There has been some talk about what the banks are doing with their bailout money... I think I have an idea on a couple.....
Excerpt from...
Flying J. Files for Chapter 11 - WSJ.com
Flying J. Inc., a major independent oil refiner, filed for bankruptcy protection Monday, blaming the sharp decline in oil prices and turmoil in the credit markets for its financial woes.
Flying J., one the 20 largest privately owned companies in the U.S. with sales of more than $16.2 billion in 2007, sought Chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del.
The collapse in oil prices caused the company's refining arm on Friday to default on a $200 million loan provided by a group of lenders led by
Bank of America Corp., according to Mr. Adams. A day later, the company's distribution arm defaulted on a $120 million loan provided by a group of lenders led by Merrill Lynch Capital Corp.
Zion Bank, owed some $85 million, is Flying J.'s largest unsecured creditor, according to court filings.
ConocoPhillips, owed $69.4 million, is second on the list of unsecured creditors. Denver's Berry Petroleum Co., owed $26.1 million, is third.
In addition to its refining and distribution businesses, Flying J. operates more than 250 travel plazas and gas stations throughout the U.S. and Canada and has interests in online banking, truck leasing and payroll services.
Flying J files for Bankruptcy !!!
