Bankruptcy
Nov. 17, 2011
It only takes one: voting for the reorganization plan
Why debtors should invest the effort to ensure that it has a friendly creditor voting class. By Howard N. Madris of the Law Office of Howard N. Madris APC
John F. Kennedy often joked that during the 1960 West Virginia presidential primary, he received a telegram from his father, Joe Kennedy, pleading, "Don't buy another vote, I won't pay for a landslide." So too, in a Chapter 11 bankruptcy case, a debtor does not need to obtain a landslide of creditor votes in favor of its reorganization plan. Rather, the accepting vote of merely one creditor class may be sufficient for plan co...
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