According to the Snopes article, the CEO is now different, and the other execs are working for $1 or their old salaries so I'm not sure where the millions in additional compensation idea is coming from. (There's a whole lot of articles I haven't read, so maybe it's just not addressed in the Snopes piece.) As for changing management practices, I'm thinking of the example of Chrysler. When Cerberus bought them out, you could tell that was a failure waiting to happen - and it did. However, after their bankruptcy and subsequent change in management, they are doing pretty well. That's just one example of a successful change in corporate culture coming out of bankruptcy - I'm sure there are a lot more out there (although I'm sure there's plenty of failures too). That success story - as well as Ford and GM - was heavily dependent, though, on cooperation from their unions. If they hadn't made some serious changes in their own (union) culture, I think things would have been much different.