Inconvenient Interlocutory Bankruptcy Appeals — A Reply
July 31, 2025
A bankruptcy judge, his law clerk and two law students challenged this author’s opinion piece entitled “Inconvenient Bankruptcy Appeals” from the December 2024 issue of The Bankruptcy Strategist that district courts and Bankruptcy Appellate Panels have been rigidly limiting appellate review of interlocutory bankruptcy court orders as a matter of convenience. The critics argue instead that these courts consistently apply appropriate statutory and decisional standards when they decline appellate review, striving to “get it right.” A quick reply follows.
Potential Consequences of LME Strategies
July 31, 2025
Much ink has been spilled about the continued ascent of the “liability management exercise” (LME). Not to fret, this is not another LME article; rather, this article focuses on potential consequences of certain LME strategies.
Commercial Chapter 11 Filings Down 15% in First Half of 2025
July 31, 2025
Demand in the bankruptcy portion of the restructuring practice has been a little sluggish this year as commercial Chapter 11 filings declined 15% compared to the same period in 2024, according to a new report from the American Bankruptcy Institute and Epiq.
Liability Management Exercises: Read the Fine Print
June 30, 2025
Liability management exercises (LMEs) have gained considerable attention during the past few years. Whether intended for good purposes or not, LMEs have significantly disrupted the traditional loan business through aggressive priming and subordination tactics — leading some to characterize this phenomenon as lender-on-lender violence.
In LLC Stakeholder Claim Disputes, Pay Strict Attention to Agreement Terms and Possible Waivers
June 30, 2025
Bankruptcy cases almost always involve a substantial loss of value. When that happens, disputes arise and claims are asserted among stakeholders. This case is a reminder that when assessing the viability of such claims, if a limited liability company has been utilized for the business, strict attention must be paid to the terms of the agreement, starting with an analysis of whether all fiduciary duties have been waived.
Third Circuit Sides With Magistrates On Bankruptcy Appeals
June 30, 2025
The Circuit split caused by MTE can and should be fixed by the Fifth and Seventh Circuits when the appropriate appeal reaches them. MTE reflects the more current analysis. It is unlikely that the Supreme Court will be able to resolve the split any time soon.
