The current issue of Delaware Lawyer magazine includes an article I co-authored with my partner, Jeff Schlerf, on the duties of directors and managers of distressed companies, for example, those faced with the decision of whether to file for bankruptcy or attempt other methods to "save the company". I review recent Delaware Court of Chancery and Supreme Court cases, and Jeff approaches the topic through a discussion of recent bankruptcy decisions. The article is available here.

SUPPLEMENT: Professor Bainbridge links to this post here, and also refers to his own scholarship on the topic.