Bankruptcy as reincarnation…

Great read from Circuit Judge Irving Loeb Goldberg of the Fifth Circuit (1983):

… Before investigating the overlap between bankruptcy and government contract dispute resolution we must briefly examine the great American institution of bankruptcy. Bankruptcy serves a role in corporate life eerily similar to that of the doctrine of reincarnation in some eastern religions. Bankruptcy is the belief that the souls of a corporate entity, the equityholders, do not just vanish when their corporeal form dies. Rather, they learn from the mistakes of a previous incarnation and can once again live on the earth in corporate form. True, they may suffer for the sins of previous incarnations and have trouble raising venture capital, but such is the karmic burden. With luck, some day a corporation may achieve enlightenment and reach a plane of eternal bliss and nirvana–the Fortune 500. …

Source: http://bulk.resource.org/courts.gov/c/F2/698/698.F2d.775.81-1391.html

HT: Szymon Syp