E3: Nintendo is going to file for Chapter 11

[Vectorferret]

calvinandhobbes said:

Vectorferret said:

forest-spirit said:

Chapter 11!? What happended to Ch 1-10? WTH...

There isn't tone of voice on the internet, so if your joking, I apologize for this post. Chapter 11 is a term in the US where a company sells off it's assets to pay their creditors, and then ceases to exist (though usually their IP's and name show up under someone else as those get sold too). It happens when a company can't pay it's debts or is making so little money that it can no longer pay their operating costs.

I think that only answers half of his questions. What do Chapters 1-10 deal with? If they even exist and if they don't, why must they use 11 over another number?

Chapter 7 is personal declaration of bankruptcy by an individual and Chapter 9 is a government (municipal level) asking the state or country to bail them out. I'd assume the other chapters are additional laws rather than types of bankruptcy, my economics book doesn't mention them; so you'd have to ask an accountant or economist for anything more than that.