Word: yorking
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...employs more than 53,000 people in Michigan, but in the corporate-bankruptcy system, courts compete for cases - especially big ones - so the company could easily wind up at a courthouse hundreds of miles away. Likely venues include Wilmington, Del., the state in which GM is incorporated, and New York City, which has a history of landing large out-of-town cases, such as those involving WorldCom and Enron. (See the 50 worst cars of all time...
Lawyers - particularly those based in New York City and Wilmington - say the process helps shepherd complicated cases into the hands of experienced judges. Yet some legal experts argue that venue-shopping is a way for companies to run from local suppliers, creditors and employees, making it tougher for those groups to file claims and otherwise participate in the case. "The autoworkers live around Detroit," says Lynn LoPucki, a law professor at UCLA. "You go to New York, and suddenly all of those workers can't sit in the courtroom." (Read "Can Detroit Be Retooled - Before It's Too Late...
...bankruptcy code in 2005, Republican Senator John Cornyn of Texas proposed changes to keep more bankruptcies where companies do most of their business. Cornyn had a history with the issue: as attorney general of Texas, he loudly, though unsuccessfully, argued that the Enron bankruptcy should be moved from New York City to Houston so that workers who lost their jobs could watch and local creditors could more easily file claims. As the law now stands, firms can file bankruptcy where they're headquartered, where they're incorporated or where they have an affiliated company in bankruptcy. Enron was able...
...result is that certain bankruptcy courts see a disproportionate number of cases. According to a database of public-company bankruptcies maintained by LoPucki, from 1980 to 2008, 17% of companies filed in New York City and 34% filed in Wilmington, even though companies were headquartered in New York City only 7% of the time and in Wilmington less than 1% of the time. Executives typically decide where to file on the advice of their legal counsel. The two law firms that GM has hired to advise it on bankruptcy - Weil, Gotshal & Manges and Dewey & LeBoeuf - are both based...
...quietest man I have come across. He was so soft-spoken that you could not hear him under his breath. It made you wonder, even if momentarily, if he really led the Tamil Tigers." - Sadanand Menon, Indian journalist (New York Times, March...