So today is Kodak's confirmation hearing, and when the plan is confirmed, as I expect it will be, Kodak will continue to exist, but it will no longer be a film company. That will take some getting used to.
What are the duties of the lawyer represent the debtor-in-possession? We know the DIP has fiduciary duties to the estate. Does this mean that the DIP’s attorney is actually counsel for the “estate”? This is not a question on a law school exam, but a very real and vexing practical issue that arises in situations when the DIP acts in ways that appear to compromise its fiduciary duties to the estate.
One of the frustrations experienced by all business bankruptcy attorneys seeking engagement in chapter 11 cases can be traced to the vague language of Rule 2014. The rule requires the disclosure of information necessary to determine whether the professional’s employment is in the best interest of the estate.
Thanks to Bob and Credit Slips for the warm welcome. In April, after two long years, we completed the American Bankruptcy Institute Ethics Task Force's Final
Report. This week we will be guest blogging about “bankruptcy ethics” and
discussing many of the issues we confronted as Reporters.
A few weeks ago, the Supreme Court denied cert in a case called Law Debenture Trust Co. v. Charter Communications, Inc. (No. 12-847). The issue was whether the Second Circuit had correctly applied the doctrine of equitable mootness to an appeal in the Charter Communications bankruptcy.
