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Insolvency

Dealing With Distress For Fun & Profit – Installment #1 – Bankruptcy Basics

A written tour of business bankruptcy and its alternatives You manage a private equity or hedge fund. Or maybe you work for a family office. Or maybe you’re the CEO or CFO of a business that has a competitor that is failing and you are considering trying to buy it on the cheap. Or perhaps […]


The “A&P” Chapter 22 Bankruptcy Saga—Anomaly or Canary in a Coal Mine?

A few months ago, on July 20, 2015, the Great Atlantic & Pacific Tea Company, more commonly known as “A&P,” made history by filing what we in the restructuring industry like to call “Chapter 22”—that is, a Chapter 11 restructuring bankruptcy part deux. A chapter 22 in and of itself is not that unique, but […]


Shale and Petroleum – The Big Picture (Part 3)

If you have not done so already, you’ll want to read Part 1 and Part 2 of this series first, before delving into this final Part 3. So, now that we know that this “shale revolution” has at least been a short-term game changer, it’s time to get into some more specifics of how unconventional oil sources should impact our […]


Shale and Petroleum – The Big Picture (Part 2)

If you have not yet read Part 1 of this series, you’ll want to go back and do so before tackling this Part 2. And if you’ve read Part 1, you’ll recall that we took an in-depth look at why conventional oil production follows a bell curve (known as “Hubbert’s Curve”), and where on that […]


Shale and Petroleum – The Big Picture (Part 1)

Back in the mid-to-late ‘80s, when Dennis Miller had a massive mullet (and his stand-up performances were much more likely to be attended by you and your friends than your distant aunt and uncle who worked on the ’72 Nixon campaign), his “Weekend Update” features on Saturday Night Live were often enriched by little segments featuring […]


KUNEY’S CORNER – Cramming Down a Chapter 11 Plan by Giving Secured Creditor 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?[i] Yes, if the value of the new lien meets the test of “indubitable equivalence” with […]


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