Jackson Walker partner Patty Tomasco recently spoke on 2016’s spike in Chapter 11 bankruptcy filings in Texas on KVUE-TV in Austin. The interview aired on January 4, 2017 at 10pm CT.
KVUE reported that in Austin, there was no trend in the type of businesses filing for bankruptcy. This breaks from trends in other areas of the state, where failing energy companies are the big story in bankruptcy activity.
In her interview, Patty explained that many of the cases she saw in Austin last year were related to competition in the tech space.
“With tech companies, particularly in Austin, you have a lot of people competing to be the next great app-maker or the next great technology company,” Patty told KVUE.
Patty is a bankruptcy attorney with over 25 years of experience resolving corporate insolvency problems, and representing high tech debtors in both reorganizations and litigation.
“There’s always going to be a winner, and there’s always going to be about 10 losers,” Patty said. “The 10 losers are going to have to file for bankruptcy and do something else.”
About Patty Tomasco
Patricia Tomasco’s practice is focused on complex corporate Chapter 11 bankruptcy matters. She has represented multiple companies in the energy, telecommunications and medical industries. Patty is a member of the American Bankruptcy Institute, State Bar of Texas Bankruptcy Law Section and Austin Bar Association Bankruptcy section.