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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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Seventh Circuit Applies Safe Harbor to Private Securities Transaction
By Michael L. Cook
“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities,” The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
By Lawrence J. Kotler and Elisa Hyder
In Lafferty v. Off-Spec Solutions, the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held that the discharge exceptions under Section 523(a) do not apply to corporate debtors under Subchapter V of Chapter 11 of the Bankruptcy Code.
Merchant Cash Advances Could Be More Trouble Than They’re Worth
By Joseph Pack and Jessey Krehl
As small-business owners have continued to struggle in an uncertain economy, a growing number have begun the dangerous practice of relying on merchant cash advances — essentially seeking financial shelter in a lion’s den.
Biotech Industry Bankruptcy Case Update: ‘Zymergen’ and ‘Humanigen’
By Edward E. Neiger, Marianna Udem and Joo Hee Park
This Bankruptcy Case Update focuses on the recent biotech industry bankruptcy cases of Zymergen and Humanigen.
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