Bankruptcy Blogs

Friendly Ice Cream Corp., which employs roughly 10,000 people and operates more than 400 restaurants known for sundaes and hamburgers, filed for Chapter 11 bankruptcy protection Wednesday. Read the Daily Bankruptcy Review Small Cap article here.

Over at Dealbook, I look at the very different treatment awaiting unsecured creditors of Countrywide, depending on whether they are bondholders or tort litigants.

The House Judiciary Committee recently held a hearing to consider an amendment to the venue provisions of the Bankruptcy Code proposed by the Committee’s Chairman that would require corporations to file voluntary chapter 11 petitions in the district where they maintain their principal place of business or have their principal assets. Under the current bankruptcy venue provisions of the U.S.

A liquidator’s investigation into a family company resulted in the liquidator pursuing the directors (and other family members as de facto directors) for repayment of overdrawn loan accounts as well as compensation for misfeasance and breach of fiduciary duty.