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Chapter 9 Plan Confirmation Standards And The Role Of State Choices, Juliet Moringiello
Chapter 9 Plan Confirmation Standards And The Role Of State Choices, Juliet Moringiello
Juliet M Moringiello
Because so few municipalities have ever filed for bankruptcy, none of the Chapter 9 confirmation standards have benefitted from extensive judicial scrutiny. The standards are particularly undeveloped as applied to cities and counties, whose debt structure and service obligations are more complicated and diverse than those of the special purpose districts whose cases generate the vast majority of Chapter 9 judicial opinions. The lack of clarity is not only bad for distressed cities and their creditors, it is undesirable from a public policy standpoint. States can choose whether to permit their municipalities to file for bankruptcy, and clear plan confirmation …
When Does Some Federal Interest Require A Different Result?: An Essay On The Use And Misuse Of Butner V. United States, Juliet Moringiello
When Does Some Federal Interest Require A Different Result?: An Essay On The Use And Misuse Of Butner V. United States, Juliet Moringiello
Juliet M Moringiello
Thousands of judges and scholars have relied on the statement in the 1979 Supreme Court opinion in Butner v. United States that “property interests are created and defined by state law . . . unless some federal interest requires a different result.” Often, they cite to the statement as a policy constraint that elevates state property law over federal bankruptcy law. This Essay, written for the American Bankruptcy Institute – University of Illinois Symposium on Chapter 11 Reform, posits that the Butner rule is not as broadly applicable as commonly believed. To do so, the Essay surveys some notable uses …