Derailed By Bankruptcy

The behind-the-scenes story of the five-year legal battle over a railroad bankruptcy and the formation of Conrail, as told by a lawyer on the case. What happened when the US government stopped investing in railroads and started investing in highways and air travel? By the late 1970s, six major eastern railroads had declared bankruptcy. Although he didn’t like trains, Howard H. Lewis became the primary lawyer for the Reading Railroad during its legendary bankruptcy case. Here, Lewis provides a frank account of the high-intensity litigation and courtroom battles over the US government’s proposal to form Conrail out of the six bankrupt railroads, which meant taking the Reading’s property, leaving the railroad to prove its worth. After five grueling years, the case was ultimately settled for $186 million—three times the original offer from the US government—and Lewis became known as a champion defender of both the railroad industry and its assets. “Should be required reading in every law school, especially for students who aspire to become corporate attorneys . . . valuable insights into the creation of Conrail.” —Rush Loving, Jr., author of The Men Who Loved Trains “For the railfan, you’ll receive an insider view of this historically important period and a better understanding of how and why Conrail came into being and what it meant for rail transportation.” —Model Railroad News

Do you know the stories of well-known CEOs who failed as executives of major companies? Learn about these colorful derailers who misread symptoms of their own downfall and failed to take corrective action needed to succeed as leaders. Written for leaders, aspiring leaders, and anyone who makes a difference in the lives of others, author and leadership expert Tim Irwin, PhD, examines how failures of character common to even the most capable individuals - including deficits in authenticity, humility, self-management, and courage - repeatedly lead to downfall. By profiling the collapse of CEOs Robert Nardelli (Home Depot), Carly Fiorina (HP), Durk Jager (Proctor and Gamble), Steven Heyer (Starwood Hotels), and more, this book shows how our failings become more dangerous as we take on greater leadership responsibilities, and how they can cause us to ignore glaring warning signs that might otherwise prevent catastrophe. In Derailed, Tim shares; An outline of the key character traits that prevent us from becoming de-railed Assessments and suggestions on how to analyze your “Character Quotient” What made these business executives fail without demeaning their character By asking what we can learn from those who have fallen, and how we can avoid our own failure, Derailed teaches us to stay on track. Often, derailment happens long before the crash. Learn the character qualities that are essential for successful leadership and how to cultivate them so that you can avoid derailing your own life and career.

Trustees at Work explores the role bankruptcy trustees play in determining who qualifies as a deserving debtor under Canadian personal bankruptcy law. The idea of a deserving debtor is woven throughout bankruptcy law, with debt relief being reserved for those debtors deemed deserving. The legislation and case law invite trustees to assess debtors based on their pre-bankruptcy choices, but in practice, trustees evaluate debtors based on how cooperative the debtors are during bankruptcy proceedings. This book uses interviews and statistical data to explain how the financial and emotional pressures of trustees’ work shape their decision-making process.

For more than 40 years the Historic Documents series has made primary source research easy by presenting full primary documents and excerpts from documents on the important events of each year for the United States and the world. Each volume includes approximately 70 events with well over 100 documents from the previous year, from official or other influential reports and surveys, to speeches from leaders and opinion makers, to court cases, legislation, testimony, and much more. Historic Documents is renowned for the well-written and informative background, history, and context it provides for each document. Each volume begins with an insightful essay that sets the year’s events in context, and each document or group of documents is preceded by a comprehensive introduction that provides background information on the event. Full-source citations are provided. Readers have easy access to material through a detailed, thematic table of contents and a cumulative five-year index that directs them to related material in earlier volumes.

With the growth of international business and the rise of companies with subsidiaries around the world, the question of where a company should file bankruptcy proceedings has become increasingly complicated. Today, most businesses are likely to have international trading partners, or to operate and hold assets in more than one country. To execute a corporate restructuring or liquidation under several different insolvency regimes at once is an enormous and expensive challenge. With International Bankruptcy, Jodie Adams Kirshner explores the issues involved in determining which courts should have jurisdiction and which laws should apply in addressing problems within. Kirshner brings together theory with the discussion of specific cases and legal developments to explore this developing area of law. Looking at the key issues that arise in cross-border proceedings, International Bankruptcy offers a guide to this legal environment. In addition, she explores how globalization has encouraged the creation of new legal practices that bypass national legal systems, such as the European Insolvency Framework and the Model Law on Cross-Border Insolvency of the United Nations Commission on International Trade Law. The traditional comparative law framework misses the nuances of these dynamics. Ultimately, Kirshner draws both positive and negative lessons about regulatory coordination in the hope of finding cleaner and more productive paths to wind down or rehabilitate failing international companies.

Bankruptcy in America, in stark contrast to its status in most other countries, typically signifies not a debtor's last gasp but an opportunity to catch one's breath and recoup. Why has the nation's legal system evolved to allow both corporate and individual debtors greater control over their fate than imaginable elsewhere? Masterfully probing the political dynamics behind this question, David Skeel here provides the first complete account of the remarkable journey American bankruptcy law has taken from its beginnings in 1800, when Congress lifted the country's first bankruptcy code right out of English law, to the present day. Skeel shows that the confluence of three forces that emerged over many years--an organized creditor lobby, pro-debtor ideological currents, and an increasingly powerful bankruptcy bar--explains the distinctive contours of American bankruptcy law. Their interplay, he argues in clear, inviting prose, has seen efforts to legislate bankruptcy become a compelling battle royale between bankers and lawyers--one in which the bankers recently seem to have gained the upper hand. Skeel demonstrates, for example, that a fiercely divided bankruptcy commission and the 1994 Republican takeover of Congress have yielded the recent, ideologically charged battles over consumer bankruptcy. The uniqueness of American bankruptcy has often been noted, but it has never been explained. As different as twenty-first century America is from the horse-and-buggy era origins of our bankruptcy laws, Skeel shows that the same political factors continue to shape our unique response to financial distress.

Not sure where to start? Let’s find the right bankruptcy option for you. You know bankruptcy will help you get back on your financial feet. But which chapter type is best? The New Bankruptcy explains the benefits of Chapter 7 and Chapter 13 bankruptcy so you can make an informed choice that addresses your financial needs. For instance, you’ll learn that Chapter 7 will: • wipe out credit card balances, utility bills, medical debt, and more • protect property you need to work and live, and • take about four to six months to complete. Chapter 13 bankruptcy works by keeping creditors at bay while you: • catch up on a house or car payment • pay off an overdue tax or support balance, and • pay less on other debt, such as credit cards and student loans.