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Full-Text Articles in Law and Economics
The Fresh Start Paradox: Economic Disaster Relief Available To Title 11 Debtors, Kellsie Davis Ruane
The Fresh Start Paradox: Economic Disaster Relief Available To Title 11 Debtors, Kellsie Davis Ruane
Emory Bankruptcy Developments Journal
The Small Business Administration (“SBA”) has been providing disaster relief in the form of Economic Injury Disaster Loans (“EIDLs”) since its inception in 1953. In the context of the COVID-19 pandemic, the CARES Act charged the SBA with issuing forgivable loans through the Paycheck Protection Program (“PPP”) to small businesses which would otherwise face permanent closure. Though the CARES Act did not specifically grant the SBA authority to do so, the SBA interpreted its powers to include the ability to set requirements for loan approval which were not laid out in the Act itself. Specifically, the SBA promulgated a rule …
Teaching Bankruptcy Valuations To Law Students And Other Unnatural Acts, Jack F. Williams
Teaching Bankruptcy Valuations To Law Students And Other Unnatural Acts, Jack F. Williams
Emory Bankruptcy Developments Journal
We often measure that which we can as opposed to that in which we are most interested, and fail to appreciate the difference between the two. Experts may aid a trier of fact in measuring fair market value, fair value, investment value, or some other measure of value; however, courts make determinations with regard to a legal standard, not a financial standard. For example, “fair valuation” may be used for determinations of insolvency or the “fair and equitable” rule may be used for determinations of chapter 11 cramdown plan confirmation disputes. Other measures of value may be used in determining …
Consumer Bankruptcy In The Neoliberal State, Michael D. Sousa
Consumer Bankruptcy In The Neoliberal State, Michael D. Sousa
Emory Bankruptcy Developments Journal
The rise of financialized capitalism as a component of the neoliberal state has resulted in our debt-based economy, under which utilizing credit—and incurring significant debt—is a necessary strategy for individuals and families to avoid economic marginality and to maintain some semblance of financial security in an evaporated welfare state. The current capitalist logic of differential accumulation and financial expropriation has created perpetually indebted citizens for whom debt needs to be understood as a social power and as a class relation of domination and exploitation between creditors and debtors. Many consumers who experience unmanageable debt often turn to the bankruptcy process …
Alliance Politics In Corporate Debt Restructurings, Diane Lourdes Dick
Alliance Politics In Corporate Debt Restructurings, Diane Lourdes Dick
Emory Bankruptcy Developments Journal
Alliance politics have always been a complicating factor in corporate restructurings. Negotiations between and among large groups of corporate stakeholders naturally require that parties expend time and resources on building coalitions, overcoming holdouts, and fleshing out their collective action. But recent trends suggest that alliance politics—rather than sound financial and economic decisions—may be driving restructuring outcomes, introducing new risks and inefficiencies in the financial markets. For instance, restructuring proponents increasingly use wedge strategies and divide-and-conquer tactics to exacerbate the coordination problems that lenders in large syndicates already face, giving rise to hostile restructurings that have the potential to introduce dangerous …