Archive for the ‘Continued Control’ Category

Chapter 11 Benefits American Companies

26 January 2012 by Kelly G. Black  |  Continued Control, Eliminate Debt, News, Relief from Creditors, Run Business  |  No Comments

USA Today is running an article contrasting US reorganizations under Chapter 11 with foreign bankruptcy and insolvency law. In general, a Chapter 11 case allows management to retain control and run a business under the protection of the bankruptcy court, while proposing a plan to reduce or restructure its liabilities. While US law also allows liquidation, many other countries allow only liquidation, or sometimes a very restricted restricted reorganization. NASDAQ states that Chapter 11 provides American companies a competitive advantage. If you are considering requesting Chapter 11 bankruptcy protection, you should consult with an attorney familiar with Chapter 11 bankruptcies…

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Solyndra Can Continue Managing Its Own Chapter 11 Case

18 October 2011 by Kelly G. Black  |  Continued Control, Run Business  |  No Comments

Solyndra, the alternative energy company which took stimulus money, filed for Chapter 11 bankruptcy in early September. The office of the United States Trustee recently asked Solyndra’s bankruptcy judge to appoint an independent trustee to assume control of the company. This request highlights several important aspects of a Chapter 11 case. First, in a Chapter 11 bankruptcy case, the debtor is also the trustee in the case. The debtor is designated “debtor in possession” to indicate that it remains in control of its assets and business. In the case of Solyndra, for example, this means that its existing management continued…

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Donald Trump’s Chapter 11 Filings

24 May 2011 by Kelly G. Black  |  Continued Control, Eliminate Debt, Individuals and Businesses  |  No Comments

Politicians tend to inspire strong reactions. During his recent flirtation with politics, Donald Trump was no exception. Among a number of insults launched by Cher, the only one relevant to this blog (or mild enough to repeat here) was the title “mr chapter 11.” An article at Forbes offers both defenses and criticisms of Trump’s bankruptcies. More importantly, it highlights two important characteristics of Chapter 11 bankruptcies: A Chapter 11 bankruptcy can be better for creditors than other options. As one source asked, “What is an empty casino sitting on the Atlantic City boardwalk worth? If it’s operating and it’s…

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