The Kansas City business blues
Just got back from Kansas City, where I talked at a Reynolds Center workshop at the Star. Two interesting discussions with the reporters there:
1. Until recently, the dollar amount of real estate transactions in Missouri was not a public record. It’s still not a public record in Kansas. I was shocked. It must be tough to cover real estate in this area without that information.
2. Interstate Bakeries has filed for Chapter 11, but its stock price has actually gone UP since it filed! Has anyone ever experienced something like this? I’ve never known a chapter 11 case where the shareholders actually got something out of the case, but apparently these shareholders think they will. In every bankruptcy case I’ve ever covered or read about, the stock becomes worthless, and it’s the bonds of the company that has value.
Strange doings in Kansas City.