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Rich Man, Poor Man . . . Hurry Up, Man: Wash Away Personal Guarantees Quickly
Facing Personal Liability for Business Debts? Who Ya’ Gonna Call?1 People who are not bankruptcy experts but who know something about the subject tend to put all bankruptcy attorneys into one of two buckets: (a) attorneys who help people file bankruptcy; and (b) attorneys who help businesses file bankruptcy. This distinction is mostly correct. Generally […]
The Order of Claims in Bankruptcy: Absolute Priority Rule, Structured Dismissals and More
Are the Rules Really “Absolute?” At its core, corporate bankruptcy addresses the problem of the “inadequate pie.” While occasionally the debtor will be solvent, in most cases, the debtor will, for lack of a better term, be “bankrupt.” That is, it won’t have enough money or other assets to pay its creditors all they are […]
“Bankruptcy filings are mounting. And that’s just the tip of the iceberg” – – – A Dissection & Analysis
[Editor’s Note: This is a republished article. The original article was published on LinkedIn on September 20, 2020.] There has been a significant uptick in the number of articles appearing in mainstream media (e.g. newspapers) about the wave of bankruptcies that has already started to appear. One article (linked here), authored by Matt Egan […]
Potential Pitfalls and Opportunities in Healthcare Restructuring
How Unique Issues in Healthcare Restructuring Set It Apart from Corporate Restructuring Over the past decade, arguably no industry experienced such dramatic regulatory change or consistent legislative uncertainty as healthcare. Today, continued efforts to repeal, defund, replace, or amend the Affordable Care Act—coupled with rising pharmaceutical costs, increased competition, massive capital investment expenses, etc.—virtually […]
Kuney’s Corner: The Many Fates of Intercreditor Agreements
Potential Outcomes of Intercreditor Deeds Secured creditors often seek agreement among themselves in order to limit intercreditor conflict and expedite fulfillment of their respective claims against a borrower in a Chapter 11 case. One might call it a “strength through peace” approach. However, in Chapter 11 cases, some courts have ignored intercreditor agreements in […]
Dealing with Corporate Distress 04: Chapter 11—If You’ve Seen One, You’ve Seen Them All
The ABCs of ABCs, Business Bankruptcy, & Corporate Restructuring/Insolvency This installment of our series is required reading for the next, which attempts the audacious task of describing a “typical” chapter 11. And if you didn’t get it, the title of this installment, “Chapter 11—If You’ve Seen One, You’ve Seen Them All,” is intended to be […]
How to Discharge Student Loan Debt in Bankruptcy – Yes, It’s Possible!
The Complexity of Student Loan Debt in Bankruptcy… Demystified Student loan debt has hit a record $1.6 trillion. This number is staggering on its own, but as millions of Americans lose their jobs and source of income during the COVID-19 pandemic, student loan borrowers have to look at their options for repayment. The U.S. […]
Kuney’s Corner – Giving Secured Creditor Substitute Collateral in a Chapter 11 Cramdown
Pacifying a Hostile Lender with a Motion to Substitute Collateral Can a Chapter 11 debtor confirm a plan that gives a hostile secured creditor a lien on an orange as a substitute, in essence, for the secured creditor’s lien on an apple that the debtor wants to keep and use?1 Yes, a motion to […]
PPP Loans for Chapter 11 Debtors? Maybe…But You Have Other Options
The SBA’s Views, Court Rulings and Options for Your Company You need to restructure your debt and/or deal as soon as possible with assertive creditors. You want to preserve your company, and you would benefit (or already have benefited) from Paycheck Protection Program (PPP) funds as a bridge. What do you do? Can you risk […]
Corporate Attorney-Client Privilege is in the Hands of the Bankruptcy Trustee
When is Your Company’s Attorney-Client Communication No Longer a Secret? Imagine if every secret and strategy that you had ever shared with your attorney were laid open for the world to see. A trustee in a business bankruptcy case may well have the power to review, publish, and wield all of the debtor’s attorney-client […]