Capmark Bankruptcy to be in Better Shape?

Interesting article in Shopping Centers Today Week publication of October 30, 2009, Vol. 14 No. 43.  In that they discuss the possible overall effects of the bankruptcy on the overall market, suggesting that since the bankruptcy is intended to be a restructuring rather than a liquidation, the effect on the overall market is expected to be minimal. What the positive looking analysis overlooks however is that only about 5% of the chapter 11 reorganization bankruptcies make it to plan confirmation. However, those that are well planed before they file their bankruptcy petition have a much greater chance of emerging out of chapter 11 with a confirmed plan.  Capmark is led by a pretty heavy weight group of investors that you would have to believe have the best bankruptcy lawyers available; you would think.