💥Wow💥
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The biggest addition to “distressed” lists this week is the Southern District of Texas, lol.*
We’re sure many of you are wondering what we think of the big news in the world of restructuring and bankruptcy:
Look. We — PETITION’s editorial team — have no view here (😉, our Meme Department on the other hand ⬇️). We have nooooooooooo view whatsoever on whether the Texas panel established a few years ago was in-your-face facilitation of venue shopping openly embraced by (i) an entire Circuit and district, (ii) two judges hungry for power and sick of seeing, in particular, TX-based companies taking their filings elsewhere, (iii) local lawyers hungry to steal “market share” from DE and NY, and (iv) NY lawyers sick of getting pounded by judges in DE over fees.** Nor do we have any view on whether all of this dramatically affected creditor rights in bankruptcy — an issue still to play out in the Serta appeal (and ongoing Wesco/Incora litigation). No view whatsoever. We’ve never, in our multi-year history, commented at all about power-tripping judges and venue chicanery (😉) …
We can leave that to others:
We also have no view on this particular judge (😉). Our “I am the law” memes from the past couple of weeks…