"BTW, I think I read that one of the new directors is a bankruptcy lawyer."

Yes, that's right.  It may or may not have anything to do with LBSR as his law practice is wide-ranging.  Even so, there are many forms of bankruptcy.  Sometimes it's just about relief from creditors while a company is restructured.  So the question to ask yourself is, how much and to whom does the company owe money?

No debt to outside parties, no bankruptcy, I would think.