James kempner flops down in a chair in his company's law library, a look of weary resignation on his face. It has been his unpleasant task to put Imperial Sugar-the largest U.S. sugar processor and a company that has been in the Kempner family since 1907-into bankruptcy. With brands including Holly, Dixie Crystals and Spreckels, Imperial sold 6 billion pounds of the sweet stuff last year, accounting for 28% of U.S. consumption. But that wasn't enough to save the Sugar Land, Tex.-based company-with $540 million in debt and $1.2 billion in mostly illiquid assets-from being ground finer than powdered sugar between falling world prices and an antiquated U.S. system designed to keep the price of raw cane sugar high.
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