Advertise on podcast: To the Extent That...

In this episode of Business Bankruptcy Basics, hosts Andrew Still and Ella Vincent welcome Professor Robert Miller of the University of South Dakota School of Law to discuss how a chapter 11 debtor funds its case and operations. Professor Miller explains the difference between cash collateral and debtor-in-possession (DIP) financing, and why liquidity matters. He also discusses how a debtor gets court approval to use each source of funding and how the financing terms can shape the course of the case. Tune in for a practical introduction to cash collateral and DIP financing. The content of the “Business Bankruptcy Basics” podcast, including any statements made by its hosts or guests, is provided for educational purposes only. This podcast is not intended to be, nor should it be relied upon as, legal advice. Listening to this podcast does not create an attorney-client relationship. The views and opinions expressed in this podcast are solely those of the hosts and guests and do not reflect the positions or opinions of their employers or any organizations with which they may be affiliated. For legal guidance, please consult a qualified attorney.

Dan Taylor is the Arthur Andersen Chaired Professor of Accounting at Wharton and director of the Wharton Forensic Analytics Lab. He is one of the world's leading empirical researchers on insider trading, and his work has an unusual record of moving federal policy. His 2021 paper identifying three red flags of 10b5-1 abuse was cited by the SEC in its proposed rulemaking and drove the full 2022 rewrite of Rule 10b5-1. He testifies before the Senate, consults with the DOJ Fraud Section, and in 2026 was retained by Kalshi to build out insider-trading surveillance for prediction markets. On this episode Dan explains why he argues that foreign-domiciled insiders at US-listed companies were quietly dumping stock for years and how his research led to Congress to pass the Holding Foreign Insiders Accountable Act, and why he believes the next frontier of enforcement is prediction markets. If you want to see what happens when a data scientist goes to court, this is it.

Host Gary J. Ross speaks with Karl Cole-Frieman of Cole-Frieman & Mallon LLP about forming and operating funds investing in digital assets. Karl discusses his firm’s early work with crypto funds and explains that most crypto funds generally resemble hedge funds, though with some unique challenges. Karl explains the difficulties of applying the SEC’s Custody Rule when tokens cannot be held by a qualified custodian, and the use of self-custody. Gary and Karl also discuss commodities issues such as CPO registration and the CFTC’s off-exchange trading rule, as well as the challenges U.S. managers face when seeking access to non-U.S. crypto exchanges.

In the Season Two premiere of Business Bankruptcy Basics, hosts Miles Taylor and Ella Vincent welcome the Honorable Christopher M. Alston, Chief Judge of the U.S. Bankruptcy Court for the Western District of Washington, for an accessible overview of the chapter 11 process. Judge Alston explains the life cycle of a case, from filing to emergence from bankruptcy. The conversation also examines the roles of key stakeholders and the different ways a chapter 11 case may conclude. Tune in for a clear roadmap of how the pieces of a chapter 11 case fit together. The content of the “Business Bankruptcy Basics” podcast, including any statements made by its hosts or guests, is provided for educational purposes only. This podcast is not intended to be, nor should it be relied upon as, legal advice. Listening to this podcast does not create an attorney-client relationship. The views and opinions expressed in this podcast are solely those of the hosts and guests and do not reflect the positions or opinions of their employers or any organizations with which they may be affiliated. For legal guidance, please consult a qualified attorney.

Join us to celebrate the federal trial bench and to hear from Bankruptcy Judge David Jones, of the US Bankruptcy Court for the Southern District of New York, as he describes his path to the bench, including two years as a law clerk to US District Judge Morris Lasker, four years in private practice as a litigator, and nearly twenty-five years as an Assistant United States Attorney in the Southern District of New York doing civil trial and appellate work, including in some of the largest and most complex corporate restructurings ever filed. Judge Jones also offers his perspective on how to have a good day in his courtroom, and what missteps to avoid.

Join us to celebrate the federal trial bench and to hear from Bankruptcy Judge Laura Kulm Ask, of the US Bankruptcy Court for the District of South Dakota, as she describes her path from a leading role in the South Dakota bankruptcy bar to the bankruptcy bench. Judge Kulm Ask shares her insights on how her years in practice prepared her for her new role, and on what it’s like to serve as the sole bankruptcy judge in a single-district state. Judge Kulm Ask also offers her views on how to have a good day in her courtroom, and what missteps to avoid.

In this bonus episode, host Ella Vincent is joined by Maegan Quejada, Jessey Krehl, and Elizabeth Castano to revisit three topics from earlier this season: the automatic stay, section 363 sales, and claims in bankruptcy, all from a practical perspective. Guests discuss these issues from opposing sides of the table and offer tips for associates handling them for the first time. The content of the "Business Bankruptcy Basics" podcast, including any statements made by its hosts or guests, is provided for educational purposes only. This podcast is not intended to be, nor should it be relied upon as, legal advice. Listening to this podcast does not create an attorney-client relationship. The views and opinions expressed in this podcast are solely those of the hosts and guests and do not reflect the positions or opinions of their employers or any organizations with which they may be affiliated. For legal guidance, please consult a qualified attorney.

Welcome to episode 2 of Gameday, a four-part series presented a four-part series presented by the ABA Business Law Section about the landmark House v NCAA class action settlement, and how litigation has shaped and continues to shape Future of Law and College Athletics. Join host Fritz Metzinger for a deep dive into the House settlement's terms and a deep dive of the helter-skelter first year of the House era, as the settlement's new revenue sharing and third-party NIL rules went into effect—and promptly stoked controversy.

Jesse Jensen, Partner in Labaton Keller Sucharow's Securities Litigation Practice, joins the show for a plaintiff-side look at how major securities fraud cases actually get built. Jesse walks through the Silicon Valley Bank collapse and the class action that followed, the EQT Corporation case, and the methodology his team uses to spot red flags, run an investigation, and integrate forensic accountants and damages experts into the case theory. We close with a look at current trends in securities class actions, drawing on Cornerstone Research's latest data on filing volumes, emerging claim types, and the central role of institutional investors. Jesse has been part of teams that have recovered over $1 billion for investors and was named to Lawdragon's 500 Leading Plaintiff Financial Lawyers.

Host Gary J. Ross talks with Brian Huber, a fund partner in the Boston office of Gunderson Dettmer, about the end of a venture capital fund. Gary and Brian discuss fund terms and extensions, communicating with LPs, and options for dealing with illiquid portfolio companies when the fund’s time is up. They explore the choices managers face during the wind-down process, including whether to sell or distribute remaining investments or move them into a continuation vehicle. Gary and Brian also discuss the distinction between dissolution, winding up and termination. Brian closes with some practical considerations for sequencing closing steps.

Welcome to Gameday, a four-part series presented a four-part series presented by the ABA Business Law Section about the first year following 2025's landmark House v NCAA class action settlement, and how litigation has shaped and continues to shape Future of Law and College Athletics. In this first episode, host Fritz Metzinger delves into the history of the NCAA's concept of amateurism, the legal battles that ultimately derailed that concept, the "Wild Wild West" NIL interregnum of from 2021-2025, and how it all culminated in Judge Claudia Wilken's approval of the House v. NCAA antitrust class action settlement in June 2025.

In this episode of Bad Boys of Bankruptcy, host Judge Gunn talks with North Carolina attorney John C. Bircher, III, who served as a Chapter 7 trustee in the bankruptcy case of Gregory Sipe. Mr. Sipe filed a Chapter 7 bankruptcy case in the Eastern District of North Carolina in 2010, and listed on his schedules “several” collectible guitars that Mr. Sipe attested were worth a total of $50,000, but that were currently pawned and would require $40,000 to redeem from the pawn shop, so Mr. Sipe scheduled their value as $10,000. John describes the efforts he and some creditor’s attorneys went through to uncover the truth about the debtor’s guitar collection, which would up containing in excess of 360 guitars, which John liquidated for the benefit of the estate, netting nearly $900,000 at auction. One guitar, a Gibson Jimmy Page #7 signed guitar, sold for $22,000. John tells the story about driving to the debtor’s home in Chesapeake, Virginia in a truck with his auctioneer to find out the true scope of the debtor’s guitar collection, which ultimately required the auctioneer to send up two more trucks and two enclosed 24 foot trailers to seize the nearly 400 guitars which were stored in the debtor’s two-car garage, which had been converted to a climate-controlled storage facility. The debtor’s extensive collection included numerous autographed and exclusive guitars, including a custom-made Gibson Les Paul that the debtor had made which contained numerous ticket stubs to the concerts the debtor had previously attended embedded under transparent acrylic finishing on the body of the guitar and mother of pearl inlays on the fretboard. John’s efforts in liquidating the guitars allowed him to make a 43% distribution to unsecured creditors in the case. The debtor was later indicted for five counts of bankruptcy fraud, and ultimately pled guilty to a single count of falsifying records in bankruptcy. He was sentenced to 3 years of probation, 200 hours of community service, and restitution for $5,900.

Business Bankruptcy Basics: Episode 7: Section 363 Sales by ABA Business Law Section

In this live-recorded episode of Bad Boys of Bankruptcy, Judge Elizabeth Gunn sits down in Boise, Idaho with longtime Chapter 7 trustee Ford Elsaesser to unpack one of the most unusual and high-profile cases of his career. The debtor, Richard Butler, was not just any Chapter 7 filer, he was the leader of the Aryan Nations, a white supremacist organization operating under the guise of a church. After a $2 million civil judgment stemming from violent acts by his followers, Butler turned to bankruptcy in a last-ditch effort to protect his 20-acre compound in northern Idaho. What followed was anything but routine. From coordinating discreet courthouse security amid concerns of extremist retaliation, to intercepting prison-sent donations and handling threatening hate mail, the case quickly became a test of both legal creativity and personal resolve. At the center of it all was the estate itself: a compound filled with Nazi regalia, propaganda, and intellectual property tied to the organization. Rather than allow these materials to reenter circulation, the trustee worked with creditors and third parties to structure a groundbreaking sale, one that not only satisfied administrative expenses and delivered recovery to victims, but ensured that the symbols of hate were permanently destroyed. This episode is a powerful example of how the Bankruptcy Code can be used not just to resolve debts, but to dismantle harmful enterprises and create a lasting positive impact.

Sy Lorne, Senior Advisor and former Vice Chair and Chief Legal Officer at Millennium Management as well as a former General Counsel of the SEC, joins the show for a wide-ranging conversation on the evolution of securities enforcement from the inside out. The headline topic is shadow insider trading — the SEC's push to extend liability to trades in economically related securities, what Panuwat actually changed, and how a major hedge fund builds compliance around the doctrine. Sy also walks through what he's seen across his career at the SEC, Salomon Brothers, Munger Tolles, and now on the buy side, including how enforcement priorities really get set and what stays constant from one administration to the next.