Bankruptcy Law

Case Questions: 1.      What was the intention of Manville’s Chapter 11 declaration? Why was it important for the company to declare Chapter 11? (Analyze the purpose of the Manville’s BK declaration and the reason behind it.)  2.      Was it ethical for Manville to initiate the BK proceedings? 3.      How does this case demonstrate the fundamental purpose of Chapter 11 as opposed to Chapter 7 BK filings?  4.      The historical background here is that Manville knew from at least 1930 that asbestos—used in many industrial applications—was a deadly carcinogen, and for decades, it worked diligently to conceal and obfuscate the fact. What “good faith” argument was raised by the movants in this case? Case Study Directions: Submit a 4 page paper analyzing the Case above. Give background information describing BK, types of bankruptcies, and the purpose of BK filings.  Provide a scholarly argument on the issue: Can JM preemptively declare bankruptcy and discharge future cases? Why? or Why Not? You also need to provide analytical and critical responses to the three (3) Case Questions listed above.