rupt cy ▁was ▁completed ▁in ▁ 2 0 0 6 , ▁all ▁credit ors ▁were ▁rep a id ▁in ▁full ▁and ▁US G ▁share hold ers ▁retained ▁equ ity ▁in ▁the ▁company . ▁ ▁In ▁a ▁Wall ▁Street ▁Journal ▁article ▁dated ▁February ▁ 1 5 , ▁ 2 0 0 6 , ▁Warren ▁Buff ett ▁said , ▁" It ' s ▁the ▁most ▁successful ▁manager ial ▁performance ▁in ▁bank rupt cy ▁that ▁I ' ve ▁ever ▁seen ." ▁ ▁A ▁$ 3 . 9 5 ▁billion ▁trust ▁was ▁created ▁to ▁handle ▁all ▁existing ▁and ▁potential ▁future ▁as best os ▁law su its , ▁thus ▁perman ently ▁resol ving ▁the ▁as best os ▁lit ig ation ▁issue . ▁ ▁US G ▁managed ▁through ▁the ▁Great ▁Rec ession , ▁which ▁hit ▁the ▁resident ial ▁and ▁commercial ▁construction ▁mark ets ▁in ▁mid - 2 0 0 6 , ▁by ▁cutting ▁costs ▁and ▁closing ▁older , ▁less ▁efficient ▁operations . ▁ ▁William ▁C . ▁Fo ote , ▁the ▁company ' s ▁CE O ▁for ▁almost ▁ 2 0 ▁years , ▁retired ▁in ▁ 2 0 1 0 , ▁and ▁ 3 0 - year ▁US G ▁veter an ▁James ▁S . ▁Met cal f ▁was ▁elected ▁Chair man , ▁President ▁and ▁CE O . ▁ ▁Met cal f ▁implemented ▁the ▁company ' s ▁" Plan ▁to ▁Win " ▁which ▁involved ▁strength ening ▁its ▁core ▁manufact uring ▁operations ▁and ▁L & W ▁Supp ly ▁distribution ▁business , ▁divers ifying ▁sources ▁of ▁reven ues ▁and ▁profit ability , ▁and