The American Bankruptcy Law Journal (“ABLJ”) is proud to release the second issue of volume 99, which features five outstanding articles. The first two articles examine current chapter 11 practice. The first article suggests that it may be time to rethink chapter 11, perhaps returning to a system like chapter X of the Bankruptcy Act for some business debtors and providing alternative tools for others. The second article evaluates chapter 11 under a shareholder primacy model, modified for insolvency, and proposes a viability test for chapter 11 debtors. The third article focuses on voidable transfer challenges to leveraged buyouts and the treatment of those challenges in bankruptcy cases under the Supreme Court’s decision in Merit Management Group and the applicable Code sections (in particular, section 546(e)). The fourth article analyzes Supreme Court decisions in the consumer bankruptcy space, specifically those addressing a debtor’s discharge and the nondischargeability of certain debt. The final article discusses the potential use of special masters in bankruptcy cases, which is currently precluded by Bankruptcy Rule 9031.
We hope you enjoy each of these articles and come away with at least one new or different perspective on current bankruptcy practice. The ABLJ strives to inform, inspire, and enhance the work of those in the bankruptcy and commercial law fields.
Honorable Michelle M. Harner
United States Bankruptcy Judge, District of Maryland
Editor in Chief