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...decision grew out of a filing by Bildisco & Bildisco, a small New Jersey window and door wholesaler. In January 1981, nine months after Bildisco requested reorganization under Chapter 11 of the Bankruptcy Code, the company received permission from a bankruptcy court to revoke a three-year labor contract it had negotiated in 1979 with a Teamsters Union local. Reagan's Justice Department, interestingly, argued on the side of the union that this was not permissible...
...always permitted routine cancellation of business agreements to purchase pencils, paper clips, telephones, window-washing services and the like. Traditionally, lower courts have afforded labor contracts various degrees of deference. But in their decision last week, the Justices made it clear that such protection is limited. The goal of Chapter 11, wrote Justice William H. Rehnquist, is to permit a company's "successful rehabilitation." Consequently, a business need not prove that it is in danger of imminent collapse in order to obtain the bankruptcy court's permission to cancel a union pact. What it must show is that...
...they were accused of trying to rid themselves of unwanted labor contracts. "In itself, the decision will not cause companies to file for bankruptcy," said New York University Law Professor Lawrence King, a bankruptcy expert. "But it will make bankruptcy more attractive." Bildisco President Sal Valente disagreed: "Going into Chapter 11 is debilitating. Doing it just to solve a union problem would be like cutting off your nose to spite your face...
...Robert Miller, executive vice president of Congress Financial Corp., a commercial lending institution, supports the Bildisco decision but finds the growth of bankruptcies disturbing. Says he: "Any time a company makes a bad business deal, whether it's a union contract or a lease, it can resort to Chapter...
McKinley's thoroughness and control of plot are marvelous. Up to the last chapter, the fate of his characters is in doubt. And although it is possible to see the novel from a purely moralistic views, the tone is never preachy or unnecessarily gloomy; McGinley shuns intellectual, moral, or narrative pomp. Rather, what is most striking in this work is the verisimillitude of the feelings he ascribes to his characters. For example, just after his marriage, Kevin tries to ease out of his relationship with his sister, who still wants to sleep with him. However, McGinley poignantly describes Kevin...