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House Judiciary Testimony on Chapter 11 Abuses

posted by Adam Levitin

I'm testifying before the House Judiciary Committee on Wednesday at a hearing entitled "Confronting Abuses of the Chapter 11 System."  My written testimony can be found here. It touches on six topics:

  1. Non-debtor releases
  2. Judge-picking
  3. Lack of appellate review (especially equitable mootness)
  4. Increased use of sub rosa plans
  5. Increasingly brazen fraudulent transfers
  6. Payday before mayday executive bonuses

By the way, since my draft article on Purdue has been public, I've heard from a number of attorneys, including folks I had not previously known, confirming various insights in the paper and wanting to tell me their own stories.  I have really appreciated that and learned a lot from it.  I have not seen this scale of a reaction to a paper previously. So if you've got your own tale of aggressive restructuring transactions being blessed by a hand-picked judge and then evading appellate review, I'm eager to hear them (and won't attribute them to you). 

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