Protagenic Therapeutics Inc. (PTIX)

[Chiron]

GREAT article, key points:

- "CROs have become much more common as bankruptcies have become more common," says Todd Zywicki, a Boston College law professor who specializes in bankruptcy law.


- Enron also gave Cooper the CRO title, perhaps to emphasize that his primary role is to shepherd the company through Chapter 11 proceedings.

- A chief restructuring officer "is a person who has primary responsibility for the restructuring of the company's balance sheet,"

- "But if you're brought in as a CRO, you're not the CEO, and you're not the COO," Cheston says. In that situation, the incumbent managers run the firm's operations while the CRO focuses on what must be done to satisfy its creditors.

But the specialist has a more detached perspective on the hard choices that need to be made as part of the restructuring process. "They figure out what's worth saving and what should be thrown overboard," says Zywicki.

- And a company that hires one may not even declare bankruptcy at all, if its restructuring can be accomplished short of taking that step.

I would say 70% chance of Chapter 11 BK (shareholder wipeout), 30% chance of no BK.