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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
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Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Thales Navigation, Inc.
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Fulton Paper Company
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10 Questions to Ask Before Hiring Counsel For a Creditor's Committee
Navigating the "Beauty Contest" When Selecting Counsel For Unsecured Creditor's Committee The decision of whether or not to serve on a creditor's committee is typically a cost-benefit analysis: if the dollars involved are high enough and important enough to your firm, it may very well pay to serve in order to ensure that your - and indeed all unsecured creditors' - interests are represented. If you ever find yourself in that position, one of the most important things you'll do is to hire counsel to represent the committee. Often - and understandably - the attorney chosen is someone known and trusted by leaders on the committee. But you should nonetheless always conduct a careful due-dilligence before selecting a creditor's committee attorney, and here are some key questions you should ask:
- What experience do you have as counsel with other committees?
- Do you have any prior experience with this debtor or the counsel for this debtor?
- What experience do you have in front of the judge in this case?
- What specific knowledge do you have of this case?
- Have you studied the financials and do you have an opinion about the likelihoold that the debtor can successfully reorganize? Do you believe this is truly a chapter 11 reorganization or do you think a liquidation is likely? Why?
- Please submit a brief outline of what action you would take immediately if you were selected to represent the committee.
- What are the hourly rates at your firm (including your own and others on your staff who might be working on the case)?
- What are the hourly rates of the attorney and other professionals that you plan to use?
- What experience qualifies you for this position?
- And, though very basic, this should still be covered: What is the status of your license to practice law in [state] and before this bankruptcy court?
And of course, you'll want to assess the "intangibles," an attorney who will aggressively - yet respectfully - represent your interests.
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