Count me amongst the people that were shocked by the AIG bonuses that came to light earlier this week. Having practiced in corporate bankruptcy for the past several years, it never fails to surprise me that so many struggling companies make large “bonus” payments to their executives, Continue reading

Pennsylvania Wage Attachment Law

  The logic behind Pennsylvania’s arcane wage attachment law escapes me. I cannot figure out why the Commonwealth wants to protect debtors at the expense of legitimate creditors.  What are the drawbacks to adopting more liberal wage attachment laws? Who does it hurt? The vast majority of people Continue reading

Business Climate Resigned or Resolved?

Seems like the economic news is still bad every day, but most people appear resigned or resolved.  Many people believe the worst is not here yet, but we are close.  How you approach the daily news is a question of attitude.  With “resignation” (as in, “there ain’t nothin& Continue reading

Bankruptcy COULD Help the Big Three

(Submitted to the Post-Gazette in response to a recent article) First the disclaimer:  I am a bankruptcy and creditors’ rights lawyer.  I generally represent vendors, lenders and creditors.  I have also helped a few companies reorganize in Chapter 11 bankruptcy.   People (media and otherw Continue reading

What Does Detroit Need to Do Now?

Just What is going to happen with Detroit bankruptcies? I’m pretty confused about what Washington is doing/has done with the $700 billion and how that relates to the automakers.  Let call them the OEMs (original equipment manufacturers).  The OEMs claim they need help from the government or Continue reading

So we’re In a Recession. Really?

I loved all the discussion this week about whether we were in a recession.  Any of us in the credit, collections and bankruptcy world know we’ve been in a recession for months.  Whether the economists can agree on what the definition of what “is” is or not, things have been tigh Continue reading

Getting P.A.I.D. is Critically Important

Okay, it’s a shameless plug for the book (Get P.A.I.D. a Guide to Getting Paid Faster) and the system, but it is also a reminder of how important it is for businesses to pay attention to their credit extension, monitoring and collections when things are tight.  One might think it is beneficia Continue reading

Credit Easing?

I suppose the lowering of LIBOR is an indication to some that credit is easing, at least on Fleet Street!  Most of the “main street” businesses probably don’t feel that yet.  Not sure if that is a measure of credit that will filter down anytime soon.  LIBOR is the London Inter B Continue reading