The Executive Guide to Corporate Bankruptcy

It's a weighty tome—722 pages or so (about the size of a Tom Clancy novel).
The main thing, though, is that it was written by a capable and experienced group
of bankruptcy lawyers. Tom Salerno is a <i>cum laude</i> graduate of Notre Dame Law School,
Jordan Kroop is a <i>magna cum laude</i> graduate of the University of Virginia School of
Law and Craig Hansen is a <i>summa cum laude</i> graduate of Temple University School of
Law.

</p><p>All of the authors have written extensively for prominent publications, all are with
the same law firm in Phoenix (Squire, Sanders &amp; Dempsey L.L.P.), and all are
ABI members. Tom Salerno is a former ABI Board member and a contributing editor
to the <i>Journal.</i>

</p><p>The point is that the authors know what they are writing about, and they cover
all aspects of corporate bankruptcy. Many can identify with the CEO who hangs on
so long that when bankruptcy professionals are finally called in to assist in a
reorganization, there is little to work with. Dealing with the recalcitrant executive
of a failing corporation is only one of the practical problems addressed by the book.

</p><p>To give you an idea of how the authors approach a difficult and complex subject,
here are just a few of the sub-topics covered by the book:

</p><ul>
<li>"What is This 'Insolvency' Thing?"

</li><li>"The Odds (How the Deck Is Stacked)"

</li><li>"A Word about Retainers"

</li><li>"Making the Transitions—Attitudinal Adjustments"

</li><li>"Ten Myths about Reorganization"
</li></ul>

<p>Every issue and problem is viewed in a practical perspective and a writing style
geared toward the businessperson. It is certainly an interesting and entertaining
exposition, even for the experienced bankruptcy lawyer.

</p><p>Almost every bankruptcy professional, whether lawyer, accountant or turnaround
specialist, has had the uncomfortable task of explaining to corporate executives various
aspects of bankruptcy. Those who have understand that the executive really does not
want to know as much as he or she needs to know to help the bankruptcy professional
save the business.

</p><blockquote><blockquote>
<hr>
<big><i><center>
The typical captain of industry is focused on
trying to continue the business "as usual" and
avoiding the concerns raised by multiple meetings
with the creditors' committee, secured
creditors, court attendance and other activities
that are far from business as usual.
</center></i></big>

<hr>
</blockquote></blockquote>

<p>The typical captain of industry is focused on trying to continue the business "as
usual" and avoiding the concerns raised by multiple meetings with the creditors'
committee, secured creditors, court attendance and other activities that are far from
business as usual. The bankruptcy professional also knows who becomes the target of
the executive's frustration with the system.

</p><p>Tom Salerno and his co-authors have presented a solution for the executive's
frustration blues. Hand the executive the book. Of course, you will need to read
it yourself so you will know what the executive knows when he or she finishes the
book. The title may not be all that snappy, but it is accurate: It is a "guide."
Even with heavyweights like Enron faltering, there will be many executives, as well
as bankruptcy professionals, who will need this guidance.

</p>