Quote:
It’s naïve to assume bankruptcy judges feel compelled to follow the law, says LoPucki.
He argues that bankruptcy courts across the country compete for the big cases by giving lawyers for major companies what they want.
“According to the law, this plan should not be approved,” LoPucki says.
Yet he predicts Gonzalez will do it anyway to persuade other companies (General Motors Corp. comes to mind) to pick Manhattan’s bankruptcy court over, say Detroit’s.
That ALONE is scary enough. This is NOT rule of law. This is rule by popularity.
It’s naïve to assume bankruptcy judges feel compelled to follow the law, says LoPucki.
He argues that bankruptcy courts across the country compete for the big cases by giving lawyers for major companies what they want.
“According to the law, this plan should not be approved,” LoPucki says.
Yet he predicts Gonzalez will do it anyway to persuade other companies (General Motors Corp. comes to mind) to pick Manhattan’s bankruptcy court over, say Detroit’s.
That ALONE is scary enough. This is NOT rule of law. This is rule by popularity.
