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Thomas Alva Edison and Bankruptcy

Posted on Feb 11, 2011 in Bankruptcy, Chapter 11, Uncategorized

Thomas Edison was one of America’s greatest inventors ever. His work with the electric light bulb was so legendary that a bulb illuminating is universally recognized as the symbol of a great new idea.  He invented the kinetescope – the precursor to modern motion pictures.  And he was deeply involved in the invention of the phonograph – the precursor to all modern music reproduction systems including the iPod.

By all accounts, Thomas Alva Edison died a very rich man.  But the road to fame and riches was also marked by a visit to the bankruptcy court.

Back in 1894, Thomas Edison declared bankruptcy against the North American Phonograph Company.  The story could have been written today.  He had become the company’s largest creditor.  He didn’t like the way the management of the company had been running the company.  So he filed an involuntary bankruptcy petition against the company and then credit bid his debt so as to become the company’s new owner.  Doesn’t that sound complete fresh and contemporary?

Creditors are still the “elephant in the room” in bankruptcy proceedings. 

If your company is facing bankruptcy, you need a team that knows how to deal with creditors so that you have a fighting chance to reorganize.  Our Lakelaw team has represented creditors in the past.  So we know how to deal with them today.  Give yourself a fighting chance to reorganize in Chapter 11.  Rely on Lakelaw to help you in Illinois and Wisconsin in your real estate chapter 11, your small business chapter 11 or your corporate reorganization.  Call David Leibowitz or Jonathan Brand at Lakelaw for immediate assistance.

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