It Aint Just Peanuts, Updated

Life as Stewart Parnell knew it has begun rapidly fading away.  As noted here last week, in the posting titled It Aint Just Peanuts, Steward Parnell took the cowardly way out from testifying about his involvement in knowingly distributing tainted food from his peanut processing plant.  A few days later, as reported by Kate Brumback and Greg Bluestein for the Associated Press, Parnell’s company, Peanut Corp. of America filed for Chapter 7  bankruptcy.

A Chapter 7 filing means that the company will be totally liquidated.  This would likely mean that by the time law suits are brought by the surviors of consumers who contracted salmonella and died as a result of ingesting Mr. Parnell’s products, there will be no assets to compensate plaintiffs should they prevail in court.  The only recourse for plaintiffs then would be other companys further down the food chain, such as King Nut Company and the Kellogg Company.

Somehow liquidating the company and then walking away from the disaster he created seems to an “easy out” for Mr. Parnell.  One can only hope that he may eventually have to divest himself of some of his personal assets, and spend some reflective time in the penal system, contemplating where his greed has taken him.

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