The Modern Chapter 11 Business Reorganizations—Who Wins, Who Loses, and Who Suffers
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The Constitution delegates to Congress the laws of U.S. Bankruptcy. The Bankruptcy Code, Chapter 11, provides for the Reorganization of financially troubled Business Enterprises, which can range from small businesses to vast corporate giants. Stakeholders can include Professionals such as Attorneys, Accountants and Trustees, Shareholders, Bondholders, Officers and Management, Workers and employees, Pensioners, Secured Lenders, Unsecured lenders, State, Local and Federal Tax Creditors, Business Suppliers, Contractors, dependent Communities, Customers, and even Charities who are dependent upon Corporate gifts. There is not enough money to go around even in an approved Chapter 11. Almost no money exists if a Chapter 11 is not approved. Who wins and Who loses?
T. Lawrence Palmer
T. Lawrence Palmer is a distinguished attorney, educator, and military veteran with over six decades of service in law and public service. He graduated from Duquesne University in 1961 with a Bachelor of Arts in English, Political Science, and Philosophy, before going on to earn his LL.B. from Duquesne University School of Law in 1964, where he graduated first in his class and served as Editor-in-Chief of the Law Review. After further studies at the University of Wisconsin School of Law, Palmer's academic career was interrupted when he was called to active duty in the U.S. Army in 1965. He completed the Infantry Officers Course and Army Intelligence School before being honorably discharged as a Captain in 1967.
Palmer began his legal career in 1967, practicing civil trial law in state and federal courts across Pennsylvania and numerous other jurisdictions for over 50 years. He was appointed Senior Deputy Attorney General of Pennsylvania in 2000, a role he held until 2020. In addition to his legal career, Palmer served as an Adjunct Professor at LaRoche University from 2020 to 2024, sharing his extensive knowledge with law students. Throughout his career, Palmer has been recognized for his leadership, dedication to justice, and commitment to education, leaving a lasting impact on the legal community.