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Once a 'stonk,' Hertz reveals dilemma companies face in Reddit frenzy


NEW YORK (Reuters) - Months before the irrational trading in GameStop Corp, there was Hertz Global Holdings Inc.
FILE PHOTO: Logos of car rental company Hertz are seen outside Paris Charles de Gaulle airport in Roissy-en-France during the outbreak of the coronavirus disease (COVID-19) in France May 19, 2020. REUTERS/Charles Platiau/File Photo
Operating under bankruptcy protection last spring once the COVID-19 pandemic wiped out its business, the car-rental giant confronted an extraordinary situation: Its stock price was skyrocketing for no apparent reason.
Conversations at the time among Hertz management and directors on its board, reported here for the first time, turned from shock to a vigorous debate about whether the company should capitalize on its unexpected good fortune and sell shares to fund itself during bankruptcy proceedings, according to three people familiar with the deliberations. ....

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