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The Value Of Soft Variables In Corporate Reorganizations, Michelle M. Harner 2015 University of Maryland Francis King Carey School of Law

The Value Of Soft Variables In Corporate Reorganizations, Michelle M. Harner

Faculty Scholarship

When a company is worth more as a going concern than on a liquidation basis, what creates that additional value? Is it the people, management decisions, the simple synergies of the operating business, or some combination of these types of soft variables? And perhaps more importantly, who owns or has an interest in these soft variables? This article explores these questions under existing legal doctrine and practice norms. Specifically, it discusses the characterization of soft variables under applicable law and in financing documents, and it surveys related judicial decisions. It also considers the overarching public policy and Constitutional implications of ...


When Is A Dog’S Tail Not A Leg?: A Property-Based Methodology For Distinguishing Sales Of Receivables From Security Interests That Secure An Obligation, Steven L. Harris, Charles W. Mooney Jr. 2014 University of Pennsylvania Law School

When Is A Dog’S Tail Not A Leg?: A Property-Based Methodology For Distinguishing Sales Of Receivables From Security Interests That Secure An Obligation, Steven L. Harris, Charles W. Mooney Jr.

Faculty Scholarship

There are two principal ways in which a firm that is owed money payable in the future but needs the money now may use its rights to payment (“receivables”) to obtain the needed financing. It might sell its receivables, or it might borrow and use the receivables as collateral to secure the loan. Different legal consequences follow depending on whether the transaction is a true sale or is a security interest that secures an obligation (a “SISO”).


These legal consequences are particularly salient when the firm enters bankruptcy. If the transaction is a sale, then the buyer can collect the ...


Moving Beyond Marriage: A Proposed Unit Of Presumed Economic Interdependence For Joint Filing Purposes In Bankruptcy And In Tax, Heather V. Graham 2014 Pace University

Moving Beyond Marriage: A Proposed Unit Of Presumed Economic Interdependence For Joint Filing Purposes In Bankruptcy And In Tax, Heather V. Graham

Pace Law Review

In order to promote both equality and efficiency, this Comment proposes that individuals should have the opportunity to file jointly for tax and bankruptcy purposes when they have a relationship predicated upon economic interdependence, as opposed to basing the opportunity to file jointly upon marital status. Part I of this Comment will briefly discuss the history of marriage in the United States. In particular, Part I will discuss the role that the government has had in promoting and regulating marriage and how the treatment of married persons operates to the exclusion of the unmarried. Parts II and III of this ...


When Should Bankruptcy Be An Option (For People, Places, Or Things)?, David A. Skeel Jr. 2014 College of William & Mary Law School

When Should Bankruptcy Be An Option (For People, Places, Or Things)?, David A. Skeel Jr.

William & Mary Law Review

When many people think about bankruptcy, they have a simple left-to-right spectrum of possibilities in mind. The spectrum starts with personal bankruptcy, moves next to corporations and other businesses, and then to municipalities, states, and finally countries. We assume that bankruptcy makes the most sense for individuals; that it makes a great deal of sense for corporations; that it is plausible but a little more suspect for cities; that it would be quite odd for states; and that bankruptcy is unimaginable for a country.

In this Article, I argue that the left-to-right spectrum is sensible but mistaken. After defining “bankruptcy ...


Peticion De Quiebra Directa Por El Acreedor, Carlos Molina Sandoval 2014 SelectedWorks

Peticion De Quiebra Directa Por El Acreedor, Carlos Molina Sandoval

Carlos Molina Sandoval

El pedido de quiebra por el acreedor es una vía sumaria, rápida, en la cual el juez, sin que medie una amplia etapa cognitiva, determina la acreditación de ciertos supuestos y procede a la declaración de la quiebra -y a la posterior orden de subasta de los bienes que integran la masa falencial-. Pero esta sumariedad procesal no tiene entidad suficiente para sustentar la naturaleza ejecutiva del juicio de quiebra.


Chapter 11 With A Happy Ending: The Six Flags Bankruptcy, John Capps, Lauren Sherrell 2014 University of Tennessee, Knoxville

Chapter 11 With A Happy Ending: The Six Flags Bankruptcy, John Capps, Lauren Sherrell

Chapter 11 Bankruptcy Case Studies

This paper discusses the bankruptcy and restructuring that Premier Parks (“Six Flags”) recently underwent in order to return the company to profitability. The discussion begins with a summary of the company’s history and an introduction to the key players in the restructuring process, including the relevant circumstances and management figures responsible for the considerable financial problems that brought Six Flags to make a Chapter 11 filing. Contextually significant factors such as economic and industry conditions, stakeholder motivations, and media occurrences that were particularly relevant are examined as well. The paper provides an account of the bankruptcy proceedings from the ...


Borders Group, Inc.’S Final Chapter: How A Bookstore Giant Failed In The Digital Age, Will Hooper, Mary Katherine Rawls 2014 University of Tennessee, Knoxville

Borders Group, Inc.’S Final Chapter: How A Bookstore Giant Failed In The Digital Age, Will Hooper, Mary Katherine Rawls

Chapter 11 Bankruptcy Case Studies

In 1995, Borders Group, Inc. was the second largest bookstore in America, boasting massive superstores that housed more titles of books, DVDs, and videos than any of its competitors. Despite its early strength and success, a series of unfortunate business decisions and a general failure to keep up with the times sent Borders spiraling down a path to financial ruin. This paper documents the birth, rapid growth, and eventual downfall of Borders Bookstores through the lens of its Chapter 11 Bankruptcy.


In Re Fairpoint Communications, Inc., Patrick Green, Todd Blakeley Skelton 2014 University of Tennessee, Knoxville

In Re Fairpoint Communications, Inc., Patrick Green, Todd Blakeley Skelton

Chapter 11 Bankruptcy Case Studies

FairPoint Communications, Inc. (the “Company”) and its subsidiaries (collectively, “FairPoint”) provide communications services to rural and small business customers in eighteen states.[1] As of December 2009, FairPoint had approximately 1.7 million “access line equivalents (including voice access lines and high-speed data lines, which include digital subscriber lines, or DSL, wireless broadband and cable modem) in service.”[2] Challenges presented by industry competition and innovation, the integration of acquired operations, adverse economic conditions, and changes in customer usage and spending habits contributed to FairPoint and its subsidiaries and affiliates’ filing a voluntary Chapter 11 bankruptcy petition on October 26 ...


Unstayed Non-Default State Judgments And The Bona Fide Dispute Language, William Burton 2014 SelectedWorks

Unstayed Non-Default State Judgments And The Bona Fide Dispute Language, William Burton

Bocconi Legal Papers

This Note begins by discussing involuntary bankruptcy generally, the 1984 amendment made to the code affecting this issue, the relative legislative history, and the development of a definition for bona fide dispute. Second, both approaches for dealing with unstayed non-default state judgments as they relate to the requirements of involuntary bankruptcy will be examined. Third, this Note investigates the persuasiveness and negativities behind both approaches. Finally, in an attempt to resolve the ambiguity and solidify Delaware and Pennsylvania courts and the Circuits courts themselves, a suggestion will be made that the Third Circuit, and eventually the Supreme Court, adopt the ...


Municipal Bankruptcy And Public Pensions: Detroit's Eligibility For Chapter 9 Relief And Legal Restraints On The City's Actions As A Debtor, Jackson T. Garvey 2014 Notre Dame Law School

Municipal Bankruptcy And Public Pensions: Detroit's Eligibility For Chapter 9 Relief And Legal Restraints On The City's Actions As A Debtor, Jackson T. Garvey

Notre Dame Law Review

This Note will seek to address the constitutional and statutory issues raised in the early stages of Detroit’s bankruptcy. Part I will briefly address how Detroit reached the point where municipal bankruptcy became legally possible and politically attractive. It will examine population trends in the city, changes in the character of Detroit’s major industries, and the deterioration of city services.

Part II will provide background information about the history of municipal bankruptcy in America and the constitutional challenges that it has faced. It will attempt to give a base from which to examine the major issues raised by ...


Keeping Current: The Trustee Fought Law (With Equity) And Law Won: The U.S. Supreme Court’S Recent Decision In Law V. Siegel, Juliet M. Moringiello 2014 Widener Law

Keeping Current: The Trustee Fought Law (With Equity) And Law Won: The U.S. Supreme Court’S Recent Decision In Law V. Siegel, Juliet M. Moringiello

Juliet M Moringiello

No abstract provided.


Taxing Bankrupts, Shu-Yi Oei 2014 Boston College Law School

Taxing Bankrupts, Shu-Yi Oei

Boston College Law Review

When a debtor goes bankrupt and limited assets have to be divided between competing creditors, should unpaid taxes owed to the government be paid before the debts owed to other creditors? This Article defends the notion that some tax debts should be awarded priority. Insofar as bankruptcy protection transfers the risk of financial distress from a debtor to her creditors, the tax priority debate should be understood as a fight about how much debtor default risk the government should have to assume relative to other creditors. This Article argues that the government’s share of debtor default risk should be ...


Exploring Chapter 11 Reform: Corporate And Financial Institution Insolvencies; Treatment Of Derivatives -, Michelle M. Harner 2014 University of Maryland Francis King Carey School of Law

Exploring Chapter 11 Reform: Corporate And Financial Institution Insolvencies; Treatment Of Derivatives -, Michelle M. Harner

Congressional Testimony

No abstract provided.


Just Following Orders: The Fifth Circuit's Incomplete Analysis Of Chapter 11 Bankruptcy Cramdown In In Re Village At Camp Bowie, Jordan A. Smith 2014 Boston College Law School

Just Following Orders: The Fifth Circuit's Incomplete Analysis Of Chapter 11 Bankruptcy Cramdown In In Re Village At Camp Bowie, Jordan A. Smith

Boston College Law Review

On February 26, 2013, the U.S. Court of Appeals for the Fifth Circuit in In re Village at Camp Bowie held that the Bankruptcy Code cramdown requirement in 11 U.S.C. § 1129(a)(10) that at least one impaired class accept the reorganization plan did not distinguish between economic and discretionary impairment. Rejecting the Eighth Circuit’s holding that § 1129(a)(10) included a motive inquiry, the Fifth Circuit instead held that no policy implications could be read into the plain language of the provision. This Comment argues that the Fifth Circuit correctly interpreted § 1129(a)(10) as ...


Honesty Is The Best Policy: Why Good Faith Should Be Required In Chapter 7 Bankruptcies Under § 707(A), Justin Forcier 2014 SelectedWorks

Honesty Is The Best Policy: Why Good Faith Should Be Required In Chapter 7 Bankruptcies Under § 707(A), Justin Forcier

Justin Forcier

A circuit split exists in today’s bankruptcy courts over whether § 707(a) of the Code requires a debtor to file his Chapter 7 petition in good faith. Some courts have failed to recognize that allowing bad faith petitions to move forward does not align with the spirit of the bankruptcy system and creates a greater and unnecessary burden on those courts and creditors. Therefore, courts should find there is a good-faith requirement in the Code under § 707(a), because finding so will promote continuity, allow those debtors who did file in good faith to receive a faster resolution, and ...


The Privilege Against Self-Incrimination In Bankruptcy And The Plight Of The Debtor, Timothy R. Tarvin 2014 SelectedWorks

The Privilege Against Self-Incrimination In Bankruptcy And The Plight Of The Debtor, Timothy R. Tarvin

Timothy R Tarvin

An innocent debtor, who is either ignorant of her constitutional right to the privilege against self-incrimination or ineffectual in asserting it, may find herself wrongfully convicted and imprisoned in a criminal matter, due to unwitting complicity in the delivery of testimony or documents in her bankruptcy case. This lack of understanding poses a serious risk to debtors, and especially affects the increasing number of pro se debtors in bankruptcy.

The privilege extends to debtors in bankruptcy proceedings. However, a debtor who fails to properly invoke the privilege waives her rights. This possibility is made more probable because there is no ...


When Should Bankruptcy Be An Option (For People, Places Or Things)?, David A. Skeel Jr. 2014 University of Pennsylvania Law School

When Should Bankruptcy Be An Option (For People, Places Or Things)?, David A. Skeel Jr.

Faculty Scholarship

When many people think about bankruptcy, they have a simple left-to-right spectrum of possibilities in mind. The spectrum starts with personal bankruptcy, moves next to corporations and other businesses, and then to municipalities, states, and finally countries. We assume that bankruptcy makes the most sense for individuals; that it makes a great deal of sense for corporations; that it is plausible but a little more suspect for cities; that it would be quite odd for states; and that bankruptcy is unimaginable for a country.

In this Article, I argue that the left-to-right spectrum is sensible but mistaken. After defining “bankruptcy ...


House Swaps: A Strategic Bankruptcy Solution To The Foreclosure Crisis, Lynn M. LoPucki 2014 University of Michigan Law School

House Swaps: A Strategic Bankruptcy Solution To The Foreclosure Crisis, Lynn M. Lopucki

Michigan Law Review

Since the price peak in 2006, home values have fallen more than 30 percent, leaving millions of Americans with negative equity in their homes. Until the Supreme Court’s 1993 decision in Nobelman v. American Savings Bank, the bankruptcy system would have provided many such homeowners with a remedy. They could have filed bankruptcy, discharged the negative equity, committed to pay the mortgage holders the full values of their homes, and retained those homes. In Nobelman, however, the Court misinterpreted reasonably clear statutory language and invented legislative history to resolve a three-to-one split of circuits in favor of the minority ...


Aspectos Procesales De La Reforma Financiera En Mexico, Jorge E. De Hoyos Walther, De Hoyos y Aviles 2014 SelectedWorks

Aspectos Procesales De La Reforma Financiera En Mexico, Jorge E. De Hoyos Walther, De Hoyos Y Aviles

Jorge E De Hoyos Walther

Resumen de los aspectos procesales de la reforma financiera aprobada en México en el año de 2014. Nuevas facultades de la CONDUSEF y derechos de los usuarios de servicios financieros.


Single Point Of Entry And The Bankruptcy Alternative, David A. Skeel Jr. 2014 University of Pennsylvania Law School

Single Point Of Entry And The Bankruptcy Alternative, David A. Skeel Jr.

Faculty Scholarship

This Essay, which will appear in Across the Great Divide: New Perspectives on the Financial Crisis, a Brookings Institution and Hoover Institution book, begins with a brief overview of concerns raised by the Lehman Brothers bankruptcy about the adequacy of our existing architecture for resolving the financial distress of systemically important financial institutions. The principal takeaway of the first section is that Title II as enacted left most of these issues unanswered. By contrast, the FDIC’s new single point of entry strategy, which is introduced in the second section, can be seen as addressing nearly all of them. The ...


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