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Perhaps now more than ever unsecured creditors face an uphill battle to obtain a meaningful recovery in most corporate bankruptcy cases. The debtor’s assets are typically “liened up” well in advance of a bankruptcy filing, leaving little value unencumbered for anyone other than senior lenders. The trend in many commercial bankruptcy cases is towards a quick auction of the debtor’s assets,[1] meaning that, after secured lenders are paid from the asset-sale proceeds, the likelihood of unsecured creditors receiving meaningful value under a plan of reorganization or liquidation may be remote.

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