American Idol is in bankruptcy along with the rest of Core Media Group. But wait, didn’t the broadcast run of American Idol end just this month? The rapid bankruptcy shows how a weak company can look like a going concern only to fall apart rapidly from a single change in its business environment. The bankruptcy filing tells of a company that has been in financial trouble for at least two years with the declining public interest in all things Idol. A much smaller company is likely to emerge from bankruptcy reorganization. The actual bankrupt entity, Core Media Group, was created just four years ago in a buyout that now must be seen as a mistake.