Bill on Bankruptcy: BigLaw Prices Itself Out

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Dec. 19 (Bloomberg) -- Two significant Chapter 11 reorganizations in the Southern U.S. may be signs that lawyers in New York and Delaware are starting to price themselves out of the market, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss on their new video. Speaking of New York, Manhattan is losing Bankruptcy Judges Allan Gropper and James Peck to retirement. Rochelle explains how it came to pass that American Airlines stock worth 40 cents a share in October 2012 now came to be worth more than $17. Discount retailer Loehmann's Inc. may be stretching the rubber band too far, measured by the judge's initial reaction to a proposed sale schedule. The video closes with discussion of a Chapter 15 bankruptcy opinion from the Second Circuit appeals court in Manhattan that runs counter to the notion that U.S. courts lend assistance to bankruptcy courts in other countries.

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