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Most Recent Articles About Restructuring, Insolvency & Vulture Investing:

90 Second Lesson: What is a “UCC Article 9” Sale?By The DailyDAC Editors • 03/15/2019
QUESTION: Jack B. emailed, asking, “Please explain what an Article 9 sale is. My lawyer said that if I give a security interest to a lender, it can do an Article 9 sale.  What is an Article 9 sale?” ANSWER:[...]
Location, Location, Location – Where to File BankruptcyBy Lawrence V. Gelber • 03/13/2019
The Hows and Whys of Which Bankruptcy Venue to Choose Are you confused where to file bankruptcy? Do you wonder why you should file a bankruptcy case here instead of there? An entity, and more so a group of entities,[...]
When Your Customer Files for BankruptcyBy Michael A. Brandess • 03/06/2019
You Still Have Options In the Event of a Customer Bankruptcy When a customer files for bankruptcy, vendors with debts owed by the customer/debtor that arose before the commencement of the case (the “Petition Date”) can be exposed to considerable[...]
A Chapter 11 Debtor Need Not Be BrokeBy Renee Fensin • 02/27/2019
A Solvent Debtor Is Not an Oxymoron Suppose that your borrower or customer files a chapter 11 case.[i] You do not like this because you’ll almost certainly not collect the full amount owed to you and to get anything you’ll[...]
Commerical Bankruptcy LitigationBy The DailyDAC Editors • 02/25/2019
The 2019 edition of Commercial Bankruptcy Litigation was just released by West Publishing Company. This 2,000+ page treatise, with contributions from dozens of top firms across the US, is designed with the non-bankruptcy attorney intended to be its primary reader.[...]
90 Second Lesson: To Stalk or Not to Stalk? Why be a Stalking Horse Bidder?By The DailyDAC Editors • 02/22/2019
QUESTION: Jamie S. emailed recently, asking “Can you please sum up the pros and cons of serving as the “stalking horse” in a bankruptcy sale? ANSWER: Yes, Jamie, we can. A stalking horse bidder plays an important role in many bankruptcy[...]
Dealing With Distress For Fun & Profit Installment 19 – Chapter 11 Plan Acceptance, Getting a Class to Accept a PlanBy Jonathan Friedland • 02/19/2019
A written tour of business bankruptcy and its alternatives. This is the latest in the series, Dealing with Distress for Fun & Profit, which you can read from the beginning if you like1. Our last installment focused on the basics[...]
Strategic Alternatives For And Against Distressed BusinessesBy The DailyDAC Editors • 02/18/2019
The 2019 edition of Strategic Alternatives For And Against Distressed Businesses was just released by West Publishing Company. This 1,800+ page treatise, which is a product of more than 100 contributors, is the only resource which provides a state-by-state comparison[...]
90 Second Lesson: How to assess whether a distressed business can be turned around?By The DailyDAC Editors • 02/15/2019
QUESTION: Bill H., a business consultant in NYC, asks, how do I determine if a business I am being asked to help is just too far gone to save? ANSWER: Bill, if you have to ask this question, you might[...]
Considerations When Selling a Bankruptcy ClaimBy Christopher M. Cahill • 02/12/2019
One of your customers sends you notice it has filed for chapter 7 or chapter 11 bankruptcy protection rather than the payment for goods or services provided that you were expecting. You understand that you now have a “claim” against[...]
What do Secured Lenders Want? The Basics of Loan Forbearance AgreementsBy Robert D. Leavitt • 02/01/2019
When a borrower defaults on its loan agreements,[i] a lender may, among other options, sue to foreclose on its collateral and collect from the borrower. The lender, however, may instead agree to amend the loan documents or enter into a[...]
When Your IP Licensor Files for BankruptcyBy Jonathan Guy • 01/29/2019
How to Protect Your IP License Rights In 1888 – yes 1888 – Kodak coined the slogan: “You press the button, we do the rest.” The company, which was immortalized in Paul Simon’s song “Kodachrome1”, sold its assets – at[...]
When Your Borrower Files for Bankruptcy (DIP Financing, Cash Collateral, and Adequate Protection)By Michael P. Richman • 01/10/2019
What you need to know as a secured lender to a borrower who goes into bankruptcy you should know already, well in advance. If your borrower’s bankruptcy filing has taken you by surprise, please refer to my next article in[...]
Managing Cash and Stakeholders to Turn Around a CompanyBy Steven A. San Filippo • 12/12/2018
Insufficient liquidity shrinks the range of options for a financially distressed business. The metaphor of a melting ice cube is often used to illustrate the situation. When the cash runs out and the company is unable to pay its employees or vendors, the ice cube has melted. The business has failed, and recoverable value has collapsed.
Valuation: The Pillar of Corporate RestructuringBy Jonathan Friedland • 12/07/2018
Bankruptcy Valuation Valuation—the estimation of an entity’s worth—plays a crucial role in all stages of a commercial bankruptcy, as well in any out-of-court restructuring.¹ Valuation can be critical at the beginning of a bankruptcy case in determining whether the debtor[...]