New York and Delaware Still Top Venues for Big Bankruptcy Cases

This recent news article has been making the rounds of the LexisNexis bankruptcy editorial staff:

 
It highlights the continuing popularity of courts in New York City and Delaware as attractive venues in the latest wave of U.S. corporate bankruptcies. Yes, its not exactly earthshattering new news, dear reader.
 
However, of more interesting note, the article discusses the attempt by the Northern District of Illinois to make Chicago an attractive venue of choice for filing large bankruptcy cases. In 2000, a Chicago focus group conducted research into why companies were filing cases in Delaware and actually proposed local court rules changes which were adapted. Though the court succeeded in attracting large company filings, such as United Airlines, National Steel, Kmart, etc., an appeals court ruling in K-Mart restricting how certain trade vendors would be paid ultimately ended up deterring filings in Chicago. According to Seton Hall law professor, Stephen Lubben, this is an example of how individual court decisions can impact where cases are filed.
 
So what do you think about attempts by courts to try to make themselves more attractive as venues for large bankruptcy cases?

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