Feasibility in the 21st Century: LMEs, Chapter 22s, Future Claims, and Other Puzzles
Friday, October 9th, 2026 – 10:15 AM – 11:15 AM
Moderator:
Hon. Michael Kaplan
Speakers:
Robert W. Miller
Josh Sussberg
Phil Dublin
John Castellano
Description:
What does “feasibility” mean in an era of liability management exercises, repeat chapter 11 filings, and future claims? This panel will revisit the doctrinal roots of feasibility—including its relationship to absolute priority, the equity “option,” and foundational Supreme Court precedent—and ask what work the requirement is meant to do today. Is feasibility still a meaningful safeguard for creditors, or has it become a flexible tool shaped by market realities? The panel will explore whether rapid “chapter 22” cases reflect system failure or an efficient response to changing capital structures; how analysis should account for LMEs conducted prepetition; and how the presence of future claims intersects with the assumption of a solvent, reorganized debtor. The discussion will bring together judicial, legal, and financial perspectives to examine whether feasibility doctrine is keeping pace with modern restructuring practice—or quietly evolving to meet it.
Bios:
The Honorable Michael B. Kaplan was appointed as a bankruptcy judge on October 3, 2006, for the District of New Jersey and served as Chief Bankruptcy Judge from May 1, 2020, through April 30, 2025. Prior to taking the bench, Judge Kaplan served as a Standing Chapter 13 Bankruptcy Trustee, as well as an appointed trustee in cases under Chapters 7, 11 & 12. Judge Kaplan received his A.B. degree from Georgetown University (1984) and his J.D. Degree from Fordham University School of Law (1987).
Prior to transitioning to academia, Professor Miller was a partner in the corporate restructuring department of Manier & Herod, P.C. in Nashville, Tennessee. Professor Miller joined the USD Knudson Law faculty in 2022. He teaches bankruptcy and corporate law classes and focuses his research on DIP financing, exit financing, and LMEs.
Josh Sussberg is a partner in the Restructuring Practice Group of Kirkland & Ellis and is a member of the Firm’s Executive Committee. Josh has been described as “the nation’s leading restructuring lawyer” and was most recently recognized by Global Restructuring Review in 2025 as “Advocate of the Year.” The American Lawyer selected Josh as a 2024 “Dealmaker of the Year,” and he was also recognized by Forbes in its 2024 inaugural list of the “Top 200 Lawyers in America” with Forbes noting that “Sussberg is a go-to restructuring lawyer who is widely considered a leading lawyer in the field.” Josh is a frequent speaker and writer on restructuring related topics. He serves as an adjunct professor at The Wharton School and Syracuse University and is a Fellow of the American College of Bankruptcy. He earned his B.S. from Syracuse University and J.D. from Benjamin N. Cardozo School of Law.
Phil represents ad hoc groups, official creditors’ committees, secured lenders, debtor in possession lenders, institutional investors, hedge funds, debtors and acquirers of businesses and assets in chapter 11 cases, liability management exercises and private credit transactions of all sizes and complexity. He has handled complex multibillion-dollar matters, including multiple cross-border transactions across numerous industries.
John Castellano is Co-Head of the Americas for the Turnaround and Restructuring practice at AlixPartners, where he has spent nearly three decades helping companies navigate complex financial and operational challenges (in roles including CRO, CFO, CEO, amongst others). Beyond his client work, John has been a longtime leader in the Chicago business community, serving for many years as AlixPartners’ Chicago Local Market Leader.