To the Editor:

The April 30 comments of Jon Yard Arnason in "Unfair Chapter 11 Law Needs Overhaul" (page 26) compel a response. Mr. Arnason has elected to disregard 100 years of congressional policy to foster business reorganization and avoid the despair of liquidation, and has simplistically concluded that Chapter 11 "generally serves little productive purpose, harms the interests of secured creditors, and should be abolished or greatly modified."

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