Death Spiral I have to admit I do not understand the phenomenon of zombie companies. I know what they are - cash destructive - that bit is easy, what I don't understand is how they survive. There are no economies of scale for GFL, additional revenue doesn't fix the imbalance. It's just a matter of time, I think they will collapse, but I am always wrong, the zombies stagger on. Palo Notarnicola made a bad investment, BC partners will dump these guys soon.