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Article: Bankruptcy central? Chicago has become a premier destination for big filings, but will it last?(U.S. Bankruptcy Court in Chicago)
- Article from:
- Crain's Chicago Business
- Article date:
- July 4, 2005
- Author:
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JOHN T. SLANIA
The wake-up call came in July 1997, when venerable Chicago retailer Montgomery Ward & Co. filed for bankruptcy protection in Delaware.
"It was very unsettling. Why wouldn't such a big Chicago firm file here?'' asks Neville Reid, a bankruptcy lawyer at Mayer Brown Rowe & Maw LLP.
Others in the Chicago legal community also wondered whether the court here could do something to avoid losing big bankruptcy cases to Delaware and New York-where the rules tended to favor debtor companies.
So Chicago's bankruptcy judges and attorneys did what any consumer products company would do when trying to lure new customers: They ...