>Honest question, why do companies do this? It seems disrespectful to everyone - employees (both fired and current), customers, and any adult for that matter.

generally because it keeps the person who wrote it hire-able post closure, and makes those that lost money or effort on the deal feel as if their loss is actually being spun into something else, like concepts, innovation, future profitable IP, whatever.

I agree, I think it's disrespectful, but then again there's a lot about business that I feel that way towards.