The blame game
A bout of finger-pointing between Amerco and auditors PricewaterhouseCoopers over the late filing of Amerco’s accounts and its resultant bankruptcy has escalated into a $2.5 billion lawsuit. But where does this leave bondholders, asks Laurence Neville
Amerco is most famous for its U-haul truck renting subsidiary. But the firm, which declared bankruptcy in June this year, may be set to gain infamy in the bondholder world.
Since Amerco, parent to the move-it-yourself subsidiary U-haul, got into trouble back in October 2002 – and especially since it declared bankruptcy – its share price has rocketed. Its year-low occurred in October 2002 at $1.36. It was up to $4.08 when it filed under Chapter 11. In late September this year it was quoted at
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