The most recent Republican presidential debate was co-sponsored by Facebook and two networks. The innovative format allowed the moderators to take questions from Facebook users, who participated in a real-time commentary during the debate, with NBC staff monitoring the posts for questions.
I watched the debate on TV and followed the Facebook chat at the same time. As I saw the FB comments make their way into the hands of the moderators and into the debate, I was struck by the fact that some of the questions and ideas expressed on FB went far beyond what the moderators had in mind going into the debate.
How does this, you ask, relate to why all of us bankruptcy types are losing sleep? And how in the world is this blog going to help with that.
Want to know what has me losing sleep lately? (Besides, of course, the fear that Section 1408 may be amended if the Vice President is someone less protective of our beloved Wilmington venue).
My biggest sleep-killer is this:
It’s a great time for distressed transactions. There are numerous opportunities (see Part 1 of 5). Everything is “on sale”. Clients are looking at investments and want our help assessing risk. But transactions have grown monstrously complex. The instruments are structures which were unheard of even a couple of years ago – as are the myriad ways that creditors can seek to unravel them. This is daunting for advisors, given the uniqueness and complexity of many transactions, especially in an environment where new theories of liability are being developed every day.
Our advice must be “directional.” We are no longer expected to give advice based merely on existing law - as if that wasn’t complicated enough - we now have to anticipate where the law is going.
A real-time conversation among professionals, like the FB stream during the debate, helped everyone think better – the moderators, the candidates, and ultimately, the voters.
What is keeping you up at night?