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Any firm which is worth more in liquidation than as an ongoing concern is doomed. Any buyout firm which liquidates viable companies is foolish. You can dislike vulture funds, but they are not destroying anything that was going to survive. It is ugly, it is painful, it is awful for employees. But as in the Kodak example, non-viable, mismanaged companies die and the employees go begging. Don’t blame death on the carrion eaters.