In " Balance Sheet 101: Who Might Survive This Crisis" (November 2008) I focused on companies with large net cash positions ("cash kings") and the concept of the "z-score," which is an indication of balance sheet strength and potential for bankruptcy.At the end of " Balance Sheet 101: Who Might Survive This Crisis," I highlighted three companies that needed to get their fiscal house in order or could face possible bankruptcy. Since then, those three companies -- Macy's (M), General Motors (GM - Get Report) and Time Warner (TWX) -- have reported another quarter of financial results. All three companies have experienced further deterioration in business and have to resort to layoffs -- and in GM's case, a government bailout -- to try to steady their financial condition. As of the end of the last quarter of 2008, the z-scores for these three companies now stand at the following levels:
Companies That Might Not Survive This Crisis
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