Los Angeles Lawyer Magazine Features “Bankruptcy Shelters” by John C. Keith

John Keith

Attorney John C. Keith, who recently joined the Editorial Board of Los Angeles Lawyer Magazine, the Los Angeles County Bar Association’s official publication, authored “Bankruptcy Shelters: Public policy continues to weigh against the absolute effectiveness of bankruptcy remote entities,” which was featured in the magazine's July/August 2013 edition.

Mr. Keith’s article examines the effectiveness of “bankruptcy remote” special purpose entity borrowers, a tool used by lenders in recent years to protect them against bankruptcy filings.  Typically, lenders will insert themselves or their designees into the borrower’s management as nominally “independent” directors or managers, with the expectation of wielding veto power over the borrower’s ability to file bankruptcy. 

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