{"id":4767,"date":"2009-04-02T21:09:04","date_gmt":"2009-04-02T21:09:04","guid":{"rendered":"http:\/\/jetwit.com\/wordpress\/?p=4767"},"modified":"2009-04-02T21:13:57","modified_gmt":"2009-04-02T21:13:57","slug":"bankruptcy-lover-by-bankruptcy-bill-and-the-fresh-starts","status":"publish","type":"post","link":"https:\/\/jetwit.com\/wordpress\/2009\/04\/02\/bankruptcy-lover-by-bankruptcy-bill-and-the-fresh-starts\/","title":{"rendered":"&#8220;Bankruptcy Lover&#8221; &#8211; by Bankruptcy Bill and The Fresh Starts"},"content":{"rendered":"<p><em><strong><a href=\"http:\/\/bankruptcybill.wordpress.com\/\" target=\"_blank\">Bankruptcy Bill<\/a><\/strong> is a cartoon created by <strong>Steven Horowitz<\/strong> (Aichi-ken, 1992-94) and <strong><a href=\"http:\/\/www.gideonkendall.com\/\" target=\"_blank\">Gideon Kendall<\/a><\/strong>.\u00a0 To see more strips as well as <a href=\"http:\/\/bankruptcybill.wordpress.com\/bankruptcy-haiku\/\" target=\"_blank\">original bankruptcy haiku<\/a>, go to <a href=\"http:\/\/bankruptcybill.wordpress.com\/\" target=\"_blank\"><strong>bankruptcybill.wordpress.com<\/strong><\/a>.<\/em><\/p>\n<p>Ladies and gentlemen, debtors and creditors, we are pleased to share the debut single by <strong>Bankruptcy Bill &amp; The Fresh Starts<\/strong>\u2026.<\/p>\n<h1 style=\"text-align: center;\">\u201c<a href=\"http:\/\/bankruptcybill.files.wordpress.com\/2009\/03\/bankruptcylovermp3.mp3\" target=\"_blank\">Bankruptcy Lover<\/a>\u201c<\/h1>\n<h3 style=\"text-align: center;\"><a href=\"http:\/\/bankruptcybill.files.wordpress.com\/2009\/03\/bankruptcylovermp3.mp3\" target=\"_blank\">http:\/\/bankruptcybill.files.wordpress.com\/2009\/03\/bankruptcylovermp3.mp3<\/a><\/h3>\n<p style=\"text-align: center;\">(Click either the link above or the image below to listen.)<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/bankruptcybill.files.wordpress.com\/2009\/03\/bankruptcylovermp3.mp3\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-598 aligncenter\" title=\"band_withlogo_web\" src=\"http:\/\/bankruptcybill.files.wordpress.com\/2009\/02\/band_withlogo_web.jpg?w=625&amp;h=412\" alt=\"band_withlogo_web\" width=\"472\" height=\"311\" \/><\/a><\/p>\n<p style=\"padding-left: 30px; text-align: left;\"><strong>Bankruptcy Bill &amp; The Fresh Starts groupies can get their\u2026<br \/>\n<\/strong><\/p>\n<blockquote>\n<ul>\n<li><strong>Posters here:<\/strong> <a href=\"http:\/\/www.zazzle.com\/poster_bankruptcy_bill_the_fresh_starts-228608539647711199\" target=\"_blank\">http:\/\/www.zazzle.com\/poster_bankruptcy_bill_the_fresh_starts-228608539647711199<\/a><\/li>\n<li><strong>Mugs here: <\/strong> <a href=\"http:\/\/www.zazzle.com\/mug_bankruptcy_bill_the_fresh_starts-168135713990751518\" target=\"_blank\">http:\/\/www.zazzle.com\/mug_bankruptcy_bill_the_fresh_starts-168135713990751518<\/a><\/li>\n<li><strong>Hats here: <\/strong> <a href=\"http:\/\/www.zazzle.com\/hat_bankruptcy_bill_the_fresh_starts-148439025032658748\" target=\"_blank\">http:\/\/www.zazzle.com\/hat_bankruptcy_bill_the_fresh_starts-148439025032658748<\/a><strong><br \/>\n<\/strong><\/li>\n<\/ul>\n<\/blockquote>\n<h3><span style=\"text-decoration: underline;\"><a href=\"http:\/\/bankruptcybill.wordpress.com\/2009\/03\/30\/bankruptcy-lover-the-new-single-by-bankruptcy-bill-and-the-fresh-starts\/\">Click here<\/a> for the lyrics and explanatory notes as well as a note on copyright and use restrictions.<\/span><!--more--><span style=\"text-decoration: underline;\"><br \/>\n<\/span><\/h3>\n<p><em>Come along, come with me to Wilmington, Delaware<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>We\u2019ll file first day motions and then we\u2019ll say a prayer<\/em><\/p>\n<p><em>And when the Notice of Disclosure Statement Hearing is set<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>I\u2019ll wrassle with the banks \u2019til they restructure your debt<\/em><\/p>\n<p><em>We\u2019ll hide \u2018neath legal cover, I\u2019m your bankruptcy lover tonight<\/em><\/p>\n<p><em>&gt;&gt;&gt;&gt;&gt;<\/em><\/p>\n<p><em>And while your creditors are clamoring for things that they want<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>I\u2019ll exercise my lien on you up in the DuPont<\/em><\/p>\n<p><em>We\u2019ll cram the plan down on the creditors committee<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>You\u2019ll tie me up and make me your indentured trustee<\/em><\/p>\n<p><em>We\u2019ll hide \u2018neath legal cover I\u2019m your bankruptcy lover tonight<\/em><\/p>\n<p><em>&gt;&gt;&gt;&gt;&gt;<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>And there\u2019ll be no more objections to my affections<\/em><\/p>\n<p style=\"padding-left: 60px;\"><em>No bagels thrown<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>You\u2019ll let me DIP my romancing in your financing<\/em><\/p>\n<p style=\"padding-left: 60px;\"><em>When I get you a loan<\/em><\/p>\n<p><em>&gt;&gt;&gt;&gt;&gt;<br \/>\n<\/em><\/p>\n<p><em>So come on hurry up though Amtrak will be late<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>So we can get together for an effective date<\/em><\/p>\n<p><em>I ain\u2019t Kirkland or Skadden, baby, that\u2019s not my style<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>But my love comes prepackaged and it\u2019s bigger than Weil<\/em><\/p>\n<p><em>We\u2019ll hide \u2018neath legal cover I\u2019m your bankruptcy lover tonight<\/em><\/p>\n<p><em>&gt;&gt;&gt;&gt;&gt;<br \/>\n<\/em><\/p>\n<p><em>[Struck Finn Solo]<\/em><\/p>\n<p><em>&gt;&gt;&gt;&gt;&gt;<br \/>\n<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>You\u2019ve got a debtor obsession in your possession<\/em><\/p>\n<p style=\"padding-left: 60px;\"><em>I\u2019m your fresh start<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>So then if my passion smolders for your bondholders<\/em><\/p>\n<p style=\"padding-left: 60px;\"><em>You\u2019ll assume or reject my heart<\/em><\/p>\n<p><em>&gt;&gt;&gt;&gt;&gt;<br \/>\n<\/em><\/p>\n<p><em>So let\u2019s get rockin\u2019 on the docket if you know what I mean<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>And if you don\u2019t like going south we\u2019ll do it in Bowling Green<\/em><\/p>\n<p><em>I\u2019ll help review the Code and figure out the right section<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>And make sure when the Court approves we use it\u2019s protection<\/em><\/p>\n<p><em>We\u2019ll hide \u2018neath legal cover I\u2019m your bankruptcy lover tonight (Retain my heart)<\/em><\/p>\n<p style=\"padding-left: 30px;\"><em>We\u2019ll hide \u2018neath legal cover I\u2019m your bankruptcy lover tonight (That\u2019s nunc pro tunc)<\/em><\/p>\n<p style=\"padding-left: 60px;\"><em>We\u2019ll hide \u2018neath legal cover I\u2019m your bankruptcy lover tonight (Don\u2019t cram me down)<\/em><\/p>\n<p style=\"padding-left: 90px;\"><em>We\u2019ll hide \u2018neath legal cover I\u2019m your bankruptcy lover tonight<\/em><\/p>\n<p style=\"text-align: left; padding-left: 30px;\"><em>(All rise.\u00a0 The Court is now in session.)<\/em><\/p>\n<p style=\"text-align: left;\"><em><strong>**********************************************<\/strong><br \/>\n<\/em><\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>Explanatory notes for the non-corporate bankruptcy practitioner<br \/>\n<\/strong><\/span><\/h3>\n<ol>\n<li><strong>Wilmington, Delaware<\/strong> &#8211; The most popular venue for corporate bankruptcy filings<\/li>\n<li><strong>First day motions <\/strong>&#8211; On the day of a bankruptcy filing, a significant number of motions are typically filed with the Court and collectively referred to as \u201cfirst day motions.\u201d<\/li>\n<li><strong>Notice of Disclosure Statement Hearing<\/strong> &#8211; A notice letting creditors know the date the Court will hold a hearing to consider the disclosure statement, i.e, a document (often a large, bound booklet) a debtor is required to file in which it is required to disclose certain information about its business.<\/li>\n<li><strong>Lien<\/strong> &#8211; a claim on property, typically with higher priority than most other claims by creditors.\u00a0 Property secured by a lien is claimed by \u201cexercising\u201d the lien.<\/li>\n<li><strong>DuPont<\/strong> &#8211; The <a href=\"http:\/\/dupont3-px.rtrk.com\/index.cfm\" target=\"_blank\">DuPont Hotel<\/a> is <em>the<\/em> hotel where out-of-town bankruptcy professionals stay when in Wilmington, DE for a bankruptcy case filing.<\/li>\n<li><a href=\"http:\/\/www.lawdog.com\/bkrcy\/bkcp11i.htm\" target=\"_blank\"><strong>Cram the plan down<\/strong><\/a> &#8211; If a debtor is unable to gain acceptances from all creditor classes, it can rely on certain provisions of the Bankruptcy Code to get the Court to force a given creditor class to accept the plan of reorganization.\u00a0 This is known as a \u201ccramdown\u201d and a debtor is said to \u201ccram the plan down\u201d on the dissenting creditor class.<\/li>\n<li><strong>Indentured trustee<\/strong> &#8211; A play on the term \u201cindenture trustee,\u201d which is the designated agent for a given bond issuance and often a key point of contact in a debtor\u2019s relationship with its bondholders.<\/li>\n<li><strong>No bagels thrown<\/strong> &#8211; A reference to the\u00a0<a href=\"http:\/\/74.125.95.132\/search?q=cache:wIAM4esJYGoJ:www.nypost.com\/seven\/06262007\/business\/feud_gets_ugly_business_zachery_kouwe.htm+chaim+fortgang+bagel&amp;hl=en&amp;ct=clnk&amp;cd=1&amp;gl=us\" target=\"_blank\"> notorious bagel-throwing incident<\/a> by a <a href=\"http:\/\/www.observer.com\/node\/44042\" target=\"_blank\">well-known bankruptcy lawyer<\/a>.<\/li>\n<li><strong>DIP<\/strong> &#8211; An acronym for Debtor-In-Possession, i.e., the concept that the Debtor\u2019s management (as opposed to some sort of outside trustee) continues to run the business during the course of the bankruptcy process.<\/li>\n<li><strong>DIP Financing\/DIP Loan<\/strong> &#8211; A loan made to a Debtor post-filing (i.e., during the bankruptcy process) that is given special priority ahead of other creditors by the Bankruptcy Code and provides incentive to lenders by reassuring them that they are likely to be repaid.<\/li>\n<li><strong>Amtrak<\/strong> &#8211; The transportation mode of choice by many New York bankruptcy lawyers for travel to the Bankruptcy Court in Wilmington, DE.<\/li>\n<li><strong>Effective Date<\/strong> &#8211; The date the plan of reorganization is implemented and the Debtor begins making payments.<\/li>\n<li><strong>Kirkland\/Skadden<\/strong> &#8211; <a href=\"http:\/\/www.kirkland.com\/\" target=\"_blank\">Kirkland &amp; Ellis<\/a> and <a href=\"http:\/\/www.skadden.com\/\" target=\"_blank\">Skadden, Arps, Slate, Meagher &amp; Flom<\/a>\u2013Two of the biggest most prestigious law firms with top-rated bankruptcy groups known for handling large debtor cases.<\/li>\n<li><strong>Prepackaged<\/strong> &#8211; A \u201cprepackaged bankruptcy filing\u201d (aka \u201cprepack\u201d) is one where the plan of reorganization is negotiated and approved by creditors <em>prior to <\/em>the filing so that on the day of the filing the entire case is presented to the Court.\u00a0 Often used by Debtors who have a solid underlying business but excessive bondholder debt, it is considered a more efficient way to get through the bankruptcy process.<\/li>\n<li><strong>Weil<\/strong> &#8211; <a href=\"http:\/\/www.weil.com\/\" target=\"_blank\">Weil, Gotshal &amp; Manges<\/a> &#8211; Historically known for having the largest and strongest bankruptcy practice and serving as debtor\u2019s counsel to Enron, Worldcom, Adelphia and Lehman Brothers, Weil Gotshal was big in bankruptcy before bankruptcy was cool.<\/li>\n<li><strong>Debtor obsession in your possession<\/strong> &#8211; A play on the term \u201cDebtor In Possession\u201d or \u201cDIP\u201d as explained in #9.<\/li>\n<li><strong>Fresh start<\/strong> &#8211; The term commonly (over-) used to describe the intended benefit of a bankruptcy filing.\u00a0 (As if everything is hunky-dory following a discharge.)<\/li>\n<li><strong>Assume or reject<\/strong> &#8211; A reference to the procedure outlined in the Bankruptcy Code concerning a debtor\u2019s ability to assume or reject leases and certain other contractual obligations.\u00a0 Often in the context of a motion, e.g., \u201cMotion to Assume or Reject Executory Contracts.\u201d<\/li>\n<li><strong>Bowling Green<\/strong> &#8211; The Lower Manhattan location (and subway stop on the 4\/5 train) of the Bankruptcy Court for the Southern District of New York (SDNY).\u00a0 The SDNY and Wilmington, DE bankruptcy courts are the two most common venues for large bankruptcy case filings.<\/li>\n<li><em><strong>Nunc pro tunc<\/strong><\/em> &#8211; A Latin phrase that, in the context of the retention of bankruptcy professionals, means \u201cretroactively.\u201d\u00a0 Used when work was necessarily performed prior to the official retention of a lawyer or other professional service provider. \u00a0 e.g., \u201cThe debtor seeks the retention of ABC Law firm <em>nunc pro tunc<\/em> to March 1, 2009.\u201d<\/li>\n<li><strong>Don\u2019t cram me down<\/strong> &#8211; A reference to the \u201ccram down\u201d provisions of the Bankruptcy Code as described in #6 above.<\/li>\n<\/ol>\n<p>Hope you enjoyed the song and the explanations.\u00a0 If nothing else, at least you\u2019ve got something to sing at ABI karaoke night.<\/p>\n<p style=\"padding-left: 30px;\">Yours truly,<\/p>\n<p style=\"padding-left: 30px;\">&#8211;<strong>Bill &amp; Struck<\/strong><\/p>\n<p><strong><\/strong><a href=\"http:\/\/bankruptcybill.files.wordpress.com\/2008\/11\/ipirene1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-268\" title=\"ipirene1\" src=\"http:\/\/bankruptcybill.files.wordpress.com\/2008\/11\/ipirene1.jpg?w=139&amp;h=199&amp;h=199\" alt=\"ipirene1\" width=\"139\" height=\"199\" \/><\/a><\/p>\n<p>p.s.\u00a0 <span style=\"text-decoration: underline;\">Regarding copyright issues and use restrictions, our legal counsel, IP Aileen, says<\/span>:\u00a0 \u201cOther bloggers\/websites\/publications\/ and any other media outlets, publishers or distributors:\u00a0 You are more than welcome to post the \u201cBankruptcy Lover\u201d song on your sites as long as you also include all of the text, links and images in this post, including this paragraph.\u00a0 If you fail to respect our wishes, then we\u2019ll force you to listen to the muzak version of this song over and over and over while being stuck between floors of a Holiday Inn on the outskirts of Wilmington.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankruptcy Bill is a cartoon created by Steven Horowitz (Aichi-ken, 1992-94) and Gideon Kendall.\u00a0 To see more strips as well as original bankruptcy haiku, go to bankruptcybill.wordpress.com. Ladies and gentlemen, debtors and creditors, we are pleased to share the debut single by Bankruptcy Bill &amp; The Fresh Starts\u2026. \u201cBankruptcy Lover\u201c http:\/\/bankruptcybill.files.wordpress.com\/2009\/03\/bankruptcylovermp3.mp3 (Click either the link [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12,9,21,6],"tags":[],"class_list":["post-4767","post","type-post","status-publish","format-standard","hentry","category-cartoonillustration","category-humor","category-music","category-writers"],"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pkZ7m-1eT","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/posts\/4767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/comments?post=4767"}],"version-history":[{"count":3,"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/posts\/4767\/revisions"}],"predecessor-version":[{"id":4770,"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/posts\/4767\/revisions\/4770"}],"wp:attachment":[{"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/media?parent=4767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/categories?post=4767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jetwit.com\/wordpress\/wp-json\/wp\/v2\/tags?post=4767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}