Recent Articles

90 Second Lesson: What Is a Composition Agreement?By The DailyDAC Editors • 04/07/2020
How a Composition Agreement Can Be an Alternative to Chapter 11   QUESTION: John B asks: What is a composition agreement? ANSWER: A composition agreement is an out-of-court contract between a debtor and multiple creditors providing for the reduction or[...]
The Good, the Bad, and the Ugly of Replacing a Debtor’s Management with a Chapter 11 TrusteeBy Lawrence V. Gelber • 04/01/2020
Which is Better: Debtor in Possession or Chapter 11 Trustee? The mere act of filing a chapter 11 bankruptcy petition significantly alters the relationship between a debtor and its creditors, yet, perhaps surprisingly, the filing does not automatically trigger removal[...]
Getting Over the Scariness of Filing an Involuntary Bankruptcy PetitionBy William Barrett • 03/30/2020
The Notorious Case of the Involuntary Bankruptcy Mention involuntary bankruptcy to many in the credit industry and you often get a sharp response: no way. Decisions that awarded punitive damages to debtors have received broad attention. Trying to collect on[...]
Sears Chapter 11 Rulings Threaten to Upend Administrative Claim Status for Goods VendorsBy Adam D. Stein-Sapir • 03/24/2020
Application of Section 503(b)(1)(A) and 503(b)(9) in the Sears Chapter 11 Filing Precedent setting rulings in the Sears chapter 11 case could radically alter how vendors support companies who file for bankruptcy in the future. Historically the presumption and practice[...]
Dealing with Corporate Distress 03: Welcome to the Jungle: The Animals of the Corporate Restructuring IndustryBy Jonathan Friedland • 03/19/2020
The ABCs of ABCs, Business Bankruptcy, & Corporate Restructuring/Insolvency Who are you? Maybe your company needs to file chapter 11. Or one of your customers recently filed. Or maybe a competitor is in (or is rumored to be close to[...]
Fraud And Deceit in Bankruptcy Cases – Lessons from “The Clouds”By The DailyDAC Editors • 03/18/2020
What Can An Ancient Greek Playwright Tell Us About Bankruptcy? Some of the best lessons on fraud and deceit in bankruptcy were written around 2,500 years ago. Yes, all the way back in 423 B.C., the Greek playwright Aristophanes offered[...]
Dealing with Corporate Distress 02: These Are the People in Our Neighborhood: An Overview of Parties in Chapter 11By Jonathan Friedland • 03/13/2020
A Series on the ABCs of ABCs, Business Bankruptcy & Corporate Restructuring/Insolvency Since a judge presides over a chapter 11 proceeding, one might assume that a chapter 11 case is like any other commercial litigation matter, with one party on[...]
Dealing with Corporate Distress 01: Hello Darkness, Our Dear FriendBy Jonathan Friedland • 03/12/2020
A Series on the ABCs of ABCs, Business Bankruptcy & Corporate Restructuring/Insolvency Greetings, dear reader: It seems you’re interested in learning how to deal with corporate distress, and we’re glad you’re here. But let’s first make sure you got on[...]
Selling Distressed Assets: The Assignment for the Benefit of Creditors AlternativeBy Steven A. San Filippo • 03/12/2020
An Alternative to Chapter 11 and Chapter 7 Liquidations Financially distressed companies faced with unlikely prospects for reorganization – and the creditors who can influence their decisions – often take advantage of the chapter 11 liquidation option, where the debtor’s[...]
When to Request Relief from the Automatic StayBy The DailyDAC Editors • 03/06/2020
Editors’ Note: this is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to [email protected] and we will try to answer it. QUESTION: How do I know if I should request[...]
Mega RV: Unsecured Creditors Fall Short in Bankruptcy SettlementBy Adam D. Stein-Sapir • 03/05/2020
An Unfortunate Case for Unsecured Creditors A settlement agreement in the Mega RV Corp. bankruptcy highlighted the interplay between an overzealous lender and a repentant business owner who came together to cooperate and provide a windfall recovery to unsecured creditors.[...]
Kuney’s Corner – Cram Down: When the Creditor Says ‘No’By George Kuney • 02/25/2020
The Legal Requirements to Cram Down a Plan on Creditors   By filing a chapter 11 petition, the debtor seizes the initiative in proposing a reorganization plan—which is to provide how soon, in what amount and in what manner creditors’[...]
Personal Property Appraisals 101By Michael Kletecka • 02/18/2020
What You Should Know Before Hiring a Property Appraiser Are you a lender who needs an appraisal of personal property (machinery, equipment and inventory) in connection with making a loan? Are you a company that needs an appraisal in connection[...]
The Chief Restructuring Officer: Architect, Force, Leader Towards ChangeBy Tommy M. Onich • 02/13/2020
Navigating an Extreme Environment as CRO The position of Chief Restructuring Officer or CRO is not well defined or understood. This role does not have as much history as the more traditional positions such as CFO, CEO or President. In[...]
Buying Operating Assets from a Distressed SellerBy Jonathan Friedland • 02/03/2020
A Practical Guide to Assessing Legal Risk and Potentially Fraudulent Transfers    “One man's rubbish is another man's treasure.” -William & Robert Chambers Journal of popular literature, science and arts (1879)  "A little learning is a dangerous thing" -Alexander Pope,[...]

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