No Boom for Bankruptcy Bar in 2013
Jan. 2 (Bloomberg Law) -- Bankruptcy lawyers and turnaround managers can expect another lousy year in 2013, for reasons Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle explain on their new video. On the perennially important topic of venue, Rochelle looks at recent decisions, two where cases were moved and one where the bankruptcy remained in Delaware. Rochelle concludes that small companies will be sent to a court near home while a bankrupt company with significant owners won't. The reorganization of AMF Bowling Worldwide Inc. draws attention for proposing bonuses where top three officers could receive bonuses equal to 100 percent of their salaries by simply meeting cash flow targets required in the so-called DIP loan agreement. To conclude, the video awards Judge of the Week status to Bankruptcy Judge Thomas B. Bennett for another masterful opinion in the municipal bankruptcy of Jefferson County, Alabama.