Mike Sutherland Quoted in Law360 Article on 23andMe Bankruptcy
Mike Sutherland, Senior Counsel at Carrington Coleman, recently spoke to Law360 about the 23andMe Chapter 11 case.
If 23andMe gets to select a consumer data representative, it would not be the first time debtors have looked outside the code to quell concerns and head off the appointment of a professional who might slow down momentum in a case, according to bankruptcy attorney J. Michael Sutherland.
Chief restructuring officers, who often take the reins of a company going through bankruptcy, emerged as a way of defusing management concerns that might otherwise end in the appointment of a Chapter 11 trustee, wresting control of a case away from the debtor, Sutherland noted.
"[CROs] eased tensions in cases. But it wasn’t because it was in the statute. It was because it made people more comfortable and placated their desire to have a trustee," Sutherland said.
To read the full story, please click here.
Mike Sutherland, Senior Counsel at Carrington Coleman, recently spoke to Law360 about the 23andMe Chapter 11 case.
If 23andMe gets to select a consumer data representative, it would not be the first time debtors have looked outside the code to quell concerns and head off the appointment of a professional who might slow down momentum in a case, according to bankruptcy attorney J. Michael Sutherland.
Chief restructuring officers, who often take the reins of a company going through bankruptcy, emerged as a way of defusing management concerns that might otherwise end in the appointment of a Chapter 11 trustee, wresting control of a case away from the debtor, Sutherland noted.
"[CROs] eased tensions in cases. But it wasn’t because it was in the statute. It was because it made people more comfortable and placated their desire to have a trustee," Sutherland said.
To read the full story, please click here.