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Articles 1 - 30 of 37
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Against Bankruptcy: Public Litigation Values Versus The Endless Quest For Global Peace In Mass Litigation, Abbe Gluck, Elizabeth Chamblee Burch, Adam Zimmerman
Against Bankruptcy: Public Litigation Values Versus The Endless Quest For Global Peace In Mass Litigation, Abbe Gluck, Elizabeth Chamblee Burch, Adam Zimmerman
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Can bankruptcy court solve a public health crisis? Should the goal of “global peace” in complex lawsuits trump traditional litigation values in a system grounded in public participation and jurisdictional redundancy? How much leeway do courts have to innovate civil procedure?
These questions have finally reached the Supreme Court in Harrington v. Purdue Pharma L.P., the $6 billion bankruptcy that purports to achieve global resolution of all current and future opioids suits against the company and its former family owners, the Sacklers. The case provides a critical opportunity to reflect on what is lost when parties in mass torts find …
Reimagining “Reasonableness” Under Section 330(A) In A World Of Technology, Data, And Artificial Intelligence, Nancy B. Rapoport, Joseph R. Tiano Jr.
Reimagining “Reasonableness” Under Section 330(A) In A World Of Technology, Data, And Artificial Intelligence, Nancy B. Rapoport, Joseph R. Tiano Jr.
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Transformations in the legal industry’s supply chain caused by legal technology and innovative service delivery models have triggered the need for courts to reimagine how to assess the reasonableness of legal fees under 11 U.S.C. § 330. In nearly every other industry, when there are changes or fluctuations in supply chain costs, it is typical for the market price paid by end-users or consumers to fluctuate as well. Market forces organically dictate the reasonableness of the market prices in light of current production cost and demand. In contrast, the legal industry hasn’t kept up with a unified, market-driven supply cost …
Bankruptcy Grifters, Lindsey Simon
Bankruptcy Grifters, Lindsey Simon
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Grifters take advantage of situations, latching on to others for benefits they do not deserve. Bankruptcy has many desirable benefits, especially for mass-tort defendants. Bankruptcy provides a centralized proceeding for resolving claims and a forum of last resort for many companies to aggregate and resolve mass-tort liability. For the debtor-defendant, this makes sense. A bankruptcy court’s tremendous power represents a well-considered balance between debtors who have a limited amount of money and many claimants seeking payment.
But courts have also allowed the Bankruptcy Code’s mechanisms to be used by solvent, nondebtor companies and individuals facing mass-litigation exposure. These “bankruptcy grifters” …
Billing Judgment, Nancy B. Rapoport, Joseph R. Tiano Jr.
Billing Judgment, Nancy B. Rapoport, Joseph R. Tiano Jr.
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In most situations, when a lawyer sends a bill to a client, the client pays the fees. When the client believes that a fee or expense is unreasonable, the client will ask for reductions. Conscientious lawyers review a bill before sending it to the client, exercising judgment in terms of what fees and expenses are reasonable. But in bankruptcy cases, the estate pays the court-appointed professionals' fees and expenses out of unsecured funds or from a cash collateral carve-out. Thus, the responsibility for scrutinizing the fees and expenses falls not to a particular client, but to the court, per 11 …
The Settlement Trap, Lindsey Simon
The Settlement Trap, Lindsey Simon
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Mass tort victims often wait years for resolution of their personal injury claims, but many who successfully navigate this arduous process will not receive a single dollar of their settlement award. According to applicable bankruptcy and state law, settlement payments may be an asset of the estate that the trustee, exercising its significant authority, administers and distributes to creditors instead of a claimant who had filed for bankruptcy. This distribution power maximizes repayment, a critical counterbalance to the robust protections and benefits that debtors receive in bankruptcy.
Setting aside the perceived unfairness of taking desperately needed money from tort victims, …
Telling The Story On Your Timesheets: A Fee Examiner's Tips For Creditors' Lawyers And Bankruptcy Estate Professionals, Nancy B. Rapoport
Telling The Story On Your Timesheets: A Fee Examiner's Tips For Creditors' Lawyers And Bankruptcy Estate Professionals, Nancy B. Rapoport
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This essay discusses how much of a lawyer’s embedded assumptions and cognitive errors can come across in something as simple as a time entry on a bill. So much can be revealed about how a lawyer views himself or herself in society and about the lawyer’s relationship with the client that it’s worth examining what we can find when we look at legal bills.
Debt In Just Societies: A General Framework For Regulating Credit, John Linarelli
Debt In Just Societies: A General Framework For Regulating Credit, John Linarelli
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Debt presents a dilemma to societies: successful societies benefit from a substantial infrastructure of consumer, commercial, corporate, and sovereign debt but debt can cause substantial private and social harm. Pre- and post-crisis solutions have seesawed between subsidizing and restricting debt, between leveraging and deleveraging. A consensus exists among governments and international financial institutions that financial stability is the fundamental normative principle underlying financial regulation. Financial stability, however, is insensitive to equality concerns and can produce morally impermissible aggregations in which the least advantaged in a society are made worse off. Solutions based only on financial stability can restrict debt without …
Claim Preclusion And The Problem Of Fictional Consent, Lindsey Simon
Claim Preclusion And The Problem Of Fictional Consent, Lindsey Simon
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The doctrine of claim preclusion promotes fairness and finality by preventing parties from raising claims that already were (or could have been) raised in a prior proceeding. This strict consequence can be imposed only when the litigant received minimal due process protections in the initial proceeding, including notice and direct or indirect participation.
Modern litigation has caused a new problem. In some cases, a party may be precluded from ever raising a claim on the grounds of “fictional consent” to a prior court’s decisionmaking authority. Litigation devices have expanded the potential reach of judgments through aggregation and broad jurisdictional grants, …
The Guardian Trustee In Bankruptcy Courts And Beyond, Lindsey Simon
The Guardian Trustee In Bankruptcy Courts And Beyond, Lindsey Simon
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Litigation systems create dangers of unfairness. Citizens worry, and should worry, about exploitive settlements in aggregate litigation, potential biases in administrative proceedings, and troubling power imbalances in criminal trials. Public confidence in adjudicative processes has eroded to an all-time low. This Article explores the untapped potential of adding independent watchdog entities to address systemic threats to the integrity of government decisionmaking. These entities, which I call “guardian trustees,” do not fit within the traditional framework of our adversary system. Though guardian trustees already operate in bankruptcy proceedings, they have thus far received little attention in scholarly literature. This Article begins …
Differential Treatment Among Creditors Under India's Insolvency And Bankruptcy Code, 2016: Issues And Solutions, C. Scott Pryor, Risham Garg
Differential Treatment Among Creditors Under India's Insolvency And Bankruptcy Code, 2016: Issues And Solutions, C. Scott Pryor, Risham Garg
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This paper represents the results of an examination of the implementation of India's Insolvency and Bankruptcy Code, 2016 (IBC). This project included purposive sampling as well as interviews with resolution professionals, representatives of India's Insolvency Professional Agencies, and officials of the Insolvency and Bankruptcy Board of India. Analysis of this data identified three problems: 1. Vesting near-plenary control of the Corporate Resolution Insolvency Process (CIRP) with a Committee of Creditors made up of financial creditors has led to a perception of inequitable distributions between the classes of creditors. 2. The CIRP provisions of the IBC are inconsistent with public policy …
Using General Counsel To Set The Tone For Work In Large Chapter 11 Cases, Nancy B. Rapoport
Using General Counsel To Set The Tone For Work In Large Chapter 11 Cases, Nancy B. Rapoport
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This Essay suggests that one way for the general counsel to help bankruptcy professionals make better staffing and budget decisions is to communicate her values more clearly to those professionals at the beginning of the engagement. In her role as the chief legal officer, the general counsel needs to let the bankruptcy professionals in on her thought processes. How does she watch over her own attorneys' decisions in other types of cases? What expenses does she consider reasonable? If she takes an active role in monitoring her bankruptcy professionals' work, her values (assuming that they're good values) will contribute to …
Client-Focused Management Of Expectations For Legal Fees In Large Chapter 11 Cases, Nancy B. Rapoport
Client-Focused Management Of Expectations For Legal Fees In Large Chapter 11 Cases, Nancy B. Rapoport
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Large chapter 11 cases can have fees that run into the hundreds of millions of dollars. That's one of the reasons that, in 2013, the Executive Office of the United States Trustee promulgated additional guidelines that affect legal fees in large chapter 11 cases. Bankruptcy courts have been appointing fee examiners and fee committees in large cases to aid the courts in their duty to ensure that the fees and expenses of estate-paid professionals are reasonable. I've been one of those people charged with helping bankruptcy courts review fees. As such, I've seen first-hand what happens when the professionals involved …
Asset Partitioning And Financial Innovation, Christopher Bruner
Asset Partitioning And Financial Innovation, Christopher Bruner
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Review of the article by Ofer Eldar and Andrew Verstein titled “The Enduring Distinction between Business Entities and Security Interests”, 92 Southern California Law Review, no. 2 (2019).
Nine Into Eleven: Accounting For Common Interest Communities In Bankruptcy, C. Scott Pryor
Nine Into Eleven: Accounting For Common Interest Communities In Bankruptcy, C. Scott Pryor
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Ever more Americans live in a common interest community such as a homeowners’ association or condominium. Common interest communities restrict the uses owners may make of their property but provide benefits to the owners. The community association pays for these benefits by levying assessments on the owners’ property. Common interest communities offer a wide variety of benefits that can be divided into two sorts: public and private. Local municipalities typically provide public benefits at taxpayer expense; private entities usually afford private benefits at the consumer’s expense.
Like both public and private entities, common interest communities can experience the problem of …
Chapter 11 Shapeshifters, Lindsey Simon
Chapter 11 Shapeshifters, Lindsey Simon
Scholarly Works
Logic and equity would seem to demand that when administrative agencies are creditors to a bankrupt debtor, they should have the same status as other creditors. But a creditor agency retains its regulatory authority over the debtor, permitting it to continue with agency business such as conducting enforcement proceedings and awarding licenses. As a result, though bankruptcy law and policy both strongly support equal distribution of the estate, administrative agencies have been able to circumvent these goals through the use of “shapeshifting” behaviors. This Article evaluates two dangerous shapeshifting scenarios:
(1) where the agency avoids the limitations of creditor status …
Municipal Bankruptcy: When Doing Less Is Best, C. Scott Pryor
Municipal Bankruptcy: When Doing Less Is Best, C. Scott Pryor
Scholarly Works
No abstract provided.
The Case For Value Billing In Chapter 11, Nancy B. Rapoport
The Case For Value Billing In Chapter 11, Nancy B. Rapoport
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This article explores the forces contributing to very high professional fees in large Chapter 11 cases and suggests that lawyers might want to consider valuing their services in ways other than the traditional billable hour approach.
Through Gritted Teeth And Clenched Jaw: Court-Initiated Sanctions In Bankruptcy Opinions, Nancy B. Rapoport
Through Gritted Teeth And Clenched Jaw: Court-Initiated Sanctions In Bankruptcy Opinions, Nancy B. Rapoport
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This article discusses what types of behavior can trigger a bankruptcy court's initiation of sanctions against an attorney.
Rethinking Professional Fees In Chapter 11 Cases, Nancy B. Rapoport
Rethinking Professional Fees In Chapter 11 Cases, Nancy B. Rapoport
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This article discusses the many ways in which professional fees can spiral out of control in chapter 11 bankruptcy cases and evaluates the possible ways to monitor and control those fees.
(Almost) Everything We Learned About Pleasing Bankruptcy Judges, We Learned In Kindergarten, Nancy B. Rapoport, Roland Bernier Iii
(Almost) Everything We Learned About Pleasing Bankruptcy Judges, We Learned In Kindergarten, Nancy B. Rapoport, Roland Bernier Iii
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In this essay, we demonstrate that most ethics violations (at least the ones that irritate bankruptcy judges) are also violations of simple rules of behavior that people should have learned in kindergarten.
Bankruptcy Pro Bono Representation Of Consumers: The Seven Deadly Sins, Nancy B. Rapoport, Roland Bernier Iii
Bankruptcy Pro Bono Representation Of Consumers: The Seven Deadly Sins, Nancy B. Rapoport, Roland Bernier Iii
Scholarly Works
This article attempts to walk the reader through the morass left by BAPCPA, using the seven deadly sins as its motif.
Lessons From The Nextwave Saga: The Federal Communications Commission, The Courts, And The Use Of Market Forms To Perform Public Functions, Rodger D. Citron, John A. Rogovin
Lessons From The Nextwave Saga: The Federal Communications Commission, The Courts, And The Use Of Market Forms To Perform Public Functions, Rodger D. Citron, John A. Rogovin
Scholarly Works
No abstract provided.
Enron And The New Disinterestedness - The Foxes Are Guarding The Henhouse, Nancy B. Rapoport
Enron And The New Disinterestedness - The Foxes Are Guarding The Henhouse, Nancy B. Rapoport
Scholarly Works
Discussion of the 2005 amendments to the U.S. Bankruptcy Code as those changes relate to conflicts of interest of investment bankers.
Recent Developments In Bankruptcy Law, Nancy B. Rapoport
Recent Developments In Bankruptcy Law, Nancy B. Rapoport
Scholarly Works
Discussion of 2004 cases regarding bankruptcy law.
Secured Credit And Insolvency Law In Argentina And The U.S.: Gaining Insight From A Comparative Perspective, Guillermo A. Moglia Claps, Julian B. Mcdonnell
Secured Credit And Insolvency Law In Argentina And The U.S.: Gaining Insight From A Comparative Perspective, Guillermo A. Moglia Claps, Julian B. Mcdonnell
Scholarly Works
It is not the purpose of this study to argue for or against changes in the secured credit or insolvency law of Argentina or the U.S. The perpetual clash of interested noted by James Madison and the contemporary pressures of the global economy are likely to assure that these areas of law will be subject to continuing scrutiny in both countries. Instead, we first urge that the law governing the creation and enforcement of security devices and the way in which insolvency laws impact these devices be considered together as part of one system of financing. The power which secured …
Multidisciplinary Practice After In Re Enron: Should The Debate On Mdp Change At All?, Nancy B. Rapoport
Multidisciplinary Practice After In Re Enron: Should The Debate On Mdp Change At All?, Nancy B. Rapoport
Scholarly Works
No abstract provided.
"Retail Choice" Is Coming: Have You Hugged Your Utilities Lawyer Today? (Part Ii), Nancy B. Rapoport, Jeffrey D. Van Niel
"Retail Choice" Is Coming: Have You Hugged Your Utilities Lawyer Today? (Part Ii), Nancy B. Rapoport, Jeffrey D. Van Niel
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This part of the article provides a discussion on the intersection of utilities law and bankruptcy law, pre-BAPCPA. (Part I provides a primer on the history of utilities regulation.)
"Retail Choice" Is Coming: Have You Hugged Your Utilities Lawyer Today? (Part I), Nancy B. Rapoport, Jeffrey D. Van Niel
"Retail Choice" Is Coming: Have You Hugged Your Utilities Lawyer Today? (Part I), Nancy B. Rapoport, Jeffrey D. Van Niel
Scholarly Works
This part of the article provides a primer on the history of utilities regulation. (Part II provides a discussion on the intersection of utilities law and bankruptcy law, pre-BAPCPA.)
Moral Bankruptcy: Modeling Appropriate Attorney Behavior In Bankruptcy Cases, Nancy B. Rapoport
Moral Bankruptcy: Modeling Appropriate Attorney Behavior In Bankruptcy Cases, Nancy B. Rapoport
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This essay discusses how important it is for lawyers, especially senior lawyers, to model appropriate behavior so that the newest lawyers learn how best to behave professionally.
Embracing Descent: The Bankruptcy Of A Business Paradigm For Conceptualizing And Regulating The Legal Profession, Jeffrey W. Stempel
Embracing Descent: The Bankruptcy Of A Business Paradigm For Conceptualizing And Regulating The Legal Profession, Jeffrey W. Stempel
Scholarly Works
Lawyers are said to travel in packs, or at least pairs, and in the popular parlance are often compared to hoards of locusts, herds of cattle, or unruly mobs. However, at least for purposes of assessing concerns with professionalism currently surrounding the bar and the public, whether attorneys are more or less social than other human animals does not matter. My point is simply that lawyers are social beings; like other human beings in social and occupational groups, lawyers behave largely in accordance with group norms, in much the same way peer pressure led Julian English toward juvenile delinquency in …