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Pick Your Partner Versus the United States Bankruptcy Code

Partnership law from the beginning contained provisions implementing what has come to be known as the “pick your partner” principle, reflecting the early development of the partnership law provision that admission of a partner to a partnership requires unanimous consent of the partners. As limited partnership and limited liability company statutes developed, the pick your partner principle was embodied in those statutes. The Colorado, Delaware, and Texas limited liability company statutes provide that the interest a member has in a limited liability company is personal property and, subject to agreement, may be assigned. These same provisions, however, also state that, absent agreement otherwise, the assignee only receives the assignor’s rights to profits and losses and distributions and does not receive any rights to participate in management.

Key Bankruptcy Principles for Business Lawyers

Principles Common to All Bankruptcy Cases, Regardless of Chapter

Bankruptcy 101: Landmines to Avoid During the Pandemic and Beyond

Bankruptcy filings will inevitably be on the rise given the uncertain economic environment. If your client’s company is a creditor involved in a bankruptcy, there is no substitute for being prepared for and seeking outside bankruptcy counsel to advise on proper strategy. You may want to advise your client to proactively hiring counsel to strategically structure vendor contracts; analyze sale opportunities, particularly of distressed assets; restructure your own client’s corporate debt; if involved in a large Chapter 11, hire counsel to advise upon the benefits of having representation upon the creditors’ committee; and, advise your client’s company, if applicable, on the bankruptcy impacts of oil and gas and intellectual property issues.

LTL Management LLC v., 22-2003 (3rd Cir. 2023)

Opinion from the U.S. Court of Appeals for the Third Circuit