As a result, on Friday the company asked a bankruptcy judge to allow it to liquidate the company.
I think a lot of people, understandably, say, well, if we're putting all this money in there, and if it's such a big systemic risk to allow AIG to liquidate, why is it that we can't restructure some of these contracts; why can't we do some of the things that need to be done in a more orderly way?
Macaulay stepped in as chief executive and persuaded investors who had sunk $100 million into one fund to allow him to liquidate the portfolio for $13 million.
Spending only $1 for a 70% stake, he persuaded some of the firm's investors to allow him to liquidate their portfolio for 13 cents on the dollar; the other funds he continued to manage.
Chapter 7 bankruptcy proceedings allow companies to liquidate assets while being protected from creditors.
This new authority is an alternative resolution mechanism that would allow officials to liquidate large financial institutions in an orderly manner.
Austan Goolsbee, who is both the staff director of the PERAB and one of Romer's deputies at the C.E.A., cast the strongest of the no votes, arguing forcefully that saving Chrysler would damage the long-term prospects of G.M. and Ford, and for that reason Chrysler should be allowed to go bankrupt and be liquidated.
Mr. Falcone will be prohibited from raising any new capital for his hedge fund, but will be allowed to meet redemption requirements; this means he can liquidate the funds.
Genuine economic growth will only return if relative prices can adjust, malinvestment gets liquidated, and a correction is allowed to occur.
