Austin McMullen was recently quoted in a Law360 article entitled “Senate Flip Endangers Ch. 11 Reforms For Big Banks,” which examines how the Republicans’ newly won control of the senate will impact the current bipartisan push to reform the bankruptcy process for global financial institutions. Some attorneys say that a Republican-controlled senate will impact the proposed amendments to make Chapter 11 a more reasonable option for reorganizing international banks.
“Nobody really wants to go in and touch any of this stuff right now. Nobody wants to deal with what we have to do in that situation and the idea that there could be more government bailouts,” said McMullen. “The FDIC process may not be the greatest, but on the other hand, nobody wants to figure out what could be a better process or to answer those kinds of questions.”
Read the complete Law360 article, "Senate Flip Endangers Ch. 11 Reforms For Big Banks.”