In recent weeks two badly needed laws, a bankruptcy law and a loan-guarantee law, were passed after months stuck in Congress.
Knowing financial markets might tumble on the news, the Senate reassured them by approving a much-needed new bankruptcy law on the same day as the minimum-wage vote.
But the Chapter 9 bankruptcy case also is being closely watched nationally for the potential precedent-setting implications: whether federal bankruptcy law trumps the California law that says debts to the state pension fund must be honored.
That's why corporations end up getting into bed with plaintiff lawyers--to get their bankruptcy plans approved, says Richard Nagareda, a mass-torts expert at Vanderbilt University Law School.
"You really want to look into the swimming pool to see if there is water in there before you dive in, " said James Spiotto, a municipal bankruptcy expert at the Chicago-based Chapman and Cutler law firm.
"Public safety is paramount, " said Bernstein, managing partner of the Banking, Bankruptcy and Creditors' Rights Practice Group for Michigan-based Plunkett Cooney law firm.
He was chairman of the Kentucky Bar Association Bankruptcy Section in 2006-07 and has been a speaker on consumer law topics and foreclosure defense at numerous continuing legal education seminars in Kentucky and nationally at seminars and conferences sponsored by AARP, The National Consumer Law Center, and the National Association of Consumer Advocates.
Mr. Ice founded his firm in 2008 to focus on consumer bankruptcy, after a career at big law firms defending companies against plane-crash and SUV-rollover suits.
He would like a fully-fledged international bankruptcy framework, modelled on chapter 11 of the American bankruptcy law.
The elder Graham had inherited control of the Post Co. from his father-in-law, Eugene Meyer, who had acquired it out of bankruptcy in 1933.
Despite considering anti-predatory lending legislation, Congress is likely soon to pass a new bankruptcy law that would sharply limit consumers' ability to discharge their debts and start with a clean slate.
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That's the amount Zabel all but concedes Picard has the right to collect under New York State and federal bankruptcy law clawbacks, because it is what Picower took out in the six-year period prior to Picard's suit.
Indeed, some economists argue that America's relatively debtor-friendly bankruptcy laws explain why it has a more entrepreneurial culture than countries where the law provides greater protection to creditors.
The case is set to be a big test of China's new bankruptcy law, which came into effect in 2007 but has rarely been applied to overseas-listed companies with assets in China.
One case explores a first-year law school civil procedure issue, while another gets deeply into the weeds of bankruptcy jurisprudence, thanks to a three-decade estate battle involving the late Anna Nicole Smith.
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Default and bankruptcy are a well-defined process in which debt holders always do better than stockholders as a matter of law.
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