has been proven in practice. Corporations in financial distress, as well as their employees, their communities and other companies that rely on them as customers and suppliers, all benefit from the willingness of commercial lenders to extend loans to those corporations, which willingness is in part due to the of and comfort lenders’ knowledge with the bankruptcy courts and the body of jurisprudence built up in those courts. The orderly and efficient administration of cases of the magnitude of General Motors, and could not be Chrysler, Tribune Company, Lehman Brothers, CIT Washington Mutual effected without such sophisticated courts. These trying economic times throw into sharp relief the benefits of orderly and efficiently handled cases that preserve enterprise value and jobs, as opposed to more time-consuming, less efficient and more expensive alternatives. At the same time, the current venue statute and the jurisprudence surrounding it strike the appropriate balance between honest judgment, practical debtors’ considerations and the fairness and integrity of the bankruptcy system, both in appearance and in fact. I urge this Commission to recommend that the statute be maintained in its current form.
has been proven in practice. Corporations in financial distress, as well as their employees, their communities and other companies that rely on them as customers and suppliers, all benefit from the willingness of commercial lenders to extend loans to those corporations, which willingness is in part due to the lenders’ knowledge of and comfort with the bankruptcy courts and the body of jurisprudence built up in those courts. The orderly and efficient administration of cases of the magnitude of General Motors, Chrysler, Tribune Company, Lehman Brothers, CIT and Washington Mutual could not be effected without such sophisticated courts. These trying economic times throw into sharp relief the benefits of orderly and efficiently handled cases that preserve enterprise value and jobs, as opposed to more time-consuming, less efficient and more expensive alternatives. At the same time, the current venue statute and the jurisprudence surrounding it strike the appropriate balance between debtors’ honest judgment, practical considerations and the fairness and integrity of the bankruptcy system, both in appearance and in fact. I urge this Commission to recommend that the statute be maintained in its current form.