Alternative Dispute Resolution

“Getting to Yes” in the language of the Fisher and Ury book, has become part of the common lexicon. This program will focus on negotiation techniques in the context of a bankruptcy. After an analysis of negotiation techniques applicable to the world of insolvency, experienced practitioners will relay war stories and examples of tactics that have worked, and those that have not.

This panel will focus on the irrational biases for decision-making in bankruptcy. The essence of bankruptcy is deciding how to divide the debtor's metaphorical shrinking economic pie among qualified creditors. At its optimum, bankruptcy decision-making is efficient and rational. However, at other times even the most skilled bankruptcy practitioners are stymied by the inability of bankruptcy participants to make seemingly rational business decisions. Why can't everyone be rational? Decision-making is not a rational process. Behavioral economic scholars such as Daniel Ariely and Daniel Kahneman explain that we all have psychological biases that interfere with our ability to make objectively rational decisions. Bankruptcy practitioners who understand these biases learn strategies to influence them and thus enhance optimal bankruptcy decisionmaking.

Business: The World has Changed You’d Better Know the Alternatives to Bankruptcy

Discussion of alternative dispute resolution and mediation procedures and strategies; enforceability of mandatory arbitration clauses in bankruptcy.