Business Reorganization in Bankruptcy, 4th

Mark S. Scarberry, Pepperdine University School of Law

Kenneth N. Klee, University of California-L.A. School of Law

Grant W. Newton, Pepperdine

Steve H. Nickles, Wake Forest University School of Law

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It has been thoroughly updated to deal with the issues of most importance to business bankruptcy lawyers today. There is increased stress, beginning with the first chapter, on the use of chapter 11 to sell the business as a going concern. On the other hand, courts have resisted attempts to influence 11 chapter cases so as to wrest strategic assets from chapter 11 debtors. We consider important developments in corporation law (led, as usual, by the Delaware courts) that give managers more flexibility in addressing financial distress. We include a discussion of the United States Supreme Court’s Stern v. Marshall decision, which threatens the foundation of the bankruptcy court system. Protections for both secured and unsecured creditors have also been called into question. The “gifting” doctrine may undermine the absolute priority rule that protects dissenting classes of unsecured claims, a rule that had its origins in the railroad reorganizations of more than a century

Learn more about this series.