Things are starting to get tense in the Bankruptcy Final Four this year, as the financial powerhouses are pitted against key procedural changes to chapter 11. In one bracket, we have Kill Till (the crowd favorite, and by far the best excuse we’ve had to quote Tarantino movies on the Weil Bankruptcy Blog) up against a series of proposed changes to chapter 11 plans and voting. In the other, a presumptive prohibition on roll-ups is pitted against a presumptive 60-day breathing spell before a debtor can sell substantially all of its assets. A very presumptive bracket indeed. Of course, both the financial considerations and the procedural requirements have important ramifications on each other – for example, allowing a subordinated creditor to vote on a chapter 11 plan will have bearings on pricing and exercise of remedies, and any changes to the valuation regime will shift the balance of power in determining how to proceed with a chapter 11 strategy. And, like the Princeton women, plenty of potential overhauls to the chapter 11 process have remained underappreciated to this point. (Let us know your thoughts in the comments!) But in the end, only two of the ABI Commission’s recommendations will move on to our Championship Round. So, in the words of Grandmaster Melle Mel, “Vote – Vote – Everybody get up and vote!”*
*Jesse, Grandmaster Melle Mel (1984)
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