Elizabeth (Lisa) Vandesteeg and Tricia Schwallier author article on the DailyDac's Commercial Bankruptcy Alternatives website entitled, “Optimizing Corporate Workouts with Independent Directors and Special Committees.”
The DailyDac: Commercial Bankruptcy Alternatives website features an article authored by Elizabeth (Lisa) Vandesteeg and Tricia Schwallier entitled, “Optimizing Corporate Workouts with Independent Directors and Special Committees.” The article discusses the benefits of appointing independent directors for a financially distressed business throughout its restructuring process, including during a bankruptcy case. An independent director is conceived of as having no direct or indirect connection to the business, including not being an employee, owner, or other insider of the business and not deriving any income from her position beyond customary director fees. However, what is or is not “independence” is largely context-driven and defined differently on case-by-case basis.