Chapter 11 and out of court business restructurings are particularly complex. Many different areas of the law overlap and disputes involve many different parties with many different interests. The ability to understand and address the differing interests is what makes a successful chapter 11 or restructuring case. Underlying the complex legal issues is one practical issue: how to maximize a debtor's value.

   Mr. Kerkman has had a lead role in many large complex cases. They include the P.A. Bergner/Carson Pirie Scott case, the largest case ever filed in Wisconsin. He oversaw all the objections to claims filed along with non-real estate executory contracts and leases. In addition, he has represented a $40 million printing company in Arizona. More than $30 million of debt was restructured. He obtained a confirmed plan within 7.5 months after the filing. The company was sold three years later at substantial profit for the owner. He has also represented NYSE and NASDAQ companies.

   Representing a chapter 11 debtor is particularly challenging. He has also represented creditors' committees, secured creditors, large unsecured creditors and parties to executory contracts and unexpired leases. Secured creditors include Citicorp North America and several local financial institutions. Unsecured creditors include landlords, warehouses and trade vendors.

   In one case, Mr. Kerkman represented a hospital which had an executory contract with the debtor. The debtor provided software and support. Without the software, the hospital could not operate. Mr. Kerkman took the lead in forming an informal committee of the hospitals which successfully sought the appointment of a trustee. The hospitals negotiated a novel result with the chapter 11 trustee to keep the company operating until the hospitals could migrate to new software.