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<blockquote data-quote="Snattlerake" data-source="post: 3528574" data-attributes="member: 44288"><p>I was in the oil and gas parts biz in 84. The slogan was, "Stay alive till 85". That was a very weird year. TXO was a really big company where we were and they threw everyone's name in a hat to see which of them would get laid off. The CFO and the general manager were picked, one and two. There was going to be three people picked but they decided the combined salaries would offset the third pick.</p><p></p><p>My company had just built a corporate tower in Wichita with a three story atrium. Then next week they came to our little store and treated our manager to a steak dinner for his 25 years of service. The next day a fellow shows up from the bank telling everyone and I mean everyone to give him our keys and go home. </p><p></p><p>I was the downhole pump repairman and they called me back to work that next week to finish the pumps and take care of our obligations and contracts. I worked another 3 months for the bank. </p><p></p><p>What the story was is we had 6 million in offshore drill stem at our stores in LA and TX. The company was paying the principle on the note but the offshore rigs were shutting down. This panicked one bank who demanded payment which the company paid. This action caused other banks to fall in line and the domino effect took over. There was no reorganization after that it was straight chapter 7.</p></blockquote><p></p>
[QUOTE="Snattlerake, post: 3528574, member: 44288"] I was in the oil and gas parts biz in 84. The slogan was, "Stay alive till 85". That was a very weird year. TXO was a really big company where we were and they threw everyone's name in a hat to see which of them would get laid off. The CFO and the general manager were picked, one and two. There was going to be three people picked but they decided the combined salaries would offset the third pick. My company had just built a corporate tower in Wichita with a three story atrium. Then next week they came to our little store and treated our manager to a steak dinner for his 25 years of service. The next day a fellow shows up from the bank telling everyone and I mean everyone to give him our keys and go home. I was the downhole pump repairman and they called me back to work that next week to finish the pumps and take care of our obligations and contracts. I worked another 3 months for the bank. What the story was is we had 6 million in offshore drill stem at our stores in LA and TX. The company was paying the principle on the note but the offshore rigs were shutting down. This panicked one bank who demanded payment which the company paid. This action caused other banks to fall in line and the domino effect took over. There was no reorganization after that it was straight chapter 7. [/QUOTE]
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