Union Says Bankruptcy Law Unconstitutional

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Aug. 22 (Bloomberg) -- The AFSCME labor union is opposing the Detroit bankruptcy by contending that the entire municipal bankruptcy scheme violates the U.S. Constitution, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss in their new video. Again this week, Rochelle and Pacchia cover the American Airlines bankruptcy, this time focusing on whether the parent AMR Corp. can persuade the bankruptcy judge to approve the reorganization plan before there's resolution to the government's antitrust suit. Rochelle mentions the newest statistics showing no increase in business for bankruptcy professionals. The video ends with discussion of an important new decision from the U.S. Eleventh Circuit Court of Appeals in Atlanta adopting a new theory for taking assets outside of a bankrupt estate.

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