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. What Gives in Kent Swig Bankruptcy?