I recently saw an article that I won't belabor. But anybody who is casual about the ripples that will spread from municipal bankruptcy cases really doesn't understand the nature of a big bankruptcy case. Here is an article that gives you a little more of the flavor of a big bankruptcy case, but it doesn't really communicate the panic, upheavals and tectonic shifts that occur when secured creditors, unsecured creditors and owners all start to understand that the solid ground underneath their economic feet is merely the shifting sands of opinion in the mind of a Bankruptcy Judge. At the beginning of my career I represented a class of claimants in what was, at that time, the biggest bankruptcy case in the news in Arizona. Hundreds of the richest individuals and businesses in Arizona had invested in what turned out to be a Ponzi Scheme. And the Bankruptcy Judge who handled the North American Coin and Currency case did so with intelligence and wisdom and balance and remarkable success. But not everybody liked all of his rulings all of the time; it all depends on whose ox is getting gored! And when there is a fallible human making rulings, that's a strong motivation for folks to weigh and balance the alternatives, and reach some sort of settlement for the Judge's approval. Because everybody wants justice (until they grow up, at which point they want mercy), and everybody wants their day in Court. Until they get it. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY ATTORNEY WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY THINGIE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, GILBERT, CASA GRANDE, OR ANYWHERE ELSE IN ARIZONA!
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