Re: The Golden Rule
Not really anything to do with plutocracy, but more to do with contract law. If proposals were made in good faith, and those proposals were accepted and therefore lead to certain behaviors, then the offers need to be honored within the structure granted to the company.
Now, the C*O's having golden parachutes, I'm sure they do. It's very likely in their contracts, which any greenhorn C*O will tell you is critical due to the runtime of same.
As to employees getting paid at all, that's Chapter 11 standard format. Chapter 7, on the other hand, will leave employees at the same level as creditors along with companies owed for services/goods - and guess who wins that argument, not the employee. There is a big difference - Ch11 allows the company some relief while restructuring to correct the problem; Ch7 shuts them down. Think of Ch7 as liquidation, where it's operations cease and bits get sold off to pay debt; vs Ch11 where it gets given some form of relief legally while fixing the problem and hopefully coming out of the hole as a company, albeit streamlined.
Why would we want Chapter11 to be available to companies? Well, lets name a few companies that have been through Chapter11 and come out the other side stronger and more capable. Apple, Marvel Comics AND Studios, Six Flags, Texaco/Chevron, Bloomingdales....
The list isn't huge over the last 40 years, but includes some of the most fiscally stable companies in the world today; which hire thousands of people directly and indirectly. Apple itself is responsible for over 2 million jobs in the US alone (people hired because Apple is a brand), with a direct staff count of just over 120,000. So, I am a firm believer that Chapter 11 is important, and there's not a lot of evidence that it gets abused.