What Gives in Kent Swig Bankruptcy?

Perhaps you saw the real-estate news last week that developer Kent Swig–presumably one of the richer men in Manhattan, with an apartment at 740 Park and a stake in five real estate companies–is considering filing for personal bankruptcy, on the heels of a $28 million dollar judgment against him.

And perhaps you wondered: how can someone so wealthy declare Chapter 11? And why would they do it if they don’t have to?

This morning, Dana Rubinstein tries to figure it out.