Changes in Organizational Structure
June 24, 1898
- Congress passed Bankruptcy Act of 1898 (Nelson Bankruptcy Law,
sponsored by Knute Nelson, R-MN, first elected Scandinavian-born
American) intended to give farmers means to enter into
voluntary, vs. forced bankruptcy by creditors ("taking the
Nelson cure"); established position of referee, to be appointed
by the district court judges and to serve as an administrator
for bankruptcy cases; June 22,
1938 - Congress passed Chandler Act (Walter
Chandler, D-TN); provided Securities and Exchange Commission
with broad role in bankruptcy reorganization of troubled
companies; added predecessors to modern Chapter 11 (corporate
reorganization), Chapter 13 (consumer payment plans);
November 6, 1978 -
Congress passed Bankruptcy Reform Act of 1978; governed
bankruptcy cases filed on or after October 1, 1979; made it
easier for businesses, individuals to file bankruptcy,
reorganize; established United States Bankruptcy Courts in each
federal judicial district, made new panels courts of record with
their own clerks, other staff; substantially revamped
bankruptcy practices; created Chapter 11, strong business
reorganization Chapter (replaced Chapters X, XI XII created by
1898 Act, amended by Chandler Act); Chapter 13, more powerful
personal bankruptcy replaced Chapter XIII; Bankruptcy Abuse
Prevention and Consumer Protection Act of 2005.
2008 - Largest corporate bankruptcies since
1980: 1) Lehman Brothers - $691.1 billion in 2008; 2) Washington
Mutual - $328 billion in 2008; 3) Worldcom - $125.1 billion in
2002; 4) Enron - $80.1 billion in 2001; 5) Conseco - $73.9
billion in 2003; 6) Texaco - $66.6 billion in 1987; 7) Financial
Corporation of America - $62 billion in 1988; 8) Bank of New
England - $47.3 billion in 1991; 9) Pacific Gas and Electric -
$44.2 billion in 2000; 10) Refco - $40 billion in 2005; 11)
Global Crossing - $33.6 billion in 2001; 12) IndyMac - $32.7
billion in 2008; 13) UAL - $30.3 billion in 2002; 14) Calpine -
$30.2 billion in 2007; 15) New Century Financial - $27.3 billion
(AT&T), Leonard A. Schlesinger ... [et al.]
Chronicles of Corporate Change: Management Lessons from AT&T and
Its Offspring. (Lexington, MA: Lexington Books, 254 p.).
American Telephone and Telegraph Company--Reorganization;
Northwestern Bell Telephone Company; Telephone companies--United
States; Telecommunication--United States; Organizational
(John Fairfax Holdings Limited), V.J. Carroll
The Man Who Couldn't Wait. (Port Melbourne, Vic (AU): W.
Heinemann Australia, 451 p.). Fairfax, Warwick, 1960- ; John
Fairfax and Sons--Reorganization; Australia and New Zealand
Banking Group; Capitalists and financiers--Australia--Biography;
Consolidation and merger of corporations--Australia; Corporate
publishing--Australia--Finance; Bank mergers--Australia.
(ITT), Harold Geneen with Brent Bowers (1999).
Synergy and Other Lies: Downsizing, Bureaucracy, and Corporate
Culture Debunked. (New York, NY: St. Martin's Griffin,
p.). Downsizing of organizations; Corporate reorganizations;
Organizational change; Corporate culture; Social responsibility
Edward J. Balleisen (2001).
Navigating Failure: Bankruptcy and Commercial Society in
Antebellum America. (Chapel Hill, NC: University of
North Carolina Press, 322 p.). Hunt Family Assistant Professor
of History (Duke University). Bankruptcy --United States
--History --19th century; Social mobility --United States
--History --19th century; United States --Economic conditions
--To 1865. Economic roots, social meanings of bankruptcy; impact
of widespread insolvency on evolution of American law, business
culture, commercial society.
Andrew Barnes (2006).
Owning Russia: The Struggle Over Factories, Farms, and Power.
(Ithaca, NY: Cornell University Press, 273 p.). Assistant
Professor of Political Science (Kent State University).
Property--Russia (Federation); Privatization--Russia
(Federation); Wealth--Russia (Federation); Real property--Russia
(Federation); Russia (Federation)--Economic conditions--1991-.
Evolution of Russian
property ownership in industry and agriculture.
William J. Baumol, Alan S. Blinder, Edward N.
Downsizing in America: Reality, Causes, and Consequences.
(New York, NY: Russell Sage. Professor Emeritus (Princeton);
Co-Director, Princeton Center for Economic Policy Studies;
Economics Professor (NYU). Downsizing of organizations--United
States; Organizational change--United States;
Joseph L. Bower (1986).
When Markets Quake: The Management Challenge of Restructuring
Industry. (Boston, MA: Harvard Business School Press,
240 p.). Petroleum chemicals industry--Management; Business
John J. Clancy (1998).
The Old Dispensation: Loyalty in Business. (Madison, NJ:
Fairleigh Dickinson University Press, 339 p.). Corporate
reorganizations--History--20th century; Business
ethics--History--20th century; Employee loyalty--History--20th
Gordon L. Clark (1993).
Pensions and Corporate Restructuring in American Industry: A
Crisis of Regulation. (Baltimore, MD: Johns Hopkins
University Press, 305 p.). Consolidation and merger of
corporations--United States; Pension trusts--United States;
Pension trusts--Law and legislation--United States.
Peter J. Coleman (1974).
Debtors and Creditors in America: Insolvency,
Imprisonment for Debt, and Bankruptcy, 1607-1900.
(Madison, WI: State Historical Society of Wisconsin, 303
p.). Debtor and creditor --United States --History.
Our credit-oriented society has
yet to devise cheap, efficient, equitable, humane
methods of enforcing contracts for debt.
Gordon Donaldson (1994).
Corporate Restructuring: Managing the Change Process from Within.
(Boston, MA: Harvard Business School Press, 227 p.).
Corporations--United States--Finance--Case studies; Corporate
reorganizations--United States--Management--Case studies.
James Foreman-Peck and Robert Millward (1994).
Public and Private Ownership of British Industry, 1820-1990.
(New York, NY: Oxford University Press, 386 p.). Government
ownership--Great Britain--History; Privatization--Great
Britain--History; Industries--Great Britain--History--19th
century; Industries--Great Britain--History--20th century.
How common set of problems
raised by basic industries triggered varying responses of public
policy over last two centuries.
Dwight L. Gertz, Joćo P. A. Baptista (1995).
Grow To Be Great: Breaking the Downsizing Cycle. (New
York, NY: Free Press, 211 p.). VP, Mercer Management Consulting.
Industrial management; Corporations--Growth; Downsizing of
organizations; Strategic planning; Industrial efficiency.
Revenue-generating vs. cost-cutting.
Stuart C. Gilson (2001).
Creating Value Through Corporate Restructuring: Case Studies in
Bankruptcies, Buyouts, and Breakups. (New York, NY:
Wiley, 528 p.). Professor (Harvard Business School);
acknowledged expert on corporate restructuring.
Bennett Harrison & Barry Bluestone (1988).
The Great U-Turn: Corporate Restructuring and the Polarizing of
America. (New York, NY: Basic Books, 242 p.). Corporate
reorganizations--United States; Industrial relations--United
States; Income distribution--United States; United
States--Economic conditions--1981-; United States--Economic
Fran Hawthorne (2008).
Pension Dumping: The Reasons, the Wreckage, the Stakes for Wall
Street. (New York, NY: Bloomberg Press, 288 p.). Senior
Editor, Senior Writer at Forbes and Institutional Investor
magazine. Pension trusts --United States; Pension trusts
--Termination --United States; Pension trusts --Termination
--Law and legislation --United States; Corporate reorganizations
--United States; Bankruptcy --United States; Investments
--United States. How
terminating pension plans has become knee-jerk strategy for
bankrupt companies to attract big investors to help them
Matthew B. Krepps, Amy Bertin Candell (1997).
Industrial Inefficiency and Downsizing: A Study of Layoffs and
Plant Closures. (New York, NY: Garland Pub., 145 p.).
Plant shutdowns--United States; Downsizing of
organizations--United States; Industrial efficiency--United
States; Organizational effectiveness--United States.
Constantinos C. Markides (1995).
Diversification, Refocusing, and Economic Performance.
(Cambridge, MA: MIT Press, 207 p.). Corporate
divestiture--United States--Case studies; Downsizing of
organizations--United States--Case studies; Corporate
reorganizations--United States--Case studies; Diversification in
industry--United States--Case studies.
William L. Megginson (2005).
The Financial Economics of Privatization. (New York, NY:
Oxford University Press, 522 p.). Professor and Rainbolt Chair
in Finance at the Michael F. Price College of Business
(University of Oklahoma). Privatization; Government business
enterprises; Finance, Public. Where privatization stands today, what are next
Daniel Quinn Mills (1991).
Rebirth of the Corporation. (New York, NY: Wiley, 320
p.). Professor (Harvard Business School). Organizational
change--Management; Corporate reorganizations--Management.
David A. Nadler with Mark B. Nadler (1998).
Champions of Change: How CEOs and Their Companies Are Mastering
the Skills of Radical Change. (San Francisco, CA:
Jossey-Bass, 325 p.). Organizational change--Management;
Corporate reorganizations--Management; Organizational behavior;
Chief executive officers--Attitudes.
Sek Hong Ng, Carolyn Y.W. Poon (2004).
Business Restructuring in Hong Kong: Strengths and Limits of
Post-Industrial Capitalism. (New York, NY: Oxford
University Press, 259 p.). University of Hong Kong.
Consolidation and merger of corporations--China--Hong Kong--Case
studies; Corporate reorganizations--China--Hong Kong--Case
studies; Industrial relations--China--Hong Kong--Case studies;
Capitalism--China--Hong Kong; Hong Kong--Economic conditions;
Hong Kong--Social conditions. Hong Kong's experience with
business reorganization in enterprise and industry; second wave of commercialization
(deindustrialization wave ten years ago).
Stephen Redwood, Charles Goldwasser, Simon
Action Management: Practical Strategies for Making Your
Corporate Transformation a Success. (New York, NY:
Wiley, 247 p.). Organizational change--Management; Corporate
reorganizations; Strategic planning; Organizational
effectiveness; Industrial management.
Milton L. Rock, Robert H. Rock, editors in
chief with James Kristie (1990).
Corporate Restructuring: A Guide to Creating the Premium-Valued
Company. (New York, NY: McGraw-Hill, 310 p.).
Organizational change--Management; Consolidation and merger of
corporations--Management; Corporate reorganizations--Management.
David Sadtler, Andrew Campbell, Richard Koch
Breakup!: How Companies Use Spin-Offs To Gain Focus and Grow
Strong. (New York, NY: Free Press, 193 p.). Corporate
David A. Skeel, Jr. (2001).
Debt’s Dominion: A History of Bankruptcy Law in America.
(Princeton, NJ: Princeton University Press, 281 p.).
Professor of Law (University of Pennsylvania).
Bankruptcy --United States --History; Bankruptcy
--Political aspects --United States --History.
American bankruptcy law from beginnings in 1800, when
Congress lifted country's first bankruptcy code right
out of English law, to present day; why nation's
legal system evolved to allow corporate, individual
debtors greater control over their fate than imaginable
Sol Stein (1999).
Bankruptcy: A Feast for Lawyers. (Washington, DC: Beard
Books, 341 p.). Corporate reorganizations--United States;
Ed. Joel M. Stern, G. Bennett Stewart III, and
Donald H. Chew, Jr. (1989).
Corporate Restructuring and Executive Compensation.
(Cambridge, MA: Ballinger Pub.Co., 381 bp.). Corporate
reorganizations--United States; Executives--Salaries,
etc.--United States; Consolidation and merger of
Motasam Tatahi (2006).
Privatisation Performance in Major European Countries Since 1980.
(New York, NY: Palgrave Macmillan, 189 p.). Lecturer in
Economics (University of London). Privatization--Europe;
Organizational effectiveness--Europe. Performance of private,
state-owned enterprises since advent of intensive
privatization programmes in Europe at beginning of 1980s.
A. W. J. Thompson and L.C. Hunter (1973).
The Nationalized Transport Industries. (London, UK:
Heinemann Educational, 356 p.). Transportation and state--Great
Britain; Government ownership--Great Britain.
Robert M. Tomasko (1987).
Downsizing: Reshaping the Corporation for the Future.
(New York, NY: AMACOM, 290 p.). Industries -- Size -- United
States; Middle managers -- United States; Industrial
organization -- United States; Corporations -- United States.
James M. Utterback (1994).
Mastering the Dynamics of Innovation: How Companies Can Seize
Opportunities in the Face of Technological Change.
(Boston, MA: Harvard Business School Press, 253 p.). David J.
McGrath jr (1959) Professor of Management and Innovation
Professor of Engineering Systems (MIT). Organizational change
--Management; Industrial management; Technological innovations
--Management; Strategic planning. How innovation transforms
industries, raises fortunes of some firms while destroys others;
how innovation enters an industry, how mainstream firms
typically respond, how new and old players wrestle for dominance
(birth of typewriters to emergence of personal computers, block
ice industry to refrigeration, gas lamps to fluorescent
lighting, George Eastman's amateur photography to electronic
imaging); existing organizations must consistently abandon past
success, embrace innovation--even when it undermines traditional
strengths; strategy to do so, responsibilities of managers to
lead, focus that effort.
Glenn Yago (1991).
Junk Bonds: How High Yield Securities Restructured Corporate
America. (New York, NY: Oxford University Press, 249
p.). Junk bonds--United States; Junk bonds--United States--Case
Shahid Yusuf, Kaoru Nabeshima and Dwight H.
Under New Ownership: Privatizing China’s State-Owned Enterprises.
(Palo Alto, CA: Stanford University Press, 292 p.). Research
Manager in the Development Economics Research Group at the World
Bank; Harold Hitchings Burbank Professor of Political Economy
(Harvard University), Director of the Harvard University Asia
Center; Economist in the Development Economics Research Group at
the World Bank. Privatization--China. How changes in ownership
structure of SOEs affect management, governance, innovation, performance.
Business History Links