Free Resources for Those Who Want to Learn More

Hi Gang.

It’s been a busy week in the office (though at least the commute to my office these days is only about 60 seconds from my bedroom). 

I've been working on restructuring a chain of movie theaters, an acquisition out of bankruptcy, a capital raise for a fulfillment service company, some JVs for a small publisher, and some other odds and ends, including some interesting potential subchapter V debtors.

The great wave of corporate chapter 11s has not hit as hard as I think it will by early Q2 but the activity (at least ours- we are a 30-attorney law firm) is certainly more robust than it was at the same time last year. Our estate planning brethren and sistren (that was a word in common use until the 1600s) are super busy, as some clients seek to take advantage of (hopefully) temporarily reduced values in certain industries. 

Not that you need to turn to me for your news, but I was interested (but not surprised) to read in the WSJ yesterday that about 300 companies that received up to $500 million in PPP funding have filed for bankruptcy.

Anyhow, because it has indeed been busy, this week’s installment is limited to the following list of free resources I recommend for learning about the ABCs of alternatives for financially distressed businesses, bankruptcy, chapter 11, in particular, and all things related thereto. Keep in mind that I’m biased in favor of those I had a hand in creating. If you like any, I’d appreciate hearing about it and if you have any to suggest, please feel free.  

Here is the list:

1.      For struggling retailers: this quick read from an old friend, Seth Marks. 

2.      For credit managers, chapter 11 professionals who chase committee representations, and others who want to know every time a company files for chapter 11: this chapter 11 alert system, which is constantly updated and which will also push email notices of new cases out to you if you ask it to.

3.      For anyone who wants to review the U.S. Bankruptcy Code: this version of the Bankruptcy Code, hosted by Cornell University.

4.      For anyone who needs to understand the big picture about corporate restructuring, business bankruptcy and its alternatives, and insolvency: the PowerPoint that is available for download (look for the orange box in the upper-righthand corner).

5.      For anyone looking to read about the more cerebral side of bankruptcy and related topics: Credit Slips.

6.      For anyone who wants to see public notices of assets being sold through bankruptcy, receiverships, assignments for the benefit of creditors, UCC Article 9 sales, and similar processes; also for anyone who needs to list such sales: this Public Notice Platform, which is the most comprehensive directly of its kind in the world. If you don’t want to have to remember to check the website, you can get a once-per-week email- here is a link to the latest edition.

7.      For you if you want to read a fantastic article on the intersection of artificial intelligence and executory contract review: Analyzing Executory Contracts: Can AI Save Us from The Contract Tsunami?

8.      For you if you have given one or more personal guarantees to support your company and your company is struggling: Rich Man, Poor Man . . . Hurry Up, Man: Wash Away Personal Guarantees Quickly.