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Dow Jones reports that Kmart Corp.'s internal investigation of management and mismanagement practices during the company’s descent into bankruptcy protection now is focusing on its board of directors.

The goal now, through a series of interviews with members of the board, is to determine what the board knew and when it knew about the management practices that drove it into financial ruin.

Ironically, one of the people being investigated company chairman James B. Adamson, who replaced Charles Conaway as CEO last March and just relinquished the position. Adamson is sue a $3.6 million lump-sum cash severance payment when the retailer emerges from bankruptcy, scheduled for this April.

Kmart filed for federal bankruptcy protection in January 2002 .
KC's View:
Depending on how this goes, the company picnic this summer ought to be a real treat.

Tell you one thing. It seems from this perspective that the one thing they don’t have in stock at Kmart are signs that say, “the buck stops here.”