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Can The Market Evaluate Legal Regimes? A Response To Professors Rasmussen, Thomas, And Skeel, Lynn M. Lopucki
Can The Market Evaluate Legal Regimes? A Response To Professors Rasmussen, Thomas, And Skeel, Lynn M. Lopucki
UF Law Faculty Publications
Scholarly projects benefit from thoughtful criticism-particularly by those committed to a contrary view. For that reason, I feel fortunate that the three leading proponents of the efficiency of Delaware bankruptcy reorganization have taken the time to respond to our study.' These three critics recognize that the stakes are enormous. As Professor Rasmussen and Professor Thomas put it, the bankruptcy reorganization of large, public companies was "Delawarized" during the decade of the 1990s. If it can be shown that, during the period of Delawarization, the Delaware court provided a wasteful and inefficient reorganization process, it follows that even a very sophisticated …
The Failure Of Public Company Bankruptcies In Delaware And New York: Empirical Evidence Of A "Race To The Bottom", Lynn M. Lopucki, Sara D. Kalin
The Failure Of Public Company Bankruptcies In Delaware And New York: Empirical Evidence Of A "Race To The Bottom", Lynn M. Lopucki, Sara D. Kalin
UF Law Faculty Publications
In the early 1990s, Delaware replaced New York as the jurisdiction of choice for the bankruptcy reorganization of large, public companies. In an empirical study of 188 companies emerging from bankruptcy reorganization from 1983 through 1996, the authors found that the refiling rates for public companies reorganized in Delaware and New York were about five to seven times the refiling rates for companies reorganized in other courts. Nine of the thirty large, public companies emerging in Delaware from 1991 to 1996 (30%) have already refiled. New York rates were higher during the period of New York's dominance than during the …