Episode 9: Upon Filing What Changed

**Warning** This podcast is not meant to be a substitute for Legal and Financial advice. Get a professional’s opinion before filing for Bankruptcy Protection.

Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don’ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.

Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com. Their door is always open and they will respond.

04:30 – Introduction to Jason
06:40 – What the attorney does after the filing
07:46 – First day motions
08:29 – Approval of cash collateral
10:24 – 341 meeting – IDI – Initial Debtors Interview. Expectations and the game plan
11:29 – When creditors become hostile
12:07 – Attorney’s role in the 341 meeting.
12:52 – Example of a 341 meeting.
15:26 – A prepackaged bankruptcy
16:18 – When to submit the bankruptcy plan
18:49 – If the company’s actual results differ from the budget
20:46 – When operations after the filing are less than expected
21:39 – The court involvement
22:27 – When reports lack credibility
23:27 – How to work with important vendors
27:41 – Management’s compensation
29:31 – Personal guarantees – Not stayed
31:34 – Creditor litigation after a filing
32:11 – Employee raises – Need court approval?
32:58 – Can the company hire and fire employees?
35:52 – How family members are treated
37:41 – Are contractor’s agreements reviewed by the court?
38:20 – Closing thoughts

Guest: Jason Manfrey

An experienced bankruptcy attorney, Jason has appeared before the Third Circuit, as well as bankruptcy and district courts throughout Pennsylvania, New Jersey and Delaware. He has guided clients in structuring sales of coal and natural energy companies and their mining/mineral lease rights through Chapter 11 bankruptcy. Jason also has significant experience in the automotive industry, including the largest Porsche dealership in the Commonwealth of Pennsylvania. You can reach him at 215-299-2122 or email jmanfrey@foxrothschild.com.

Host Information:

Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition. Mr. Goldstein works closely with owners to structure improvements in both operations and finances. With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.

Neil’s book is available on Amazon.com

Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com

Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors a

Want more content? Then head over to Patreon and become a member. On Patreon we are working on a catalogue of bonus episodes and you can hear the answers to your questions from a business perspective instead of just a legal one. If you want more direct access to Neil and Steve or want to supplement the education you are already getting here, then follow the link in the show notes below and become a Patron today.

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