Also, the bankers would have to do something about LTCM, the management company, which remained insolvent. Goldman, still eager to stick it to the partners, suggested that LTCM simply be folded. But LTCM also owed money to Chase-lots of money-so Coldmand clever idea would leave Chase high and dry as well. Pflug was furious at Goldman. "We're out," Pflug said suddenly. "Tom Davis, the Merrill banker, hurriedly called Allison and told him the deal was falling apart.'' Things would soon get worse.