Bill on Bankruptcy: Will 2013 Be Kind To The Bankruptcy Bar?

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Jan. 2 (Bloomberg Law) -- Bankruptcy lawyers and turnaround managers can expect another lousy year in 2013, for reasons Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle explain on their new video. On the perennially important topic of venue, Rochelle looks at recent decisions, two where cases were moved and one where the bankruptcy remained in Delaware. Rochelle concludes that small companies will be sent to a court near home while a bankrupt company with significant owners won't. The reorganization See more +
Jan. 2 (Bloomberg Law) -- Bankruptcy lawyers and turnaround managers can expect another lousy year in 2013, for reasons Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle explain on their new video. On the perennially important topic of venue, Rochelle looks at recent decisions, two where cases were moved and one where the bankruptcy remained in Delaware. Rochelle concludes that small companies will be sent to a court near home while a bankrupt company with significant owners won't. The reorganization of AMF Bowling Worldwide Inc. draws attention for proposing bonuses where top three officers could receive bonuses equal to 100 percent of their salaries by simply meeting cash flow targets required in the so-called DIP loan agreement. To conclude, the video awards Judge of the Week status to Bankruptcy Judge Thomas B. Bennett for another masterful opinion in the municipal bankruptcy of Jefferson County, Alabama. Bennett exploded two myths, one about the cause of the county's financial troubles and the other setting the record straight about the county's responsibility to provide medical care for indigents. See less -

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Topics:  AMF Bowling Worldwide, Bonds, Bonuses, Chapter 11, Creditors, Debt, Indigent Medical Care, Municipal Bankruptcy, Transfer of Venue

Published In: Bankruptcy Updates, Professional Practice Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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