The Volokh Conspiracy

Man in Full Workout Scene:

A classic text among those of us who work in the bankruptcy world is the legendary chapter "The Saddlebags" from Tom Wolfe's book A Man In Full. The chapter describes with Wolfe's typical style the workout negotiations of a commercial real estate deal gone south. The language is spicy but the mental image is hilarious and compelling.

I just discovered that scene is available as a book excerpt on line here. Enjoy, if this is your sort of thing. (I should add, keep in mind that this is a work of literature, so I mean "enjoy" in a Tom Wolfe over the top sort of way.)

The excerpt reminds me of a story back when I was in practice (perhaps apocryphal). As the story goes, the bankruptcy lawyers were constantly bugging the real estate lawyers to introduce us to their contacts at the banks so that the bankruptcy lawyers could develop client contacts inside the bank. Finally one of the real estate guys fessed up, "Look, taking you guys to a real estate closing is like taking a divorce lawyer to a wedding. The last person you want to meet is a bankruptcy lawyer when you've just signed a deal." A funny line, the spirit of which is captured in "The Saddlebags."

Dave N (mail):
Damn, I wanted page 7 so I could find out how the scene ends. Now I either have to buy the book or trundle down to Barnes &Noble and read it there.
10.12.2007 12:27pm
Constitutional Crisis (mail):
"Think of this as an AA meeting, Mr. Croker. Now that the spree is over, we wanna see some real self-awareness here. You're right, we called this meeting, but I want you to tell me why. What's it all about? What's the problem here?"

I want to use that line some day.
10.12.2007 12:33pm
PTB:
Classic bankruptcy story. When the famed Abercrombie &Fitch store in New York (NOT the chain today, which just bought the name) went into Chapter 11 in the 70's, the first meeting of the creditors' committee was dominated by attorneys noisily representing a host of prestigious investment bankers, financiers and lawyers, all of whom had very expensive sporting arms- Holland &Holland elephant guns, Beretta shotguns- in Abercrombie's highly respected Gunsmithing Department for repair. The various bankruptcy attorneys wanted the guns back, pronto. The trustee took the position that the customers were mere consignees, and the estate owned the sporting arms, since the consignees had not filed UCC-1's! Pandemonium! I have no recollection how it all worked out...
10.12.2007 12:45pm
Ryan Holiday (mail) (www):
Shouldn't we remember this part though
The bank might end up ruining Croker, wiping him out utterly or it might not. But one thing the bank couldn't change. The bank couldn't change history. There was no rewriting the fact that Charlie Croker was a man who had come from out of nowhere and built up an empire. The empire might crumble and disappear. But so what? So did Napoleon's. Who does the world remember and respect? Croker had something that [he] Raymond Peepgass did not possess--or, rather, something he had never been willing to let off the leash...A certain red dog. Every man had that red dog inside him, but only real men dared let him loose.
Wolfe, Tom
A Man in Full
10.12.2007 12:50pm
Smokey:
A Man In Full was a truly great book, which stressed personal responsibility over blaming everyone else possible for your misfortunes. It should be required reading in law schools!
10.12.2007 1:55pm
Stevethepatentguy (mail) (www):
I thought the first 80% of Man in Full was a great, and I mean great, novel. The last 20% seemed like he was trying to make a deadline.
10.12.2007 2:10pm
Zeno:
Peel yo' Cap!
10.12.2007 4:00pm
Serenity Now (mail) (www):
"The Saddlebags" is outstanding.

P.J. O'Rourke wrote a particularly insightful review of A Man in Full. He may have been the the only professional reviewer to understand the business about Epictetus.

"Perhaps apocryphal" is as redundant as "reticent to speak."
10.12.2007 4:02pm
Lonely Capitalist (mail):
I thought the first 80% of Man in Full was a great, and I mean great, novel. The last 20% seemed like he was trying to make a deadline.

Exactly what I thought about Bonfire of the Vanities. The action suddenly stops and he adds a couple of page summary supposedly written a year later about what had happened to everyone. Must have reached a deadline or a page limit!
10.12.2007 5:48pm