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The Bankruptcy StrategistKickerFeaturesSectionsNewsLJN Newsletters

Preventing a Haven for Wrongdoers

By Frederick M. Joyce and Ronald E. Quirk, Jr.
August 15, 2003

The current economic downturn has resulted in a huge number of bankruptcy filings by publicly traded companies. During 2001, for example, a record 257 publicly traded companies filed for bankruptcy. See FDIC Bank Trends, No. 02-01 (Jan. 2002). The telecommunications sector was particularly hard hit, as 14% of those bankruptcies were filed by publicly traded telecom companies. Id. The downward trend continued in 2002, with industry giants such as WorldCom and Global Crossing filing for bankruptcy, not to mention the numerous CLECs and wireless carriers that have sought protection through the bankruptcy courts.

The Code's Automatic Stay and Its Police/Regulatory Exception

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