Customer Reviews

Chapter 11 Business Reorganizations: For Business Leaders, Accountants And Lawyers

5 star:		(5)
4 star:		(1)
3 star:		(1)
2 star:		(1)
1 star:		(3)

 

 

This book does a really nice job of explaining how Chapter 11 Business Reorganizations work. The Glossary and Bankruptcy Cope sections make this a great reference source. Whether considering the strategic acquisition of assets from a business in Chapter 11, or working with insolvency experts to deal with a major account debtor, this book is a great resource.

Mr. Alderman has done a superb job covering the most important aspects of Chapter 11 reorganization. The book is a valuable guide for any business professional interested in following the corporate bankruptcy process. As the Director of Bankruptcy Services for a national consulting firm, I regularly train accountants on bankruptcy issues, and I have found this book to be a perfect resource for that effort.

I purchased this book expecting some detailed "how-to" about filing and conducting a Chapter 11 case. That's not what this book is. It's a broad overview of the Chapter 11 process written primarily for layman. Although the book is 184 pages, most of that length is glossary and reprints of bankruptcy code sections. The actual text is about 80 pages, with big type and lots of blank space. I'm not a particularly fast reader, but I knocked the whole thing out in a little over an hour. I would characterize this book as a Continuing Education presentation, revamped to book format.

That said, it's a very good Continuing Education presentation. It's well-written and there are a half-dozen or so good nuggets of information and advice. If I had sat in on this presentation at a Bar conference, I'd have been thrilled. After having paid $45 for the book, not so much.

Literally half of this book (90 pages) is excerpts from the Code, all of which is available for free (and searchable) at the Cornell website. The rest of the book is elementary, and the information contained in the 80 pages of content in this large print volume can easily be obtained from the United States Bankruptcy website. Do NOT buy this book.

I bought and read this book entire book, except for everything after p. 95, which is a cut-and-paste of the U.S. Bankruptcy Code. Though Alderman's section is short (93 pages), I wanted a quick overview of the Chapter 11 process, and was willing to pay $35.95 for it. I also wanted an accurate overview, but Alderman doesn't provide that. Simple concepts and facts are completely bungled. Others, amazingly, are just plain wrong. I don't think it's nitpicking to note that Alderman says on p. 12 that a business must be insolvent to be eligible to be a debtor under Chapter 11. He then cites to a case where the judges said exactly the opposite: "It is well established that a debtor need not be insolvent before filing for bankruptcy protection."
$35.95 for simple concepts that are completely wrong just isn't worth it.

I was somewhat surprised and somewhat disappointed when I received this book that contained 5 star review by some of the readers. Your present reviewer is an attorney, and for the non-attorneys that are looking for "how-to" guides, then this is the wrong book to purchase. This book simplifies many terms and concepts, but it is only 80 "small" pages in length. There is a glossary on page 81, and pages 95-184 are merely selected aspects gleaned from the United State Bankruptcy Code ("USBC") which can be obtained directly from the internet.

The first chapter is 10 pages in length and contains a very brief overview of all the differing chapters of the USBC. Chapter 2 is also 10 pages in length and contains a very basic overview of a Chapter 11 filing, including the parties and the major players when you file. Chapter 3 contains very basic information regarding the "debtor in possession," which is either you or your client. Again, the chapter unpacks simple concepts and terms and approximately 25-pages in length. Chapter 5 is 2 pages in length, and chapter 6 is 6 pages in length and discusses issues related to secured claims verses unsecured claims. Chapters 7, 8, 9 and 10 lay out issues related to other creditors' and formulation of a reorganization plan but these are merely descriptive and not prescriptive (i.e., there are no examples).

Again, however, this is not a "how to" guide" to fling a chapter 11 bankruptcy--a very tedious and precise process. It is geared towards attorneys or professionals that want to maintain a miniature legal guide to the USBC if they do not practice bankruptcy as a primary field and need a quick reference. If you want a how to guide, and one that contains forms I would recommend Bankruptcy for Business: The Benefits, Pitfalls and Alternative (which comes with a CD containing all of the forms).

I needed to get a quick handle on chapter 11 business reorganizations. Several people recommended this book. For what I needed, this book was perfect. The "practical & tactical advice" boxes and the glossary of key terms made it easy for me to get a quick grasp of the information I was looking for.

I highly recommend this book to people looking for an introduction to chapter 11 bankruptcy.

The book provides you a general overview of terminology and typical bankruptcy rules. I would recommend anyone who is about to go through a chapter 11 reorg, and has never experienced one, to read this.

After reading this you may want to but a code book to do more learning. The only negative I found is it speaks in black and white terms. If the company, creditors (particularly the senior secured) and current board agree to something the judge can allow most anything. I didn't get that from the book. I'm learning that as my company goes through the process.

Those we are doing business with are filing for bankruptcy. This book explains the concepts of Chapter 11 Business Reorganization in a way that is easy to follow for business leaders, accountants and those attorneys who have not spent years dealing with business bankruptcies.

Buy it, read it!

Unfortunately, there is not much material to gain from this book. I bought this book because I am studying for a new turnaround license (CTP). If you want a brief overview on bankruptcy this maybe for you. However, I am sorry I purchased this book because it is too brief and short.

There are much better books on the subject. Check out Thomas Salerno's book, however it needs to be update for the changes in 2005.