Word: bombardment
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Dates: during 1990-1999
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Even after they sign up clients, turnaround specialists must land a spot on court-appointed creditor committees before they can earn big payments. To boost the odds in their favor, specialists often bombard the creditors who head the committees with letters and phone calls as part of campaigns known as "beauty contests." In the wake of the Campeau bankruptcy filing, 50 leading legal, accounting and investment firms have been battling for some 15 < seats on the all-important creditors' panels. Says a disappointed attorney who lost the opportunity to earn at least $300,000 in monthly fees...