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Bankruptcy

Continued from preceding page

their creditors.
Barbara Rom, a partner in
the national law firm of Pep-
per, Hamilton and Scheetz,
has been a bankruptcy prac-
titioner since the early 1970s.
Pepper, Hamilton had repre-
sented suppliers in the High-
land Superstores workout
negotiations.
Ms. Rom calls workouts
"less polarizing. Things can
be worked out in private more
easily," she says.
In her estimation, 50 per-
cent of attempted workouts
manage to stay out of court.
The other half end up in the
bankruptcy system.
Even when a workout is
successful, there can still be
economic fallout. A corpora-
tion may leave a workout or a
successful Chapter 11 bank-
ruptcy stronger and better
prepared to conduct business.
But, Ms. Alter says, there
may be a "domino effect."
When a company reorga-
nizes, it often downsizes or
sells part of its business, and
its suppliers are left with debt
they can't collect, goods they
can't sell and materials they
can't get rid of. "So in turn,
many of them file bankrupt-
cy," Ms. Alter says.
With major changes in the
Bankruptcy Code of 1978, and
the national recession of the
early 1980s, bankruptcy has
become a more acceptable al-
ternative for ailing business-
es, and large corporations
have no choice but to contin-
ue doing business with those
who have reorganized.

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Attorneys

Continued from preceding page

the Bankruptcy Act of 1938
went on the books.
"Those of us who have
practiced bankruptcy law over
the years laugh about the fact
that up until about 1981, you
rarely saw lawyers from the
silk-stocking law firms in the
bankruptcy court.
"There was a perception
that maybe they felt it was be-
neath them to practice bank-
ruptcy law," he says.
He points out that while
bankruptcy practice may have
been dominated by Jewish at-
torneys at one time, the lin-
gering impression of
bankruptcy as a Jewish area
of law is overrated. "Years ago
you saw it," he says, "but I
don't think that today you see
a 'Jewish bankruptcy bar.' "

-

42

FRIDAY, SEPTEMBER 11, 1992

—

Susan Knoppow

"It's almost become a man-
agement tool to file or to con- 1
sider filing Chapter 11," Ms.
Rom says. "You don't want to
do it if you don't really have
to. The key is recognizing
when it really is necessary
and doing the surgery early,
before the disease has
spread."
One theory of bankruptcy
holds that a capitalist econo- c,
my goes through evolutionary
cycles, during which the less
efficient companies are
weeded out and replaced
those that are more efficient.
But, Ms. Alter notes, cor-
porations today are going out
of business, and none are
stepping in to take their —
places.
"It's a long-term restruc,
turing of the economy down-
ward, which is very scary,"
she says.

❑

••••11""i NEWS l'im"mm

Ethiopians
Tested For AIDS

Tel Aviv (JTA) — A total of
297 of the 40,000 Ethiopian
immigrants in Israel have-
tested positive for infection
with the virus that causes
AIDS, the Health Ministry
said in an effort to dispel --
rumors of a much higher in-
fection rate.
The ministry is seeking to
set the record straight be-
cause of "harmful and inac-
curate figures" in the media
about the incidence of AIDS
among Ethiopian Jews, said
Health Minister Haim
Ramon.
"This is the first and last
time we will publish AIDS
statistics by ethnic group,"
he said.
Of the cases in the Ethio-
pian community, 200 were
registered among the
newcomers who arrived with
the Operation Solomon
airlift of May 1991. The first
major wave of Ethiopian
immigration reached Israel
in 1984 and 1985.
In the general Israeli
population, 185 persons are
suffering from symptoms of
acquired immune deficiency
syndrome, he said.
But 6,160 new cases of in-
dividuals testing positive for c l
HIV, the virus that causes
AIDS, were reported in the
first half of this year.
The figure reflects a steady '="
increase in the incidence of
those infected with the
virus, up from 4,190 in 1990
to more than double that
figure, 9,986, the following
year.