To the Extent That...

Episoder

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  Bad Boys of Bankruptcy: S3E7: The Compound, the Cult, and the Chapter 7 Sale 22.07.2026 38min

  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.
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  From Boardroom to Courtroom: Episode 8: Shadow Insider Trading 15.07.2026 1t 6min

  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.
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  VC Law: Episode 47: Startup Failures with Prof. Elizabeth Pollmam of Penn Law 02.07.2026 30min

  Host Gary J. Ross welcomes Prof. Elizabeth Pollman of the University of Pennsylvania Carey Law School to discuss her influential article “Startup Failure.” Prof. Pollman first explains why bankruptcy is often a poor fit for venture-backed companies. Then, Gary and Prof. Pollman explore the alternatives that founders and boards frequently consider, from wind-downs and assignments for the benefit of creditors (ABCs) to acqui-hires, along with the legal and practical implications of each. The conversation concludes with a look at emerging trends, including the challenges posed by increasingly large later-stage private companies.
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  Business Bankruptcy Basics: Episode 6: What Sticks and What Doesn't: The Bankruptcy Discharge Explained 26.06.2026 36min

  In this episode of Business Bankruptcy Basics, hosts Andrew Still and Miles Taylor are joined by Judge Cathleen Parker (Bankr. D. Wyo.) and dive into one of the most fundamental goals of the bankruptcy process: obtaining a discharge. The episode covers what a discharge is and the concept of the "fresh start," key differences between Chapter 7 and Chapter 11 discharges, the major exceptions to discharge (including non-dischargeable debts and non-dischargeability actions), and what happens when a party violates a discharge order. What We Cover in This Episode • The Bankruptcy Discharge — What is a discharge, and how does it give debtors a "fresh start"? We break down the difference between the temporary relief of the automatic stay and the permanent relief of a discharge order. • Chapter 7 vs. Chapter 11 Discharge — Not all discharges are created equal. We explore the key differences between liquidating under Chapter 7 and restructuring under Chapter 11, including why not every debtor ultimately receives a discharge. • Non-Dischargeable Debts — Some debts simply cannot be wiped out. We cover the categories Congress has carved out under Section 523, including a critical distinction: corporations cannot receive a discharge in Chapter 7 — only individuals can. • Non-Dischargeability Actions — Judge Parker walks us through adversary proceedings and what it takes to challenge a debtor's discharge in court — an extreme remedy with a high evidentiary bar and strict timing requirements. • Violations of the Discharge Order — Ignoring a discharge order means defying a direct court order. We discuss what that looks like in practice and why anyone involved in a bankruptcy case needs to understand the consequences. 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.
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  VC Law: Episode 46: Growth Equity Investing with Jeremiah Gordon, General Counsel of CapitalG, Alphabet’s independent growth fund 12.06.2026 28min

  Host Gary J. Ross and Jeremiah Gordon, General Counsel of CapitalG, discuss growth equity investing and legal issues that arise at the later stages of the venture capital lifecycle. Jeremiah tells Gary that CapitalG, Alphabet’s independent growth fund, operates differently from traditional corporate venture capital. Instead of investing to serve Google or Alphabet’s strategic needs, the fund partners with companies such as Databricks, Stripe and CrowdStrike to drive financial returns and transform industries. Jeremiah discusses growth-stage diligence, the role of in-house counsel, and the new challenges created by the rapid growth in AI companies. The episode concludes with a look at exit transactions, particularly the increasing prevalence of private-to-private acquisitions.
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  From Boardroom to Courtroom: Episode 7: Next Chapters: Greg Varallo on Tornetta v. Musk and the Future of Delaware Corporate Law 28.05.2026 59min

  Greg Varallo built one of Delaware’s most respected corporate defense practices over 36 years at Richards, Layton & Finger before crossing to BLB&G’s plaintiff side in 2019. He served as lead trial counsel in Tornetta v. Musk, the largest executive compensation case ever litigated. In December 2025, the Delaware Supreme Court affirmed liability but reversed the $55.8 billion rescission. Greg joins Professor J.W. Verret to walk through Tornetta in chapters, unpack what SB 21 means after Rutledge, and preview his forthcoming article on Delaware’s path forward.
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  Business Bankruptcy Basics: Episode 5: Who Gets What? Creditor Claims and the Claims Objection Process 22.05.2026 23min

  In Episode 5 of Business Bankruptcy Basics, hosts Ella Vincent and Andrew Still are joined by Judge Daniel P. Collins of the U.S. Bankruptcy Court for the District of Arizona to break down one of the most fundamental topics in bankruptcy: creditor claims. Judge Collins walks listeners through the surprisingly broad definition of a "claim" under the Bankruptcy Code and the key categories of secured, unsecured, and priority claims. The episode also covers the payment waterfall, the treatment of undersecured claims, and the strategic importance of administrative expense priority. This episode also covers how creditors file a proof of claim, how claims become allowed, and common grounds for objections. This episode offers a clear and practical guide to understanding who gets paid and why. 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.
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  From Boardroom to Courtroom: Episode 6: The Audit Committee Consiglieri 07.05.2026 41min

  Frank M. Placenti is a senior M&A and corporate governance lawyer who chaired the ABA Business Law Section's Corporate Governance Committee during the turbulent pandemic period. The centerpiece of this episode is a story Frank tells about a late-night call from an audit committee dealing with a rogue CEO who had engaged in insider trading and then concealed the resulting SEC investigation from both the company's auditors and its audit committee. Frank designed and managed the audit committee investigation, helped the company hire SEC enforcement counsel to walk the company through resolution with the SEC, recruited new qualified directors to reshape the company's governance and compliance programs, and got the company to the other side intact and without any shareholder litigation. Along the way he lays out lessons every investigative counsel should internalize: Audit committee counsel needs to understand the needs and concerns of the company's independent auditors and regulators and then design the investigation to produce a result that will satisfy both constituencies. Required listening for any lawyer who might one day get that midnight call.
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  VC Law: Episode 45: Regulation Crowdfunding with Mark Roderick 06.05.2026 32min

  Host Gary J. Ross and Mark Roderick discuss Regulation Crowdfunding (Reg CF), which originated with the JOBS Act. They walk through the mechanics of a Reg CF offering, including the role of crowdfunding platforms (termed “intermediaries”) and the Form C disclosure requirements. Mark highlights concerns with current practices, particularly overly burdensome financial statement requirements and the use of artificially low funding targets. Mark and Gary also address common misconceptions about cap table complications and venture capital follow-on financing. The episode concludes with some Reg CF success stories.
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  Bad Boys of Bankruptcy: S3E6: Turning Care Into Commerce: The Collapse of Steward Healthcare 28.04.2026 38min

  In this live episode of Bad Boys of Bankruptcy, Judge Elizabeth Gunn is joined by Sam Maizel and Andrew Troop to break down the Steward Healthcare Chapter 11, a case driven as much by personality as by financial engineering. At the center is Dr. Ralph de la Torre, a surgeon turned executive who helped build a hospital empire through private equity, aggressive expansion, and a controversial strategy of selling the land beneath hospitals while taking billions in long-term lease obligations. The result: a system burdened with debt, billions in rent, and allegations of value extraction, all while critical healthcare services were at risk. This episode explores how one “bad boy” and a high-risk financial model collided with the realities of healthcare, leaving courts, regulators, and communities to deal with the fallout.
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  Business Bankruptcy Basics: Episode 4: Shielded by the Automatic Stay 28.04.2026 33min

  In Episode 4 of Business Bankruptcy Basics, hosts Miles Taylor and Ella Vincent are joined by Rob Charles, a partner and leader in Womble Bond Dickinson's Bankruptcy and Creditors' Rights Practice Group, for an overview of one of the most powerful tools in bankruptcy: the automatic stay. Rob walks listeners through what the automatic stay is and who it protects, as well as the major exceptions to the stay and the grounds for relief from the stay under section 362(d) of the Bankruptcy Code. Whether you're a law student or bankruptcy practitioner building your foundational knowledge, or a litigator who may find yourself facing the stay when a party you're suing files for bankruptcy, this episode provides a solid framework for understanding how the automatic stay works in practice. 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.
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  Bad Boys of Bankruptcy: S3E5: Tom Petters and the Largest Ponzi Scheme in the Midwest 09.04.2026 54min

  In this episode, host Judge Gunn is joined by attorneys Jim Lodoen of Spencer Fane LLP and Doug Kelley at Kelley, Wolter & Scott, P.A. to discuss Tom Petters, who operated a $3.65 billion Ponzi Scheme based in Minnesota before the scheme unraveled. Doug Kelley shares the fascinating details of the major criminal investigation into Petters that began when Diana Coleman, a participant in the scheme, informed the FBI that Petters owed at least $3.5 billion to victims of his scheme, and agreed to wear a wire to gather evidence against Petters. Petters cloaked his massive Ponzi scheme in a cloak of legitimacy by acquiring significant ownership interests in legitimate companies, including Polaroid, using ill-gotten gains from the scheme. Petters, a prolific salesman, started the scheme by targeting smaller mom and pop businesses, and eventually moved up to soliciting hedge funds to invest in the scheme. Petters used the fruits of the scheme to fund a lavish luxury lifestyle, including multiple luxury homes, a Bentley, and regular trips to Las Vegas. Doug Kelley was ultimately appointed as the receiver for a number of Petters’ entities that were involved in the scheme, which then led them to file several Chapter 11 bankruptcy cases. Jim Lodoen was then tapped in the corporate bankruptcies to assist in recovering fraudulent transfers made from the corporate debtors to the “net winners” of the Ponzi scheme for ratable distribution to all victims of the scheme, including clawing back charitable donations made by Petters using his ill-gotten gains, including (ironically) the John Petters Ethical School of Business at Miami, Ohio which was created using a $5 million donation from Petters. Lodoen also assisted in negotiating a cooperation agreement with the U.S. Attorneys’ office to coordinate recovery efforts across the criminal case and the corporate bankruptcy cases, and ultimately wound up hiring attorneys in at least 32 different countries to assist in recovering funds from “net winners” abroad. Ultimately, the professionals working to recover the funds from “net winners” winded up making a roughly 30% dividend to all victims of the scheme. Petters was ultimately convicted of multiple counts of wire fraud, mail fraud, and money laundering, and was sentenced to 50 years in prison.
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  Mind the Gap: Episode 26: AI Only Fakes Empathy 09.04.2026 57min

  In 2023 New York Times journalist Kevin Roose reported that a chatbot had declared love for him and urged him to divorce his wife. Since then stories abound of vulnerable people harming themselves after lengthy exchanges with GenAI chatbots. In a recent instance, a vulnerable teen discussed suicide with a chatbot and asked for feedback about the noose he had fashioned. In yet another instance a clearly delusional person was encouraged to murder his mother and then commit suicide. Medical professionals are concerned that use of chatbots in diagnosis and treatment recommendations without real-time supervision by experienced professionals may lead to harm. GenAI tools have not been designed to fulfill the Hippocratic oath to do no harm. Physicians are asking whether these GenAI tools can be and will be used responsibly. Currently the FDA categorizes chatbot systems as self-help or wellness tools, placing them outside of existing regulatory regimes. In this episode of Mind The Gap: Dialogs on Artificial Intelligence we discuss the implications of GenAI tools with Dr Jane Rosenthal, a seasoned clinician with extensive experience examining medical ethics in the context of a major medical center.
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  Business Bankruptcy Basics: Episode 3: What’s in the Estate? Understanding Property in Bankruptcy 24.03.2026 32min

  In this episode of the Business Bankruptcy Basics podcast, hosts Andrew Still and Miles Taylor sit down with Judge Elizabeth L. Gunn, the sole bankruptcy judge for the District of Columbia, to unpack one of the foundational concepts of bankruptcy law: the bankruptcy estate. Judge Gunn joins the conversation to share insights from the bench, her path into bankruptcy practice, and the nuances she has observed in how debtors and creditors approach the composition of the estate. Together, the group walks listeners through: • What the estate is and when it’s created, including how the estate differs across chapters and why timing matters, particularly between Chapter 7’s petition date snapshot and Chapter 11’s inclusion of postpetition acquisitions. • How “property” is defined under Section 541, with discussion of legal and equitable interests, examples from schedules, and real world illustrations ranging from intellectual property to cryptocurrency, livestock, and more. • Security interests and after acquired property, where the hosts and Judge Gunn explore how liens attach—or don’t—to postpetition proceeds, using accessible analogies like vehicle financing, insurance proceeds, and contract clauses that expand a creditor’s reach beyond the original collateral. This episode offers both newcomers and seasoned practitioners a clear, structured look at a core bankruptcy concept, enriched by Judge Gunn’s practical experience and the hosts’ thoughtful guidance. Tune in to gain a deeper understanding of what really makes up the bankruptcy estate and why it matters. 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 professional.
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  VC Law: Episode 44: Warehousing Investments with Daniel DeWolf of Mintz 18.03.2026 25min

  Host Gary J. Ross talks with Daniel DeWolf, Co-chair of the VC/EC practice at Mintz and adjunct professor at NYU School of Law, about the practice of venture capital funds warehousing investments. Among the topics Gary and Daniel cover are the reasons fund managers warehouse investments; various structures used for warehousing; disclosure considerations; conflicts of interest; valuation issues; SEC guidance on warehousing and maintaining the venture capital fund adviser exemption for ERAs; and the impact of warehousing on eligibility for the qualified small business stock (QSBS) tax exemption.
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  From Boardroom to Courtroom: Episode 5: Never Enough: A Forensic Accountant Unwinds the Madoff Ponzi Scheme 17.03.2026 41min

  In this latest episode of Boardroom to Courtroom, forensic accountants J.W. Verret and Chris Ekimoff unpack the story of Bernie Madoff's Ponzi scheme — and how forensic accountants unraveled the mystery behind one of history's most audacious financial frauds.
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  Bad Boys of Bankruptcy: S3E4: Don’t Cash That Until Friday: The Najeeb Khan Check-Kiting Scheme 13.03.2026 36min

  In this episode, Judge Gunn is joined by attorneys Nick Miller and Mark Iammartino to discuss the unwinding of one of the largest check-kiting schemes in modern history. Najeeb Khan operated a successful payroll processing company in Indiana in the early 2000s. At some point around 2011, Khan began embezzling funds from his payroll processing company and using an elaborate check-kiting scheme to cover up the missing funds. Between 2011 and 2019, Khan embezzled an estimated $73 million from the scheme, which he used to purchase one of the largest classic car collections in the country (consisting of more than 250 cars including at least one that could also be used as a boat), several airplanes, and multiple luxury residences in Michigan, Florida, and Arizona. The scheme came crashing down in 2019, when Khan abruptly halted the musical chairs of worthless checks he was circulating, leaving Key Bank holding the bag for over $140 million in losses based on funds Khan had wired out of a Key Bank account based on provisional account credits issued against ultimately worthless checks. Mark Iammartino, the Chapter 7 trustee in one of the fifteen (15) bankruptcy cases that resulted from the scheme collapsing, discusses the venue fight that arose when the payroll processing company (and several related entities) filed bankruptcy in Michigan while Khan and a handful of affiliated management companies filed bankruptcy cases in Indiana shortly thereafter, the unusual steps taken to liquidation Khan’s massive classic car collection during the COVID-19 pandemic (which resulted in auction proceeds of over $40 million), and the other steps taken by the trustees and committees to marshal assets and attempt to compensate victims of Khan’s scheme. Khan later pled guilty to bank fraud and attempted tax evasion in a federal criminal case, and was sentenced to just over eight years in prison, and was ordered to pay $148 million in restitution and nearly $10 million in back taxes.
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  The Advocates Toolbox: Epsidoe 6: The Mediation Wishlist 10.03.2026 26min

  The Advocates Toolbox: Effective Advocacy Strategies for a Successful Mediation, is co-hosted by Mia Levi, Vice President and Corporate Secretary, CPR Dispute Resolution Services LLC, and Rachel Gupta, Mediator and Arbitrator at JAMS. This podcast will cover the skills business lawyers need to be successful advocates in mediation. Episode 6: The Mediation Wishlist. In the final episode of this series, experienced mediation practitioners will provide their “wishlist" for mediation from two distinct viewpoints: the client and the mediator. What circumstances create the optimal dynamic for a mediation? The speakers will explore key takeaways for the who, what, and how to maximize the chances of reaching an agreement in mediation. Speakers: Cindy Randall, Deputy General Counsel and Head of Litigation at Microsoft and Jeff Kichaven, Principal at Jeff Kichaven, Commercial Mediation.
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  Bad Boys of Bankruptcy: S3E3: The Law Firm That Wasn’t: The Synergy Law Scheme 25.02.2026 43min

  In this gripping episode of Bad Boys of Bankruptcy, Judge Elizabeth Gunn is joined by Mark Albert, longtime chapter 7 and subchapter V trustee, and Bill Steinwedell, Deputy Advocacy Director for Homeownership Preservation at Maryland Legal Aid. Together, they unravel the story of Synergy Law, a supposed national law firm that preyed on vulnerable homeowners by promising foreclosure relief and bankruptcy help, while delivering none of it. The discussion tracks how Synergy's “business model” lured clients through misleading marketing, skimmed thousands in automatic credit card payments, and left desperate individuals, like Bill’s client Mr. McCarty, facing foreclosure after multiple failed pro se bankruptcies. Bill and Mark explain how they each came to expose the fraud, Bill through aggressive legal aid advocacy, and Mark through his work as chapter 7 trustee after Synergy’s collapse. This episode dives into how Synergy operated across numerous states for years. It also sheds light on how the bankruptcy system, legal aid, and the U.S. Trustee Program ultimately worked together to shut it down. A cautionary tale for lawyers, trustees, and consumers alike, this episode reminds us why bankruptcy oversight matters, and what can happen when bad actors try to use the courts to fuel a fraud.
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  VC Law: Episode 43: Founder Breakups with Ed Zimmerman of Lowenstein Sandler 23.02.2026 35min

  Host Gary J. Ross talks with Ed Zimmerman, chair of the Emerging Companies & Venture Capital group at Lowenstein Sandler LLP, about founder breakups. Gary and Ed discuss common causes of founder fallouts, and various options to handle the departing founder’s equity. Ed reveals what he believes is the most important thing in a separation agreement. Ed also tells Gary a couple of war stories. Ed ends by giving some advice to legal counsel steering companies through founder breakups.