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Full-Text Articles in Bankruptcy Law
Corporate Governance In The Bankruptcy Reorganization Of Large, Publicly Held Companies, Lynn M. Lopucki, William C. Whitford
Corporate Governance In The Bankruptcy Reorganization Of Large, Publicly Held Companies, Lynn M. Lopucki, William C. Whitford
UF Law Faculty Publications
Part I of this Article describes the context in which the issues of corporate governance typically arise and the common sources of conflict among management, shareholders, and creditors. We also review other studies which bear on the corporate governance issues we address. Part II describes the sources of management power and the means by which that power is limited or controlled by various constituencies. In Part III, we examine the uses managements made of their power. We attempt to assess how much power managements had and for whose benefit they applied it. In Parts II and III, our discussion is …
Patterns In The Bankruptcy Reorganization Of Large Publicly Held Companies, Lynn M. Lopucki, William C. Whitford
Patterns In The Bankruptcy Reorganization Of Large Publicly Held Companies, Lynn M. Lopucki, William C. Whitford
UF Law Faculty Publications
Several recent articles contend that Chapter of the Bankruptcy Code does not provide efficient procedures for redressing the financial distress of large firms. The authors of these articles argue that the creditors of a financially distressed firm would fare better if the corporation's problems were resolved in some other way. The argument has proceeded principally on a theoretical level, since it is virtually impossible to know for certain how firms that have been in Chapter 11 would have fared under a different procedure. We recently completed an extensive empirical study of forty-three Chapter 11 cases involving large, publicly held firms. …
The Trouble With Chapter 11, Lynn M. Lopucki
The Trouble With Chapter 11, Lynn M. Lopucki
UF Law Faculty Publications
The length of time companies remain in bankruptcy reorganization is critically important. During that time, the business is at risk because management incentives are inappropriate, professional fees accrue at a rapid rate, and business uncertainties increase. Creditors may be injured because the reorganizing debtor does not make payments during the case and because some creditors are not entitled to accrue interest during the pendency of the case. In this Article, Professor LoPucki presents data from several studies showing approximately a 150% increase from 1964 to 1987 in the median time companies spend in Chapter 11. Using data from other studies, …