When did bankruptcy become a deliberate management strategy for the airline industry? Somehow it has become the ultimate hammer with which to pound out excess costs and then reward executives in charge of the bloodletting for their “effectiveness.”

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Chicago cosmetics maven Marilyn Miglin has filed for bankruptcy protection, stemming from a business investment gone bad in Nevada.

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Tower Automotive Inc., the world’s largest maker of automotive frames, agreed to sell most of its assets to Cerberus Capital Management LP for about $1 billion in order to get out of bankruptcy, a company spokesman said.

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Pulliam Motor Co., one of the Midlands’ oldest car dealerships, has filed for bankruptcy with a plan to sell the Ford dealership to Dick Smith Automotive Group for $11.3 million, according to bankruptcy filings Tuesday.

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