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Clawbacks: Prospective Contract Measures In An Era Of Excessive Executive Compensation And Ponzi Schemes, Miriam A. Cherry, Jarrod Wong
Clawbacks: Prospective Contract Measures In An Era Of Excessive Executive Compensation And Ponzi Schemes, Miriam A. Cherry, Jarrod Wong
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In the spring of 2009, public outcry erupted over the multi-million dollar bonuses paid to AIG executives even as the company was receiving TARP funds. Various measures were proposed in response, including a 90% retroactive tax on the bonuses, which the media described as a "clawback." Separately, the term "clawback" was also used to refer to remedies potentially available to investors defrauded in the multi-billion dollar Ponzi scheme run by Bernard Madoff. While the media and legal commentators have used the term "clawback" reflexively, the concept has yet to be fully analyzed. In this article, we propose a doctrine of …
Labor Injunctions In Bankruptcy: The Norris-Laguardia Firewall, Michael C. Duff
Labor Injunctions In Bankruptcy: The Norris-Laguardia Firewall, Michael C. Duff
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This article considers whether federal courts, including bankruptcy courts, are authorized to issue injunctions in connection with various kinds of labor disputes arising after the filing of a petition in bankruptcy. The question takes on renewed importance in light of the record number of Chapter 11 bankruptcy filings in 2008, including filings by two of the three major American automakers, which are unionized. Given the increasing complexity of some of these notorious reorganizations, the likelihood of post-petition labor disputes appears to have correspondingly increased. In agreement with the few federal circuits that have considered the question, the article concludes that, …