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Articles 1 - 10 of 10
Full-Text Articles in Law
Implementing Symmetric Treatment Of Financial Contracts In Bankruptcy And Bank Insolvency, Edward Janger
Implementing Symmetric Treatment Of Financial Contracts In Bankruptcy And Bank Insolvency, Edward Janger
Faculty Scholarship
No abstract provided.
A Model-Law Approach To Restructuring Unsustainable Sovereign Debt, Steven L. Schwarcz
A Model-Law Approach To Restructuring Unsustainable Sovereign Debt, Steven L. Schwarcz
Faculty Scholarship
Unresolved sovereign debt problems are hurting debtor nations, their citizens and their creditors, and also can pose serious systemic threats to the international financial system. The existing contractual restructuring approach is insufficient to make sovereign debt sustainable. Although a more systematic legal resolution framework is needed, a formal multilateral approach, such as a treaty, is not currently politically viable. An informal model-law approach should be legally, politically and economically feasible. This informal approach would not require multilateral acceptance. Because most sovereign debt contracts are governed by either New York or English law, it would be sufficient if one or both …
Derivatives And Collateral: Balancing Remedies And Systemic Risk, Steven L. Schwarcz
Derivatives And Collateral: Balancing Remedies And Systemic Risk, Steven L. Schwarcz
Faculty Scholarship
U.S. bankruptcy law grants special rights and immunities to creditors in derivatives transactions, including virtually unlimited enforcement rights. This Article examines whether exempting those transactions from bankruptcy’s automatic stay, including the stay of foreclosure actions against collateral, is necessary or appropriate in order to minimize systemic risk.
The Failed Reform: Congressional Crackdown On Repeat Chapter 13 Bankruptcy Filers, Sara Sternberg Greene
The Failed Reform: Congressional Crackdown On Repeat Chapter 13 Bankruptcy Filers, Sara Sternberg Greene
Faculty Scholarship
After decades of lobbying to “get tough” on bankruptcy repeat filers, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The Bankruptcy Code now requires that the automatic stay, which prevents creditors from pursuing the property of bankruptcy debtors, expires after thirty days for petitioners who file for bankruptcy within one year of a previously failed petition. Debtors can file a motion to extend the stay, but there is a presumption of a bad faith filing, only overcome if a debtor can show there has been a “substantial change in his or her financial or personal …
Disciplining The Financial Failure: An Exploration Of Bankruptcy Law As An Active Discourse In Market Capitalism, Linda E. Coco
Disciplining The Financial Failure: An Exploration Of Bankruptcy Law As An Active Discourse In Market Capitalism, Linda E. Coco
Faculty Scholarship
No abstract provided.
The Value Of Soft Variables In Corporate Reorganizations, Michelle M. Harner
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 …
The Logic And Limits Of Liens, Edward Janger
The Logic And Limits Of Liens, Edward Janger
Faculty Scholarship
No abstract provided.
The Logic And Limits Of Liens, Edward J. Janger
The Logic And Limits Of Liens, Edward J. Janger
Faculty Scholarship
No abstract provided.
Rules Of Thumb For Intercreditor Agreements, Edward R. Morrison
Rules Of Thumb For Intercreditor Agreements, Edward R. Morrison
Faculty Scholarship
Intercreditor agreements frequently restrict the extent to which subordinated creditors can participate in the bankruptcy process by, for example, contesting liens of senior lenders, objecting to a cash collateral motion, or even exercising the right to vote on a plan of reorganization. Because intercreditor agreements can reorder the bargaining environment in bankruptcy, some judges have been unsure about their enforceability. Other judges have not hesitated to enforce the agreements, at least when they do not restrict the voting rights of subordinated creditors. This essay argues that intercreditor agreements are controversial because they pose a trade-off: they reduce bargaining costs (by …
Leverage, Default, And Mortality: Evidence From Cancer Diagnoses, Arpit Gupta, Edward R. Morrison, Catherine Fedorenko, Scott Ramsey
Leverage, Default, And Mortality: Evidence From Cancer Diagnoses, Arpit Gupta, Edward R. Morrison, Catherine Fedorenko, Scott Ramsey
Faculty Scholarship
This paper tests whether housing wealth mitigates the effects of health shocks on financial stress and mortality. We link cancer records to mortgage, bankruptcy, foreclosure, and credit report data. We find that cancer diagnoses are financially destabilizing even for households with health insurance, but the effect is driven by households without home equity. Households with equity extract it (by refinancing a mortgage or taking out a second). They are also more likely to accept recommended therapies and have higher post-diagnosis survival rates. Our findings show that housing wealth plays an important role in understanding how individuals buffer idiosyncratic shocks.