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I didn't say it was right. I just said it wasn't causal. Things that happen at the same time aren't necessarily causal of one another, they can each be caused by independent causes. You can't show that NWA would have had no layoffs or even smaller layoffs if the management had not gotten a raise. I've done plenty of chapter 11 work and there is pretty much ALWAYS a spate of layoffs. That's one of the ways companies survive bankrupties, is by restructuring.
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