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I've lived my entire life in the Northeast where, every winter, the bottomless pothole reigns supreme. For residents of more temperate climates, the bottomless pothole is the one that's filled to the brim with slush and water. When an unsuspecting motorist drives through a puddle, the bottomless pothole is the rare but debilitating cause of serious damage to one's automobile. It causes flat tires and broken axles, especially when encountered at high rates of speed.
The unauthorized practice of law (UPL) issue is the modern law firm's ultimate bottomless ethics pothole. In today's world, common sense would seem to dictate that a Maryland lawyer could close a complex commercial transaction for a Maryland client in foreign jurisdictions like Florida or New York. The fact that more than a few states would disagree with this proposition is what makes the UPL issue the bottomless pothole that it is.
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There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
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