WORLD Law Direct Forums  





Go Back   WORLD Law Direct Forums > Business & Finance Law > Starting a Business > Business Bankruptcy
REGISTER FAQ SEARCH Today's Posts Mark Forums Read
Personal Lawyer Legal Forms Calendar

Business Bankruptcy Bankruptcy issues including Chapter 7 and 11.

A ‘Dating Game’ for Lawyers: Inside the Linens ‘n Things Beauty Pageant

Consult Your Own Personal Lawyer Now!
Reply
AddThis Feed Button
 
Thread Tools Search this Thread Rate Thread Display Modes
Old May 20th, 2008, 09:50 AM     #1
News
 
WSJ_law_blog's Avatar
 
Last Online:
Jul 16th, 2008 11:37 AM
Join Date: Mar 2008
Location: The Wall Street Journal's Law Blog
Posts: 572

Default A ‘Dating Game’ for Lawyers: Inside the Linens ‘n Things Beauty Pageant



Bankruptcy lawyers are happy; at least happier than they were a year ago. According to statistics cited in Jeffrey McCracken’s story in today’s WSJ, already there have been more corporate defaults in 2008 than there were in all of 2007.

So why do the bankruptcy lawyers in McCracken’s piece seem so glum? Because they’re getting a reminder that the arrival of bankruptcies do not necessarily mean bankruptcy work. First, in many instances, are the so-called “beauty pageants,” in which lawyers and turnaround advisers arrive en masse to pitch their wares to trustees and creditors.

At a Doubletree hotel in Wilmington, Del., McCracken recently attended the beauty pageant in the Linens ‘n Things bankruptcy for a ringside seat to the process. Ten law firms and advisory firms made the trek to Wilmington. Only four were asked to pitch to Linens’ unsecured creditors. Just two — one of each — will win.

“I’ve been complaining about the indignity of these things for years, but no one listens,” says Jay Indyke, a veteran bankruptcy attorney at Cooley Godward Kronish, who estimates that he has attended hundreds of these events. “You fly in, spend a day and might never get a chance to speak or meet with creditors. No one listens to me.”

Ultimately, both Indyke’s team at Cooley and a team led by Scott Hazan of Otterbourg Steindler were allowed to pitch the unsecured creditors. Hazan wound up winning the business.
“Nope. I’ve got nothing to say,” said Indyke after the decision. He quickly packed up the firm’s proposals and headed out the door.
WSJ_law_blog is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Add Forum to Google Toolbar | Format Your Messages

Posting Rules

Similar Threads
Thread Thread Starter Forum Replies Last Post
Was the Massage Chair Sen. Stevens’s ‘Photofete’ Moment? WSJ_law_blog Law News 0 Oct 28th, 2008 12:20 PM
‘Not A Potted Plant’: A Look at Ted Stevens’s Lawyer WSJ_law_blog Law News 0 Oct 13th, 2008 08:40 PM
D.C. Circuit to Treasury: ‘Yer Money’s No Good Here!’ WSJ_law_blog Law News 0 May 20th, 2008 01:50 PM
Linens ‘N Things: Results from Lawyer Beauty Contest Are In WSJ_law_blog Business Bankruptcy 0 May 9th, 2008 03:30 PM
Fallout from L’Affaire Spitzer: ‘Kristen’ Sues ‘Girls Gone Wild’ Founder WSJ_law_blog Law News 0 Apr 29th, 2008 01:00 PM


All times are GMT -5. The time now is 04:00 PM.


Powered by U.S. Legal Forms

Subscribe

Use of the Forums is subject to our Disclaimer which prohibits unapproved advertisements, solicitations or other commercial messages, and false, harassing or abusive statements. All postings reflect the views of the author but become the property of WORLD Law Direct.

Questions and information submitted in the Forums are assumed inquiries for general information and not legal advice.

Copyright 2000-2008 by WORLDLawDirect.com, Inc.