
almost no control, ...

No fiction, fact. All you have to do is to get a majority to agree w/
you, go to annual meeting and vote w/ you, and you can do whatever you
want...