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Full-Text Articles in Law
Valuation Disputes In Corporate Bankruptcy, Kenneth M. Ayotte, Edward R. Morrison
Valuation Disputes In Corporate Bankruptcy, Kenneth M. Ayotte, Edward R. Morrison
Faculty Scholarship
Prior scholarship points to disagreements about valuation and judicial valuation error as key drivers of Chapter 11 outcomes. Avoiding valuation disputes and valuation errors is also the underlying driver of most proposed reforms, from Baird’s auctions to Bebchuk’s options. In this paper, we undertake a detailed examination of bankruptcy court opinions involving valuation disputes. Our paper has two goals. The first is to understand how parties and their expert witnesses justify their opposing views to the judge, and how judges decide between them. The second is to provide practical guidance to judges in resolving valuation disputes. We document surprisingly pervasive …
Mergers, Taxes, And Historical Materialism, Ajay K. Mehrotra
Mergers, Taxes, And Historical Materialism, Ajay K. Mehrotra
Indiana Law Journal
In the last few years, corporate mergers and acquisitions witnessed explosive growth. Although more recent market conditions have halted the latest merger movement, scholars and commentators have used the earlier rise in merger activity to reevaluate the preferential tax treatment granted to those mergers and acquisitions that fall under the U.S. tax law's definition of a corporate "reorganization. " Under the current Internal Revenue Code, neither shareholders nor corporations recognize gain or loss on the exchange of stock or securities in transactions that qualify as a "corporate reorganization." The significance of this tax rule raises a central question: why does …
Bankruptcy Decision Making: An Empirical Study Of Continuation, Edward R. Morrison
Bankruptcy Decision Making: An Empirical Study Of Continuation, Edward R. Morrison
Faculty Scholarship
Many small businesses attempt to reorganize under Chapter 11 of the U.S. Bankruptcy Code, but most are ultimately liquidated instead. Little is known about this shutdown decision. It is widely suspected that the bankruptcy process exhibits a continuation bias, allowing failing businesses to linger under the protection of the court, which resists liquidation even when it is optimal. This paper examines the shutdown decision in a sample of Chapter 11 bankruptcy cases filed in a typical bankruptcy court over the course of a year. The presence of continuation bias is tested along several dimensions – the extent of managerial control …
The Pennsylvania Takeover Disclosure Law: A Statute Waiting To Be Invalidated, Ira P. Tiger
The Pennsylvania Takeover Disclosure Law: A Statute Waiting To Be Invalidated, Ira P. Tiger
Villanova Law Review
No abstract provided.
Banks And Banking - Bank May Finance The Involuntary Takeover Of One Of Its Borrowers And May, In Making Its Loan Decision, Rely On Confidential Information Received From The Takeover Target, John C. Sullivan
Villanova Law Review
No abstract provided.
Feasibility In Chapter X Reorganizations, David R. King
Feasibility In Chapter X Reorganizations, David R. King
Villanova Law Review
No abstract provided.
Corporate Reorganization Under The Bankruptcy Act, Joseph Heffernan
Corporate Reorganization Under The Bankruptcy Act, Joseph Heffernan
Indiana Law Journal
No abstract provided.
Corporate Reorganizations-Can Securities Of The New Corporation Be Forced On Recalcitrant Creditors?
Corporate Reorganizations-Can Securities Of The New Corporation Be Forced On Recalcitrant Creditors?
Indiana Law Journal
No abstract provided.