By Richard Roth ( January 31, 2018, 5:22 PM EST) -- There has been broad press coverage[1] about the December 2016 criminal indictment[2] of six former principals of Platinum Partners and a former executive officer of Black Elk. Jury selection for the criminal trial is scheduled to begin on Oct. 29, 2018.[3] A majority of the accused are facing securities fraud charges relating to a 2014 transaction that rendered Black Elk insolvent and led to the commencement of Black Elk bankruptcy proceedings in August 2015. The same law firm that represented Black Elk in the 2014 transaction also represented Black Elk in its subsequent bankruptcy proceedings notwithstanding the Bankruptcy Code requirement that debtors in bankruptcy be represented by disinterested counsel.[4] This example of claimed disinterestedness seems to indicate that the disinterested requirement is something seasoned bankruptcy counsel can work around, rendering it of no practical meaning....
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