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Articles 1 - 17 of 17

Full-Text Articles in Law

Managers’ Fiduciary Duties In Financially Distressed Corporations: Chaos In Delaware (And Elsewhere), Rutheford B. Campbell Jr., Christopher W. Frost Apr 2007

Managers’ Fiduciary Duties In Financially Distressed Corporations: Chaos In Delaware (And Elsewhere), Rutheford B. Campbell Jr., Christopher W. Frost

Law Faculty Scholarly Articles

The inherent conflict between creditors and shareholders has long occupied courts and commentators interested in corporate governance. Creditors holding fixed claims to the corporation's assets generally prefer corporate decision making that minimizes the risk of firm failure. Shareholders, in contrast, have a greater appetite for risk, because, as residual owners, they reap the rewards of firm success while sharing the risk of loss with creditors.

Traditionally, this conflict is mediated by a governance structure that imposes a fiduciary duty on the corporation's managers-its officers and directors-to maximize the value of the shareholders' interests in the firm. In this traditional view, …


Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - Theory And Policy, Kelli A. Alces, Larry E. Ribstein, Alan Schwartz, Simone M. Sepe Jan 2007

Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - Theory And Policy, Kelli A. Alces, Larry E. Ribstein, Alan Schwartz, Simone M. Sepe

Journal of Business & Technology Law

No abstract provided.


Directors' Duties In Failing Firms, Larry E. Ribstein, Kelli A. Alces Jan 2007

Directors' Duties In Failing Firms, Larry E. Ribstein, Kelli A. Alces

Journal of Business & Technology Law

No abstract provided.


Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - The Duty To Creditors In Practice, J. William Callison, Mark A. Grovic, James J. Hanks Jr., Roger A. Lane Jan 2007

Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - The Duty To Creditors In Practice, J. William Callison, Mark A. Grovic, James J. Hanks Jr., Roger A. Lane

Journal of Business & Technology Law

No abstract provided.


Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - History & Background, Royce De R. Barondes, Lisa Fairfax, Lawrence A. Hamermesh, Robert Lawless Jan 2007

Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - History & Background, Royce De R. Barondes, Lisa Fairfax, Lawrence A. Hamermesh, Robert Lawless

Journal of Business & Technology Law

No abstract provided.


Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - Presentation Of Much Ado About Little? Directors' Fiduciary Duties In The Vicinity Of Insolvency, Stephen M. Bainbridge Jan 2007

Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - Presentation Of Much Ado About Little? Directors' Fiduciary Duties In The Vicinity Of Insolvency, Stephen M. Bainbridge

Journal of Business & Technology Law

No abstract provided.


Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - Comparative & International Perspectives, Andres Engert, Reid Feldman, Pamela L.J. Huff, Donna W. Mckenzie-Skene Jan 2007

Twilight In The Zone Of Insolvency: Fiduciary Duty And Creditors Of Troubled Companies - Comparative & International Perspectives, Andres Engert, Reid Feldman, Pamela L.J. Huff, Donna W. Mckenzie-Skene

Journal of Business & Technology Law

No abstract provided.


Much Ado About Little? Directors' Fiduciary Duties In The Vicinity Of Insolvency, Stephen M. Bainbridge Jan 2007

Much Ado About Little? Directors' Fiduciary Duties In The Vicinity Of Insolvency, Stephen M. Bainbridge

Journal of Business & Technology Law

No abstract provided.


Fiduciary Duties In Distressed Corporations: Second Generation Issues, Royce De R. Barondes Jan 2007

Fiduciary Duties In Distressed Corporations: Second Generation Issues, Royce De R. Barondes

Journal of Business & Technology Law

No abstract provided.


The Duty To Creditors Reconsidered - Filling A Much Needed Gap In Corporation Law, Richard A. Booth Jan 2007

The Duty To Creditors Reconsidered - Filling A Much Needed Gap In Corporation Law, Richard A. Booth

Journal of Business & Technology Law

No abstract provided.


Why A Fiduciary Duty Shift To Creditors Of Insolvent Business Entities Is Incorrect As A Matter Of Theory And Practice, J. William Callison Jan 2007

Why A Fiduciary Duty Shift To Creditors Of Insolvent Business Entities Is Incorrect As A Matter Of Theory And Practice, J. William Callison

Journal of Business & Technology Law

No abstract provided.


From Production Resources To Peoples Department Stores: A Similar Response By Delaware And Canadian Courts On The Fiduciary Duties Of Directors To Creditors Of Insolvent Companies, Pamela L.J. Huff, Russell C. Silberglied Jan 2007

From Production Resources To Peoples Department Stores: A Similar Response By Delaware And Canadian Courts On The Fiduciary Duties Of Directors To Creditors Of Insolvent Companies, Pamela L.J. Huff, Russell C. Silberglied

Journal of Business & Technology Law

No abstract provided.


Direct Creditor Claims For Breach Of Fiduciary Duty: Is They Is, Or Is They Ain't? A Practitioner's Notes From The Field, Roger A. Lane Jan 2007

Direct Creditor Claims For Breach Of Fiduciary Duty: Is They Is, Or Is They Ain't? A Practitioner's Notes From The Field, Roger A. Lane

Journal of Business & Technology Law

No abstract provided.


Directors' Duty To Creditors Of A Financially Distressed Company: A Perspective From Across The Pond, Donna W. Mckenzie-Skene Jan 2007

Directors' Duty To Creditors Of A Financially Distressed Company: A Perspective From Across The Pond, Donna W. Mckenzie-Skene

Journal of Business & Technology Law

No abstract provided.


Directors' Duty To Creditors And The Debt Contract, Simone M. Sepe Jan 2007

Directors' Duty To Creditors And The Debt Contract, Simone M. Sepe

Journal of Business & Technology Law

No abstract provided.


Gap Filling In The Zone Of Insolvency, Frederick Tung Jan 2007

Gap Filling In The Zone Of Insolvency, Frederick Tung

Journal of Business & Technology Law

No abstract provided.


Bankruptcy Decision Making: An Empirical Study Of Continuation, Edward R. Morrison Jan 2007

Bankruptcy Decision Making: An Empirical Study Of Continuation, Edward R. Morrison

Faculty Scholarship

Many small businesses attempt to reorganize under Chapter 11 of the U.S. Bankruptcy Code, but most are ultimately liquidated instead. Little is known about this shutdown decision. It is widely suspected that the bankruptcy process exhibits a continuation bias, allowing failing businesses to linger under the protection of the court, which resists liquidation even when it is optimal. This paper examines the shutdown decision in a sample of Chapter 11 bankruptcy cases filed in a typical bankruptcy court over the course of a year. The presence of continuation bias is tested along several dimensions – the extent of managerial control …