Warren Buffett on bankruptcy

My partner, Charlie, says there's only three ways that a smart person can go broke: liquor, ladies and leverage.  

Now the truth is — the first two he just added because they started with L — it’s leverage.

~ Warren Buffett

Myles Udlard on AMC Entertainment's $230 million capital raise

Q: The thing that's funny about this is they're raising cash to buy assets, to buy more of a thing that's not full already?  So we'll see how that strategy works out over the longer term.  It doesn't really matter, I guess, but if you're going to spend the cash, buy more movie theaters?

Myles Udlard: That makes sense.  They're in the movie theater business.  It goes all the way back to Hertz.  Hertz last year was being told by the market that it didn't have to file for bankruptcy and so these CEO are now looking at the meme market and they're saying, "Screw it.  I will go on offense.  The market is telling me to do that, whether it's a joke on Reddit or not."

~ Myles Udlard, "AMC higher on $230M capital raise," 3:05 mark, Yahoo Finance, June 1, 2021

Frank Borman on bankruptcy

Capitalism without bankruptcy is like Christianity without hell.

~ Frank Borman, U.S. Air Force colonel

Ernest Hemingway on bankruptcy

"How did you go bankrupt?” Bill asked. "Two ways,” Mike said. “Gradually and then suddenly.”

~ Ernest Hemingway, The Sun Also Rises

Tim Kelly on the Japan Airlines bankruptcy

Yet the biggest winner in JAL's collapse may be Japan's domestic travelers. The recession felled the biggest tree in the forest and is giving sapling discount carriers their first real chance to crack the comfortable JAL-ANA duopoly that has kept airfares high for decades. It can cost more to fly between Japanese cities than to fly from Japan to New York. That JAL couldn't survive even with a cushy home market is testament to the sloppy management of an airline stuck in an era of high-cost elegant travel that disappeared most everywhere else years ago. A myriad of militant pilot and cabin attendant unions ready to strike at any hint of cost cutting helped keep that air castle afloat.

~ Tim Kelly, "The Joy In JAL's Nightmare," Forbes.com, January 17, 2010