If it’s bankrupt already, then what’s left for the shareholders? • How is the company supposed to be turning around? Has it rid itself of unprofitable divisions? This can make a big difference in earnings. For example, in 1980 Lockheed earned $8.04 per share from its defense business, but it lost $6.54 per share in its commercial aviation division because of its L-1011 TriStar passenger jet. The L-1011 was a great airplane, but it suffered from competition with McDonnell Douglas’s DC10 in a relatively small market. And in the long-distance market, it was getting killed by the 747.
