Posted by MarkB_MI on December 24, 2008 at 03:54:56 from (74.126.2.77):
In Reply to: Flying J Bankruptcy posted by Trkr on December 23, 2008 at 16:38:36:
Not surprising, really. With the current credit crunch, a lot of companies are finding themselves short on operating capital.
Just speculating, but I'll bet Flying J had hedged heavily against rising fuel prices, and when the prices dropped they found themselves with a lot of worthless options or, worse, high priced futures contracts that they had to take delivery on. In better times, this would just be an expensive mistake; with credit being so short, they probably found themselves unable to pay suppliers.
Just a comment: I don't see why every post has to turn into a political flamefest. The economy is what it is. There's plenty of blame to go around.
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