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Turning The Page: The Demise Of The “Queenan Doctrine” Requiring The Adoption Of A Foreclosure Valuation Methodology In Chapter 11 Cases, Harrison Denman 2017 University of Miami Law School

Turning The Page: The Demise Of The “Queenan Doctrine” Requiring The Adoption Of A Foreclosure Valuation Methodology In Chapter 11 Cases, Harrison Denman

University of Miami Business Law Review

This Article traces the evolution of the default standard applied by bankruptcy courts to valuing a secured lender’s collateral under section 506(a) for purposes of determining whether a “diminution in value” has occurred sufficient to trigger the need for adequate protection. Historically, bankruptcy courts applied a standard premised on the scholarship of Judge Queenan of the Bankruptcy Court for the District of Massachusetts. That standard called for, absent contractual language to the contrary, application of a foreclosure valuation methodology regardless of the actual or anticipated use of such collateral during the chapter 11 cases. In recent years, there ...


Bankruptcy's Gray Area: Are Bankruptcy Courts "Courts Of The United States"?, Angelo G. Labate 2017 Notre Dame Law School

Bankruptcy's Gray Area: Are Bankruptcy Courts "Courts Of The United States"?, Angelo G. Labate

Notre Dame Law Review

This Note seeks to evaluate the circuit split regarding the status of bankruptcy courts and propose a solution to the problem through an efficiency-based lens. After laying out a brief history of bankruptcy in the United States and the current bankruptcy system and outlining the circuit split within the courts of appeals as to the proper definition of “courts of the United States,” this Note will analyze the statutory language, the United States Code, and the relevant historical context to determine if the bankruptcy courts qualify as “courts of the United States.” This Note will argues that the bankruptcy courts ...


How Many #Followers Do You Have?: Evaluating The Rise Of Social Media And Issues Concerning In Re Ctli’S Determination That Social Media Accounts Are Property Of The Estate, Patricia A. Leeson 2017 The Catholic University of America, Columbus School of Law

How Many #Followers Do You Have?: Evaluating The Rise Of Social Media And Issues Concerning In Re Ctli’S Determination That Social Media Accounts Are Property Of The Estate, Patricia A. Leeson

Catholic University Law Review

With the rise of social media use, legal disputes have surfaced with litigants looking to the courts to determine issues of ownership and legal authority. As a matter of first impression, a U.S. Bankruptcy Court in Texas held that a Twitter and Facebook social media account were to be regarded as property of the estate pursuant to Section 541 of the Bankruptcy Code. The court analogized the social media accounts to subscriber lists because they provide valuable access to customers. Although the court addressed the question of whether social media applications are to be regarded as property in bankruptcy ...


Puerto Rico And The Netherworld Of Sovereign Debt Restructuring, Robert K. Rasmussen, Mitu Gulati 2017 University of Southern California

Puerto Rico And The Netherworld Of Sovereign Debt Restructuring, Robert K. Rasmussen, Mitu Gulati

University of Southern California Legal Studies Working Paper Series

Puerto Rico has incurred debt well beyond its ability to repay. It attempted to address its fiscal woes through legislation allowing the restructuring of some its debt. The Supreme Court put a stop to this effort, holding that Congress in the Bankruptcy Code barred the Commonwealth from enacting its own restructuring regime. Yet all agreed that the Bankruptcy Code did not provide anything in its place. While Congress quickly enacted PROMESA in an attempt to address the Puerto Rico’s fiscal ills, we explore in this paper whether Congress has the power to bar Puerto Rico from enacting a restructuring ...


Rethinking Criminal Contempt In The Bankruptcy Courts, John A. E. Pottow, Jason S. Levin 2017 University of Michigan Law School

Rethinking Criminal Contempt In The Bankruptcy Courts, John A. E. Pottow, Jason S. Levin

Law & Economics Working Papers

A surprising number of courts believe that bankruptcy judges lack authority to impose criminal contempt sanctions. We attempt to rectify this misunderstanding with a march through the historical treatment of contempt-like powers in bankruptcy, the painful statutory history of the 1978 Bankruptcy Code (including the exciting history of likely repealed 28 U.S.C. § 1481), and the various apposite rules of procedure. (Fans of the All Writs Act will delight in its inclusion.) But the principal service we offer to the bankruptcy community is dismantling the ubiquitous and persistent belief that there is some form of constitutional infirmity with "mere ...


The New Bond Workouts, William W. Bratton, Adam J. Levitin 2017 University of Pennsylvania Law School

The New Bond Workouts, William W. Bratton, Adam J. Levitin

Faculty Scholarship

Bond workouts are a famously dysfunctional method of debt restructuring, ridden with opportunistic and coercive behavior by bondholders and bond issuers. Yet since 2008 bond workouts have quietly started to work. A cognizable portion of the restructuring market has shifted from bankruptcy court to out-of-court workouts by way of exchange offers made only to large institutional investors. The new workouts feature a battery of strong-arm tactics by bond issuers, and aggrieved bondholders have complained in court. The result has been a new, broad reading of the primary law governing workouts, section 316(b) of the Trust Indenture Act of 1939 ...


The Empty Idea Of “Equality Of Creditors”, David A. Skeel Jr. 2017 University of Pennsylvania Law School

The Empty Idea Of “Equality Of Creditors”, David A. Skeel Jr.

Faculty Scholarship

For two hundred years, the equality of creditors norm—the idea that similarly situated creditors should be treated similarly—has been widely viewed as the most important principle in American bankruptcy law, rivaled only by our commitment to a fresh start for honest but unfortunate debtors. I argue in this Article that the accolades are misplaced. Although the equality norm once was a rough proxy for legitimate concerns, such as curbing self-dealing, it no longer plays this role. Nor does it serve any other beneficial purpose.

Part I of this Article traces the historical emergence and evolution of the equality ...


The Role Of History And Culture In Developing Bankruptcy And Insolvency Systems: The Perils Of Legal Transplantation, Nathalie Martin 2017 Selected Works

The Role Of History And Culture In Developing Bankruptcy And Insolvency Systems: The Perils Of Legal Transplantation, Nathalie Martin

Nathalie Martin

In this Article, Professor Nathalie Martin examines societal attitudes toward debt and financial failure in the context of two global trends, the liberalization of bankruptcy and insolvency laws, and the increased availability of consumer credit around the world. The Article begins with a description of the history of the U.S. economy, its risk-oriented capitalist ethos, its consumer culture, and its resulting consumer and business bankruptcy laws. The Article next briefly addresses the personal bankruptcy systems of Continental Europe, noting that in some places, U.S.-style bankruptcy systems have been enacted but not necessarily accepted. Professor Martin then discusses ...


The Triage And Treatment Of Healthcare Institutions In Distress: How To Involve State Regulators In Healthcare Bankruptcies And Receiverships, Brian P. Stern, Christopher J. Fragomeni 2017 R.I. Superior Court

The Triage And Treatment Of Healthcare Institutions In Distress: How To Involve State Regulators In Healthcare Bankruptcies And Receiverships, Brian P. Stern, Christopher J. Fragomeni

Roger Williams University Law Review

No abstract provided.


National Study Of Individual Chapter 11 Bankruptcies, Richard M. Hynes, Anne Lawton, Margaret Howard 2017 Michigan State University College of Law

National Study Of Individual Chapter 11 Bankruptcies, Richard M. Hynes, Anne Lawton, Margaret Howard

Faculty Publications

No abstract provided.


Rethinking Chapter 13, Lawrence Ponoroff 2017 Michigan State University College of Law

Rethinking Chapter 13, Lawrence Ponoroff

Faculty Publications

No abstract provided.


Puerto Rico And The Netherworld Of Sovereign Debt Restructuring, Mitu Gulati, Robert K. Rasmussen 2017 Duke Law School

Puerto Rico And The Netherworld Of Sovereign Debt Restructuring, Mitu Gulati, Robert K. Rasmussen

Faculty Scholarship

Puerto Rico has incurred debt well beyond its ability to repay. It attempted to address its fiscal woes through legislation allowing the restructuring of some its debt. The Supreme Court put a stop to this effort, holding that Congress in the Bankruptcy Code barred the Commonwealth from enacting its own restructuring regime. Yet all agreed that the Bankruptcy Code did not provide anything in its place. While Congress quickly enacted PROMESA in an attempt to address the Puerto Rico’s fiscal ills, we explore in this paper whether Congress has the power to bar Puerto Rico from enacting a restructuring ...


Federal Policy For Financially-Distressed Subnational Governments: The U.S. States And Puerto Rico, Cheryl D. Block 2017 Washington University School of Law

Federal Policy For Financially-Distressed Subnational Governments: The U.S. States And Puerto Rico, Cheryl D. Block

Washington University Journal of Law & Policy

This Article addresses the aftermath of the Great Recession specifically focusing on its effects at the local and statewide levels. Block uses the financial situation in Puerto Rico to detail the common presumption against the use of federal government assistance to financially-distressed subnational governments. Block then analyzes rebuttal arguments that the states and Puerto Rico might use to overcome the initial presumption against federal assistance and gives suggestions to facilitate the structuring of relief efforts in the rare circumstances when federal intervention is warranted.


The Policy Of Federal Student Loans: Looking Backward And Looking Forward, Aaron Mohr 2017 Washington University School of Law

The Policy Of Federal Student Loans: Looking Backward And Looking Forward, Aaron Mohr

Washington University Journal of Law & Policy

This Note addresses the discrepancies between inflation rates and the cost of higher learning, particularly as a new generation of students finds it more difficult to pursue additional education because student loan burdens continue to outpace real wages. Mohr examines various contributing factors in this imbalance, including rises in tuition costs, the widespread availability of loans, and the difficulty in discharging these debts, to identify the source of the problem. Mohr suggests that the underlying issue is the rising costs of higher education as a function of the availability of loans, and recommends a system of limits on borrowing that ...


The Pasts Fickle Shadow A California Divide Over The Business Records Exception.Pdf, Amir Shachmurove 2016 United States District Court, Middle District of Louisiana

The Pasts Fickle Shadow A California Divide Over The Business Records Exception.Pdf, Amir Shachmurove

Amir Shachmurove

In 2015, the interpretive tranquility that had come to typify the jurisprudence surrounding one of the most well-rooted hearsay exceptions—the business records one (“BRE”)—was suddenly ruptured. In that year, in Sierra Managed Asset Plan, LLC v. Hale (“Hale”) and Unifund CCR LLC v. Dear (“Unifund”), two appellate divisions of the Superior Court of California issued conflicting opinions as to whether a debt assignee may demonstrate the BRE’s elements under California Evidence Code § 1271, thereby conclusively proving its prima facie case, with no more than a declaration of the assignee’s custodian of records. Hale, soon followed by ...


Bankruptcy: Where Attorneys Can Lose Big Even If They Win Big, Stanislav Veyber 2016 Brooklyn Law School

Bankruptcy: Where Attorneys Can Lose Big Even If They Win Big, Stanislav Veyber

Brooklyn Journal of Corporate, Financial & Commercial Law

Historically, bankruptcy attorneys received the short end of the stick and were paid less for their services than attorneys in other fields of law. With the Bankruptcy Reform Act of 1978, Congress attempted to reduce the discrepancy in compensation. However, after the Supreme Court’s decision in Baker Botts v. ASARCO; L.L.C., the playing field remains unequal for bankruptcy attorneys. Following this decision, if a debtor disputes their attorney’s fee application, attorneys are at a disadvantage and cannot recover fees for defending their fee application. As a result, bankruptcy attorneys take an effective pay cut if they ...


Understanding Wellness International Network, Ltd. V. Sharif: The Problems With Allowing Parties To Impliedly Consent To Bankruptcy Court Adjudication Of Stern Claims, Elizabeth Jackson 2016 Brooklyn Law School

Understanding Wellness International Network, Ltd. V. Sharif: The Problems With Allowing Parties To Impliedly Consent To Bankruptcy Court Adjudication Of Stern Claims, Elizabeth Jackson

Brooklyn Journal of Corporate, Financial & Commercial Law

The 2011 Supreme Court case Stern v. Marshall defined which claims bankruptcy courts had the authority to adjudicate, but it’s complicated holding left lower courts perplexed. Specifically, the Stern decision created “Stern claims”—claims that bankruptcy courts have the statutory, but not the constitutional, authority to adjudicate. Subsequent cases, such as Executive Benefits Insurance Agency v. Arkison and Wellness International Network, Ltd. v. Sharif, have grappled with whether Stern claims should be treated as “core” claims, which bankruptcy courts can enter final judgments on, or “non-core” claims, which bankruptcy courts can only enter final judgments on if the litigating ...


Kaplan V. Dutra, 132 Nev. Adv. Op. No. 80 (Dec. 1, 2016) (En Banc), Hayley Cummings 2016 Nevada Law Journal

Kaplan V. Dutra, 132 Nev. Adv. Op. No. 80 (Dec. 1, 2016) (En Banc), Hayley Cummings

Nevada Supreme Court Summaries

The Court, sitting en banc, reviewed a certified question from the United States Bankruptcy Court, determining that under NRS 21.010(1)(u) a debtor is entitled to a personal injury exemption of $16,150 for each personal injury claim.


Robbing Your Rival's Piggybank: The Third Circuit Affirms Bad Faith Dismissals In Involuntary Bankruptcies After In Re Forever Green Athletic Fields, Inc., Nathan L. Rudy 2016 Villanova University Charles Widger School of Law

Robbing Your Rival's Piggybank: The Third Circuit Affirms Bad Faith Dismissals In Involuntary Bankruptcies After In Re Forever Green Athletic Fields, Inc., Nathan L. Rudy

Villanova Law Review

No abstract provided.


Governmental Intervention In An Economic Crisis, Robert Rasmussen, David A. Skeel Jr. 2016 University of Southern California

Governmental Intervention In An Economic Crisis, Robert Rasmussen, David A. Skeel Jr.

University of Southern California Legal Studies Working Paper Series

This paper articulates a framework both for assessing the various government bailouts that took place at the onset of Great Recession and for guiding future rescue efforts when they become necessary. The goals for those engineering a bailout should be to be as transparent as possible, to articulate clearly the reason for the intervention, to respect existing priorities among investors, to exercise control only at the top level where such efforts can be seen by the public, and to exit as soon as possible. By these metrics, some of the recent bailouts should be applauded, while others fell short. We ...


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