Politics a principle driver of filing for Chapter 9
Bankruptcy for a governmental unit is generally regarded as political suicide, writes Bilzin Sumberg Baena Price & Axelrod senior partner Scott L. Baena, so Chapter 9 has not been popular with politicians — even when it makes good business sense.
Breakup fees protect stalking horse bidders
The stalking horse bidder should be mindful of the risks involved in a bankruptcy sale, because courts routinely deny requests for breakup fees, leaving the stalking horse bidder’s investment at risk, according to attorneys Craig Rasile and Rachel Nanes.
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