The federal case against the former KMart executives who oversaw the bankruptcy of that company has been dropped according to The Detroit News.
That will be seen as good news by the executives of Delphi and, perhaps, many more corporations. The fact that the executives of KMart got quite wealthy during the time the company was failing and stockholders were losing their investments apparently has no legal connection. Moral, perhaps. Legal, apparently not.
Just doing their job and getting well paid for it, thank you.
Hey, where was the board of directors. Well, they only "approved" of the executives. They didn't actually oversee anything those guys did... until it was just a little too late. The chaiman of the KMart board, Edward Lambert, also the majority stockholder, formed a new KMart Holding company and bought Sears. They are doing well, thank you.
As for the rest of you KMart stockholders, serve up those securities in a ketchup sauce and call it the "blue plate special." The sauce is considered nutritious by the government.
Small comfort.
