POSTED BY: SARA SINDELARThere wasn’t any chair-throwing, but a debate involving two opposing lawyers in the Chrysler bankruptcy case got pretty heated Thursday.
Arguing over whether the government’s powerful role in the Chrysler bankruptcy proceeding signals the end of a key tenet of the Bankruptcy Code, Jones Day trial lawyer Thomas F. Cullen Jr. and White & Case’s restructuring head Thomas E. Lauria again took up their adversarial roles in a debate that at several points got a bit rowdy and led Cullen to ask: “Are we on Jerry Springer?”
Lauria, you’ll recall, led a group of Chrysler’s lenders who fought the sale of the auto maker to a company controlled by Italy’s Fiat SpA. Lauria, called a “terrorist” by a government lawyer, had argued that the sale was an attempt to avoid playing by the rules of Chapter 11 and wrongly rewarded junior creditors ahead of the senior creditors. The U.S. Bankruptcy Court in Manhattan and the 2nd U.S. Circuit Court of Appeals rejected Lauria’s argument, which was the hot topic that Lauria, Cullen and others revisited Thursday at the Turnaround Management Association’s annual conference in Phoenix.
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