Rial’s swashbuckling depredations finally provoked a backlash from Kaiser Steel’s preferred stockholders who allied themselves with Bruce Hendry, the famous scrapdealer in distressed companies (he had previously picked over the remains of Erie-Lackawanna and Wickes).120 Forcing Rial aside as CEO in 1987, Hendry proposed to rescue the stockholders’ equity at the expense of the ex-Kaiser workforce. Borrowing a leaf from Frank Lorenzo, Hendry plunged Kaiser Steel into a chapter-eleven proceeding in order to liquidate worker entitlements.