From a bankruptcy law perspective:
A. The lawyer wasn’t lying as far as I can see - he’s just stating a possibility and a position.
B. If the Sharks and Kane mutually terminated the contract and then just re-signed a new one, assuming bankruptcy laws are similar to here, the creditors could still argue a couple things. First, Kane will still have a bunch of “surplus income” which is income over and above set amounts deemed necessary to live on, that goes to the bankruptcy estate. Second, they could argue he’s essentially creating a fraudulent conveyance, sort of like seeking your BMW to your brother for a dollar before you go bankrupt, and he lets you use it for free. Given the nature of Kane’s creditors, they aren’t going down without a fight.
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