It's a great big world out there: You can figuratively swim in a sea of how-to books, often written by those who are "experts" only in their own minds. The more complex the topic, the more likely the book you have bought to master it will become most useful as a doorstop or a donation to the local library. Rick Tilton has brought together a team of 53 true experts in the second edition of Bankruptcy Business Acquisitions, his highly acclaimed treatise that gives knowledgeable, practical information on handling acquisitions in bankruptcy.

Bankruptcy is a legal arena in constant flux, with ever-changing applications of increasingly complex statutory provisions. Recently, yet another congressional act has muddied the already treacherous waters of even the ordinary bankruptcy case. Despite a vibrant economy, or perhaps as a consequence of it, businesses of all kinds continue to seek the protection offered by the bankruptcy courts.

Interest in acquiring assets and businesses through the bankruptcy process continues to grow, enticing many to venture into court without the experience necessary to successfully navigate the often hazardous maze of procedure and substantive bankruptcy law. Even those who have successfully negotiated the complexities of sales through bankruptcy court action need to consider the experiences and knowledge of others.

Tilton's experts have written a total of 1,150 pages in 37 chapters to provide readers of Bankruptcy Business Acquisitions a wealth of expertise that will benefit even those familiar with the process and strategies involved in acquiring business interests and assets through bankruptcy. The book also provides a tremendous resource for those filing bankruptcy for the purpose of restructuring, in part, through the sale of assets, subsidiaries or related business entities. Tilton has taken a topic that is daunting to consider covering in one treatise and has woven a coherent quilt of understanding from the many and varied perspectives attending sales in bankruptcy.

Bankruptcy Business Acquisitions guides lawyers and nonlawyers alike through the many aspects of buying and selling in bankruptcy where the strategies are usually complicated, the interests of the participants wildly diverse and the outcome governed by judges motivated to maximize the benefit to that amorphous entity known as the "estate," comprising interests of the debtor and creditors. Whether you are a prospective purchaser who wants to acquire personal property for use in an existing business free of any liens or encumbrances, or a chapter 11 trustee faced with sorting out the most advantageous method for dealing with commercial leases, there is a book chapter or two for you.

Tilton has taken a topic that is daunting to consider covering in one treatise and has woven a coherent quilt of understanding from the many and varied perspectives attending sales in bankruptcy. If you are an investment banker caught up in a distressed merger or a prospective purchaser of a restricted portfolio of securities, your topic is covered. And the benefits keep coming for the reader who wants to understand the ins and outs of pre-packaged plans and trading in claims and interests.

Perhaps the only possible flaw in the book is its title, which could suggest that it is most useful to those seeking to acquire assets, when in fact, Bankruptcy Business Acquisitions is equally useful to the debtor or trustee that seeks to successfully unburden itself of pension problems, property that is not an asset to the debtor's operations and the difficulties related to employees. Rarely is it possible to proclaim a source of information even on a discreet subject to be truly complete in its coverage, but such is exactly the case with Bankruptcy Business Acquisitions.

I hope at this point you are asking yourself whether all this information comes at the high price of slogging through a densely intense exposition of highly intellectual ruminations to glean a single kernel of useful insight. The answer is a simple "no." The information is communicated clearly and concisely without being simplistic. Regardless of the reader's level of experience with bankruptcy or acquisitions or acquisitions in bankruptcy, Bankruptcy Business Acquisitions is an indispensable tool. It even comes with a computer disk containing many of the forms needed to deal with the bankruptcy court's procedures and to implement the strategies described in the book.

Tilton has improved on the first edition, putting together a comprehensive and comprehensible treasure for those interested in acquisitions through the forum that engages perhaps as much commerce as any other single source. Buy the book. But plan on using something else as a doorstop.

Editor's Note: Bankruptcy Business Acquisitions can be purchased through the ABI Bookstore at www.abiworld.org/abistore, or by calling (703) 739-0800.