Business Services Industry
Unlike United, USG fair to its shareholders.(Opinion)(United Airlines and USG Corp)
Crain's Chicago Business, February, 2006
Two of the area's longest-running bankruptcy reorganizations are winding down, with dramatically different results for shareholders. United Airlines, which emerged from Chapter 11 last week after three years, stripped stockholders of their ownership without any compensation. They have no continuing interest in the airline.
At USG Corp., which cut a deal with asbestos plaintiffs last week that clears the way for the wallboard maker to exit bankruptcy this year, shareholders' fortunes have soared. They still own the company, and the value of their stock is up dramatically since USG entered Chapter 11 in 2001. Why the differing outcomes for investors? The cynic in us has to wonder if USG treated its shareholders better because one of them happens to be named...
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