I have written about the waning popularity of deepening insolvency  (and here) as a cause of action.  Bob Eisenbach refers to a new article by his colleagues in the Bankruptcy & Restructuring group at Cooley Godward Kronish LLP, Michael Klein and Ronald Sussman.

The article is entitled "Tide Has Turned On Deepening Insolvency – Courts Now Rejecting Theory As Cause Of Action," published in the February 2008 issue of the Journal of Corporate Renewal.