The shit is hitting the fan, the deficit and major corporations living high on the hog are coming to a head. First Magnus is the next to go, and they have to ask permission to do anything now that they've filed for bankruptcy. Over 5,000 people nationwide have been laid off already, and the company has asked permission to pay the few that are left. Five corporate officers are getting over eight grand. This from one article I am reading about it, as well as the following.

The company owes about $13 million in payroll and related expenses, according to court filings.

But in the meantime, the approximately 650 employees laid off in Southern Arizona will be getting some help in the form of $2,000 gift checks from First Magnus shareholders and executives, including CEO G.S. Jaggi, said First Magnus spokesman Gary Baraff. The checks are expected to be cut and mailed today, he said.

From another article, the company was going to create a $1 million assistance fund for people in Arizona, but decided on the two grand each instead. They were worried though, apparently, because "the company owners and executives decided that the creation of a fund might complicate its bankruptcy filing."

Well no fuckin shit. The owners and executives drive the company into the ground - who else is to blame? - but can still afford to give up some of their 'hard earned' cash for the people they are showing the door. Of course it's a fucking concern, if I were deciding on chapter 11 for this company, I would be concerned about how the company needs protection, yet the executives are still walking around loaded.

Then there is this...

First Magnus believes that, under the protection of Chapter 11, it will have the time and opportunity that it needs to maximize the value of its assets for its creditors and other constituencies, and to affect an orderly wind down of the Company," the company said in a news release.

In other words, we got ours, we don't need the company any more. And if they were able to 'maximize the value of its assets for its creditors', why the fuck are they filing for chapter 11? They should have been able to avoid it!!