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Bankruptcy Law

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2003

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Articles 1 - 18 of 18

Full-Text Articles in Law

Valuation Averaging: A New Procedure For Resolving Valuation Disputes, Keith Sharfman Dec 2003

Valuation Averaging: A New Procedure For Resolving Valuation Disputes, Keith Sharfman

Rutgers Law School (Newark) Faculty Papers

In this Article, Professor Sharfman addresses the problem of "discretionary valuation": that courts resolve valuation disputes arbitrarily and unpredictably, thus harming litigants and society. As a solution, he proposes the enactment of "valuation averaging," a new procedure for resolving valuation disputes modeled on the algorithmic valuation processes often agreed to by sophisticated private firms in advance of any dispute. He argues that by replacing the discretion of judges and juries with a mechanical valuation process, valuation averaging would cause litigants to introduce more plausible and conciliatory valuations into evidence and thereby reduce the cost of valuation litigation and increase the …


19th Annual Environmental Law Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law Nov 2003

19th Annual Environmental Law Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law

Continuing Legal Education Materials

Materials from the 19th Annual Environmental Law Institute held by UK/CLE in November 2003.


The Logical Structure Of Fraudulent Transfers And Equitable Subordination, David G. Carlson Oct 2003

The Logical Structure Of Fraudulent Transfers And Equitable Subordination, David G. Carlson

Articles

No abstract provided.


Why Do Distressed Companies Choose Delaware? An Empirical Analysis Of Venue Choice In Bankruptcy , Kenneth M. Ayotte, David A. Skeel Jr. May 2003

Why Do Distressed Companies Choose Delaware? An Empirical Analysis Of Venue Choice In Bankruptcy , Kenneth M. Ayotte, David A. Skeel Jr.

All Faculty Scholarship

We analyze a sample of large Chapter 11 cases to determine which factors motivate the choice of filing in one court over another when a choice is available. We focus in particular on the Delaware court, which became the most popular venue for large corporations in the 1990s. We find no evidence of agency problems governing the venue choice or affecting the outcome of the bankruptcy process. Instead, firm characteristics and court characteristics, particularly a court's level of experience, are the most important factors. We find that court experience manifests itself in both a greater ability to reorganize marginal firms …


Enron At The Margin, William H. Widen May 2003

Enron At The Margin, William H. Widen

Articles

No abstract provided.


11th Biennial Judge Joe Lee Bankruptcy Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law May 2003

11th Biennial Judge Joe Lee Bankruptcy Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law

Continuing Legal Education Materials

Materials from the 11th Biennial Judge Joe Lee Bankruptcy Institute held May 2003.


Approving Employee Retention And Severance Programs Judicial Discretion Run Amuck, A. Mechele Dickerson Apr 2003

Approving Employee Retention And Severance Programs Judicial Discretion Run Amuck, A. Mechele Dickerson

Faculty Publications

No abstract provided.


Behavioral Approach To Analyzing Corporate Failures, A. Mechele Dickerson Apr 2003

Behavioral Approach To Analyzing Corporate Failures, A. Mechele Dickerson

Faculty Publications

Recent corporate failures indicate that existing laws fail to give boards of directors adequate incentives to acknowledge that some financially troubled firms simply cannot be salvaged. Relying primarily on insights from law and behavioral science literature, this Article notes that directors have a natural tendency to underestimate risks and overestimate their ability to save an insolvent or near insolvent firm. This Article urges the imposition of a duty to file a timely bankruptcy petition because such a duty will encourage directors to consider the interests of all the firms' constituents, including workers, creditors, and the local community, when making decisions …


Creditors' Ball: The "New" New Corporate Governance In Chapter 11, David A. Skeel Jr. Mar 2003

Creditors' Ball: The "New" New Corporate Governance In Chapter 11, David A. Skeel Jr.

All Faculty Scholarship

In the 1980s and early 1990s, many observers believed that the American corporate bankruptcy laws were desperately inefficient. The managers of the debtor stayed in control as "debtor in possession" after filing for bankruptcy, and they had the exclusive right to propose a reorganization plan for at least the first four months of the case, and often far longer. The result was lengthy cases, deteriorating value and numerous academic proposals to replace Chapter 11 with an alternative regime. In the early years of the new millennium, bankruptcy could not look more different. Cases proceed much more quickly, and they are …


Muddy Property: Generating And Protecting Information Privacy Norms In Bankruptcy, Edward J. Janger Mar 2003

Muddy Property: Generating And Protecting Information Privacy Norms In Bankruptcy, Edward J. Janger

Faculty Scholarship

No abstract provided.


Muddy Property: Generating And Protecting Information Privacy Norms In Bankruptcy, Edward J. Janger Mar 2003

Muddy Property: Generating And Protecting Information Privacy Norms In Bankruptcy, Edward J. Janger

Faculty Scholarship

No abstract provided.


The Implied Waiver Solution To The Problem Of Privilege In The Individual Bankruptcy Case, Laura B. Bartell Jan 2003

The Implied Waiver Solution To The Problem Of Privilege In The Individual Bankruptcy Case, Laura B. Bartell

Law Faculty Research Publications

No abstract provided.


Making Sense Of Successor Liability, Marie T. Reilly Jan 2003

Making Sense Of Successor Liability, Marie T. Reilly

Journal Articles

A firm that buys assets from another firm ordinarily does not acquire liability to the seller's creditors simply by buying its assets. This ordinary rule is subject to important exceptions. The buyer's consent triggers an exception. If a buyer agrees to assume the seller's liability to third parties, it is for that reason liable. This article considers a more controversial exception - successor liability. When a court decides that an asset acquirer should be treated as a "successor" to the transferor, it is liable for the transferor's debts as though it were the transferor.


Mercy, Rehabilitation, And Quid Pro Quo: A Radical Reassessment Of Individual Bankruptcy, 64 Ohio St. L.J. 855 (2003), Jason Kilborn Jan 2003

Mercy, Rehabilitation, And Quid Pro Quo: A Radical Reassessment Of Individual Bankruptcy, 64 Ohio St. L.J. 855 (2003), Jason Kilborn

UIC Law Open Access Faculty Scholarship

Chapter 7 "straight" bankruptcy discharge is a radical policy that has outlived its usefulness. This policy grants most individual debtors complete discharge of indebtedness from their creditors for little more than a filing fee. This article argues that straight bankruptcy should be abolished. In its place, individuals seeking debt relief should be required by statute to participate in a wage assignment plan for a limited period. In support of this argument the article challenges the three rationales for the validity of straight bankruptcy discharge: (1) the creditor-protection or "collection" rationale,; (2) the "mercy" rationale; and (3) the "rehabilitation" rationale. When …


Researching Bankruptcy Law On The Internet, Timothy L. Coggins Jan 2003

Researching Bankruptcy Law On The Internet, Timothy L. Coggins

Law Faculty Publications

Attorneys researching bankruptcy law use a diverse collection of print resources to locate bankruptcy primary and secondary sources. Bankruptcy code provisions appear in Title 11 of the codified federal statutes, available either in the official U.S. Code (published by the U.S. Government Printing Office) or one of the two commercially published unofficial codes, U.S.C.A. (Thomson-West) and the U.S.C.S. (LexisNexis). Attorneys find bankruptcy rules and official forms (Rules 1-9036; Forms 1-35) in the same three sets. Researchers often find the unofficial codes preferable because they are annotated with case summaries and references to other materials and are supplemented more frequently than …


Can Majority Voting Provisions Do It All?, David A. Skeel Jr. Jan 2003

Can Majority Voting Provisions Do It All?, David A. Skeel Jr.

All Faculty Scholarship

No abstract provided.


Avoiding Moral Bankruptcy, David A. Skeel Jr. Jan 2003

Avoiding Moral Bankruptcy, David A. Skeel Jr.

All Faculty Scholarship

Faced with hundreds of clergy sexual misconduct cases last year, the Archdiocese of Boston hinted that it was considering filing for bankruptcy. Although it is hard to imagine an archdiocese or church filing for bankruptcy, bankruptcy has become an important forum for many social issues that cannot be easily resolved elsewhere. This Article explores the implications of a religious organization bankruptcy filing by focusing on four problems with the bankruptcy alternative: the possibility of dismissal for being filed in bad faith; the question of what church assets are subject to the process; the fact that the church might be subject …


The Nature Of The Bankrupt Firm: A Response To Baird And Rasmussen's "The End Of Bankruptcy", Lynn M. Lopucki Jan 2003

The Nature Of The Bankrupt Firm: A Response To Baird And Rasmussen's "The End Of Bankruptcy", Lynn M. Lopucki

UF Law Faculty Publications

In an article recently published in the Stanford Law Review Professors Douglas G. Baird and Robert K. Rasmussen assert that big-case bankruptcy reorganizations have "all but disappeared" and give three theoretical explanations. This reply provides empirical evidence that the assertion is wrong; reorganizations not only survive but are booming. It then explains how their theoretical explanations led Baird and Rasmussen to the wrong conclusion. In their first explanation, Baird and Rasmussen note that modern firms have few firm-specific or dedicated assets. From that observation, they argue that the firms have no going concern value. This reply argues that the going …