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One morning many years ago, when I was getting ready to go to work as an associate at one of Philadelphia’s largest law firms, I heard a news report on the radio that Braniff Airlines had filed for protection from creditors under Chapter 11 of the Bankruptcy Code in Orlando, FL the night before. Eleven years later, in a federal appeals courtroom in Atlanta, GA, long after the decision had been made to shut Braniff down and liquidate its assets, I settled the last remaining creditor dispute in the. Hence my career in the interesting and often stress-filled world of Chapter 11 litigation and financial restructuring was launched. Chapter 11 work has not become a “commodity” practice and hopefully never will, but the work can be episodic and uneven, and while litigation skills are essential, it is also quite specialized. So, given these qualities, how does a bankruptcy litigator go about moving from one law firm to another, and what are the pitfalls?
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By Eva D. Gadzheva, Jeremy M. Downs and David E. Morrison
This article reminds us of the conflict-of-laws analysis at the heart of such retention of title disputes, and then discuss the multi-step UCC analysis that is also required.
By Michael L. Cook
The Second Circuit applied federal bankruptcy law when holding that good faith is an affirmative defense.
By Thomas R. Califano and Anna Gumport
Members of Congress recently introduced the Nondebtor Release Prohibition Act, which proposes to amend the Bankruptcy Code to, among other things, restrict courts’ ability to approve third-party releases of nondebtors and related injunctions under plans of reorganization or otherwise in Chapter 11 cases.
By Steven B. Smith and Rachel Ginzburg
If you think public policy favoring the freedom to file a Chapter 11 trumps the freedom to negotiate specific restrictions to such a filing, think again.