New Disclosure Rules in Bankruptcy Cases
A San Francisco Bankruptcy Attorney takes note of potential new disclosure rules with regard to distressed investors' participation in bankrutpcy cases...
New disclosures that may be set forth in bankruptcy cases with regard to implementing a demand for broader disclosure for investors that would shed more light on their various activities, including trading, have recently gotten the bankruptcy news spotlight. Specific to bankruptcy cases, these new rules being set forth are possibly a bone of contention for said investors, who typically wish to fly low on the disclosure radar, so to speak. Looks like most judges advocate in favor of the disclosure rather than the distressed-debt investors, encouraging the backing of the disclosure proposal despite investors’ wishes to guard their goings on when involved in a bankruptcy case.
An article in the Wall Street Journal quotes Kevin Carey, Delaware bankruptcy court’s chief judge as stating, “If you want to come into bankruptcy court, you tell us who you are,” and further, “The judge can’t be kept totally in the dark.”
Carey spoke at a recent forum held in New York, the Turnaround Management Association’s spring conference, and amongst hot button bankruptcy topics was the ever-growing aggressiveness of creditor groups rallying for larger recoveries.
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