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Expert Analysis

2011 Year In Review: Chekhov's Gun

Law360, New York (December 9, 2011, 1:40 PM EST) -- There is a principle in literature known as "Chekhov's Gun." If a gun is seen at the start of a play, it should go off by the end of the play. In 2011, "Chekhov's Gun" was "seen" at the beginning of the year but it was never fired. The pundits predicted that a wave of debt maturities would sweep over us and the restructuring industry would be awash in work. This never happened. Some people assure us that the wave has just been delayed a year or two while others worry that the low tide will continue for years. So what did happen in 2011 and what does 2012 hold in store?...

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