Footnote 1
In practice they will hustle the "entrepreneur" who has presided over the disaster off the stage, forming a new ownership and management structure. While it will usually be said that the old management is to blame for the circumstances, we have assumed that isn't so -- in the state of the world realized, no one could have made the company pay. But they will sack the old entrepreneur anyway, since otherwise renegotiation would give him openings for opportunism, making the situation out to be worse than it is.