I guess I'm not the only one to think that the black liquor is a big boondoggle. A lot of companies in this industry would be bankrupt without it, and not due to the recession, though that may be the trigger. It's because of debt. Many were/are overlevered. Companies like CLW are fine and can weather the recession. Companies like VRS are not. Unfortunately for the american tax payer, much of the cash will likely be lost because these companies will end up chapter anyway, unless there are some rapid and dramatic changes in the industry.


http://seekingalpha.com/article/171842-u...