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Full-Text Articles in Law
Central Bank Immunity, Sanctions, And Sovereign Wealth Funds, Ingrid W. Brunk
Central Bank Immunity, Sanctions, And Sovereign Wealth Funds, Ingrid W. Brunk
Vanderbilt Law School Faculty Publications
Central bank assets held in foreign countries are entitled to immunity from execution under international law. Even as foreign sovereign immunity in general has become less absolute over time, the trend has been toward greater protection for foreign central bank assets. As countries expand their use of central banks, however, recent cases have limited immunity for certain kinds of sovereign wealth funds held by central banks. Sanctions on foreign central bank assets have also become more common, raising issues about the relation- ship between central bank immunity and the recognition of governments, the relationship between immunity and executive actions, and …
The Problematic Forgotten Buyback, Yesha Yadav
The Problematic Forgotten Buyback, Yesha Yadav
Vanderbilt Law School Faculty Publications
Totaling in excess of $100 billion dollars in transactions annually, debt buybacks allow a company to repurchase bonds from investors, rewriting bargains and stripping away creditor control rights in the process. This Article shows that regulation systematically underprotects bondholders in the context of debt buybacks. It makes three points. First, bondholders confront information asymmetries that enable issuers to buy back creditor claims cheaply. Regulation imposes near negligible requirements on issuers to disclose information about the transaction. Lacking fiduciary protection, bondholder interests are vulnerable to being extinguished by issuers in the interests of promoting those of shareholders and managers. Second, buybacks …