[Retric]

This stuff doesn’t require the CEO or CFO either. Receivership doesn’t even require the active participation of the board, so yes there’s some benefit of keeping existing executives around but that’s often offset by the costs of doing so.

[paulddraper]

> Receivership doesn’t even require

Cooperation of board/executives is not required but it is immensely helpful.

"The easy way" vs "the hard way."

[pseg134]

How would it possible help in this situation? The game is over and everyone knows exactly where all the money is. It will just be distributed back to the creditors and then remaining to the shareholders. Who needs the CFO for that? Basically anyone could run that process.

[paulddraper]

> everyone knows exactly where all the money is

Bank accounts, contacts, loans, real estate, equipment, IP, etc.

For a (once) multi-billion 1500-employee logistics business, it's more involved than you give credit for.

[Retric]

The CEO/CFO isn’t going to know all the nitty gritty details. Retaining them is about solving different problems than what specific asset is where.

[paulddraper]

We went from "everyone knows where the money is" to "the CFO doesn't know the details."

HN is wild :/

[Retric]

Words have different meaning in different contexts.

If your CEO is looking at records of individual office chairs when unwinding a billion dollar company someone has seriously fucked up. They don’t and shouldn’t know the details by memory.

However, the details are either available so everyone ‘knows’ them as soon as they become relevant, or the executive officers have been committing serious financial crimes.