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Full-Text Articles in Law
Let's Get It Straight: The Effect Of Fehribach, The Ha2003 Liquidating Trust, And Joyce On A Debtor's Pre-Bankruptcy Professionals And Where To Go From Here, Jamie L. Johnson
Let's Get It Straight: The Effect Of Fehribach, The Ha2003 Liquidating Trust, And Joyce On A Debtor's Pre-Bankruptcy Professionals And Where To Go From Here, Jamie L. Johnson
Seventh Circuit Review
The Seventh Circuit has recently decided a trilogy of cases in which stockholders or creditors attempted to hold a business’s professionals—such as financial advisors and investment bankers—liable for the losses they suffered as a result of the business’s bankruptcy or financial demise. In all three of the cases, Fehribach v. Ernst & Young LLP, The HA2003 Liquidating Trust v. Credit Suisse Securities (USA) LLC, and Joyce v. Morgan Stanley & Co., the Seventh Circuit declined to hold the professionals liable, thereby eliminating a potential “deep pocket” for the creditors or stockholders. The outcomes of these cases were …
Bankruptcy Vérité, Lynn M. Lopucki, Joseph W. Doherty
Bankruptcy Vérité, Lynn M. Lopucki, Joseph W. Doherty
Michigan Law Review
In the empirical study we report in Bankruptcy Fire Sales, we compared the recoveries from the going-concern bankruptcy sales of twenty-five large, public companies with the recoveries from the bankruptcy reorganizations of thirty large, public companies. We found that, controlling for the asset size of the company and its presale or pre-reorganization earnings ("EBITDA"), reorganization recoveries were more than double sale recovenes. We are honored that Professor James J. White has chosen to comment on our study. White is an eloquent defender of the status quo, pulls no punches, and always has something interesting to say. Bankruptcy Noir is …
The Corporate Governance And Public Policy Implications Of Activist Distressed Debt Investing, Michelle M. Harner
The Corporate Governance And Public Policy Implications Of Activist Distressed Debt Investing, Michelle M. Harner
Fordham Law Review
Activist institutional investors traditionally have invested in a company's equity to try to influence change at the company. Some of these investors, however, are now purchasing a company's debt for this same purpose. They may seek to change a company's management and board personnel, operational strategies, asset holding, or capital structure. The Chapter 11 bankruptcy cases of Allied Holdings, Inc. and its affiliates exemplify the stategies of activist distressed debt investors. In the Allied cases, Yucaipa Companies, a distressed debt investor, puchased approximately 66% of Allied's outstanding general unsecured bond debt. Yucaipa used this debt position to exert significant influence …
Can The Trustee Recover? Imputation Of Fraud To Bankruptcy Trustees In Suits Against Third-Party Service Providers, Samuel C. Wasserman
Can The Trustee Recover? Imputation Of Fraud To Bankruptcy Trustees In Suits Against Third-Party Service Providers, Samuel C. Wasserman
Fordham Law Review
Corporate fraud has become a familiar headline over the last decade and has forced several companies whose managers have committed that fraud to file for bankruptcy. In these cases, a trustee will often be appointed to represent and manage the bankruptcy estate. This trustee is vested with the rights of the debtor corporation upon filing and may try to sue third-party service providers (e.g., accounting firms, law firms, investment banks) for conspiring in, or negligently failing to detect, the fraud. Federal and state courts have disagreed over whether the bankruptcy trustee should be permitted to recover damages from these third …
Attorneys As Debt Relief Agencies: Constitutional Considerations, Marisa Terranova
Attorneys As Debt Relief Agencies: Constitutional Considerations, Marisa Terranova
Fordham Journal of Corporate & Financial Law
No abstract provided.
In Re Davis, Adam Schlusselberg