Corporate Reorganization in the 1990s: Guiding Directors of Troubled Corporations Through Uncertain Territory

This article discusses the state of the law regarding the fiduciary duties of directors of financially troubled companies, the varying schools of thought as to whom such duties are owed and the impact of fiduciary duty on the decisions that directors make to resolve the financial problems of such companies. The article includes a discussion of various large bankruptcy reorganizations, including the recently concluded cases of Allegheny International, Inc. and Wheeling Pittsburgh Steel Corporation.