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KKR & Co.'s credit arm in court papers Tuesday said Borden had "no economic justification" for its sudden decision to file chapter 11 protection after lengthy negotiations with creditors aimed at avoiding bankruptcy.
-- Andrew Scurria and Becky Yerak, WSJ

Borden's major competitor, Dean Foods, filed for bankruptcy protection in November. When your competition gets to reset their debt, the only way to compete at the new cost-of-goods level is to also reset your outstanding debt.

Working at most startups (in their current form) in a world full of growing tech giants like Google, Facebook, Apple, Netflix, etc. is making less and less sense for most people who qualify for these jobs
-- Silicon Valley engineers are starting to doubt the wisdom of working at startups

The IPO window is shifting from a range of six to eight years to 10 to 12 years, which is one reason a string of startups went public at valuations over $10 billion this year.
-- Silicon Valley loses some entrepreneurial spirit as venture capitalists favor later-stage deals

The "circle of life" in Silicon Valley has always been that the reward for taking a low salary at a startup is a handsome payout when that startup exits, either via IPO or getting bought-out. This works for both parties; the startup gets access to the best engineering talent for a relatively small amount of capital, and engineers get to continuously work on cutting-edge technology, moving from startup to startup while still make a lot of money.

This formula falls apart when the engineering talent questions the viability of a near-term exit strategy. The value of spending even six years at a startup is small compared to the full wages and benefits offered by big tech, if there is no pot-of-gold at the end of the rainbow. The big tech stocks are already liquid and they have done very well, recently.

-- Scrib