I begin by repeating my spoiler alert from last week. This concerns the final chapters of an E.L. Doctorow novel published in 2014, the last one he published (he died the following year). IF YOU WANT TO COME TO IT FRESH, YOU WILL NOT WANT THE REVELATIONS I AM ABOUT TO MAKE! Anyone still here? Okay, then. Andrew's time as a teacher at a DC high school is brief. He soon, accidentally, and in a manner I won't relate, comes to the attention of President George W. Bush. We learn only at this point that the two knew each other -- indeed, they had been roommates at Yale as undergrads. They had both been involved in what seem like typical frat-boy hijinks, and in at least one such instance Andrew had taken the blame to help keep the Bush family crest clean re one such hijink, involving a Bunsen burner in a Yale lab. Someone in the Bush staff gets nervous that someone like that -- someone who could tell such tales to the press corps -- is in DC. So they press...
It was a big splash when news of the bankruptcy filing broke. Serta, of course, is a well-known mattress company, around since 1931. [Not a year full of economic optimism -- it must have taken some contrarian gumption to start it then.] Whatever mattress you use at home, dear reader, you have almost certainy slept on a Serta if you have spent a night at a Hilton or Wyndham. Anyway, back in 2020 the company was in trouble, and it executed what became a very controversial transaction to lessen its total debt burden It is called an uptier deal, because it allowed certain favored creditors to move up on the capital stack, to end up that I which positions more senior than they had before. The creditors who had been excluded from this deal cried bloody heck. They had reason to be worried. The creativity that deal showed did not in fact rescue the company from its woes and in early 2023 it filed for bankruptcy court protection. A lot else has happened in the thr...