It is axiomatic that “where you stand depends on where you sit”. Since I “sit” as the Co-head of Public Policy at the Loan Sales and Trading Association, when I think about the recent decisions on third party releases in Purdue and Ascena, my focus turns to their potential political implications. Paradoxically, while the cases address non-debtor releases, the political fallout will land elsewhere and generate significant momentum for long overdue bankruptcy venue reform.