Update: Bankruptcy Reform Bill ("You Come at the King, You Best Not Miss.")

As we previously reportedElizabeth Warren and John Cornyn have waged war on certain bankruptcy professionals with their proposed venue reform and, livelihoods at stake, those professionals aren't going down quietly. On Monday, the Bankruptcy and Corporate Reorganization Committee for the New York City Bar Association sent a letter to the senators opposing the new bill. In brief, the letter delineates six reasons over seven pages why the bill ought to be defeated: (1) the Bankruptcy Code already allows for transfer of venue; (2) large cases are already filing in districts other than Delaware and New York (PETITION Note: dividend recaps!!); (3) the location of a debtor's HQ or principal place of assets isn't necessarily the most appropriate or convenient forum for all parties in interest; (4) current choice of venue laws rightly allow debtors to maximize enterprise value; (5) judges don't "play ball" to entice filers into their courts; and (6) golly, gee, there is no way professionals steer cases to jurisdictions with favorable professional fee records (PETITION Note: insert indignation here). Draw your own conclusions.