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Cardozo Law Review

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Full-Text Articles in Bankruptcy Law

Secured Lending As A Zero-Sum Game, David Gray Carlson May 1998

Secured Lending As A Zero-Sum Game, David Gray Carlson

Cardozo Law Review

This Article claims that law and economics literature made a profound mistake when it tried to adapt the Modigliani-Miller irrelevance hypothesis-famous in corporate finance theory-to the question of why it pays a debtor to issue secured debt as well as unsecured debt. The literature that is criticized claims that lending is a zero-sum game. If the debtor saves money from the secured loan, the debtor simply pays more later to an unsecured claim. Some "disturbing cause" must exist to disrupt the zero-sum game and render security interests rational for the debtor. The author rigorously shows, however, that the zero-sum quality …


A Case Of Misplaced Priorities: A Proposed Solution To Resolve The Apparent Conflict Between Sections 507 And 1113 Of The Bankruptcy Code, Steven Kropp Jan 1997

A Case Of Misplaced Priorities: A Proposed Solution To Resolve The Apparent Conflict Between Sections 507 And 1113 Of The Bankruptcy Code, Steven Kropp

Cardozo Law Review

A single corporate bankruptcy is like a pebble thrown into a pond: the ripples keep extending out. Every bankruptcy filing has negative consequences for the corporation's creditors, including its workers. Indeed, a corporate bankruptcy may push many small creditors over the financial brink and even force some of them to file for bankruptcy.


The Manville Personal Injury Settlement Trust: Lessons For The Future, Frank J. Macchiarola Jan 1996

The Manville Personal Injury Settlement Trust: Lessons For The Future, Frank J. Macchiarola

Cardozo Law Review

I will outline the story of the Manville Personal Injury Settlement Trust. While reading this tale, I urge the reader to ask the following questions: Was the Trust procedure effective? Could other procedures have better resolved the difficulties faced by asbestos victims? Could these other procedures fit into the legal framework, or does equity demand that a workable solution fall outside the legal structure? Could the system developed for the Trust be adapted for future mass torts, or did it simply result from compromises that would not have occurred save for the fact that there was no "bottomless pit" of …


Anti-Intellectualism, Pierre Schlag Jan 1995

Anti-Intellectualism, Pierre Schlag

Cardozo Law Review

There is a recurrent sameness to American legal thought. It is the sameness that comes from saying over and over again what the law is and saying it, of course, in a way that conforms with the law itself.


Table Of Contents - Cardozo Law Review, Volume 16, Issue 1 Aug 1994

Table Of Contents - Cardozo Law Review, Volume 16, Issue 1

Cardozo Law Review

No abstract provided.


The New Rawlsian Theory Of Bankruptcy Ethics, Mary Josephine Newborn Aug 1994

The New Rawlsian Theory Of Bankruptcy Ethics, Mary Josephine Newborn

Cardozo Law Review

Bankruptcy law was once considered a rather insular sub-specialty of commercial law. Bankruptcy scholars of an earlier time devoted their energies to drafting bankruptcy legislation, mastering its particulars, and systematizing the case law. When these scholars attempted to locate larger themes in bankruptcy, they labored with great deference to positive expressions of bankruptcy's purpose.


The Priority Of Postpetition Retainers, Carve-Outs, And Interim Compensation Under The Bankruptcy Code, Criag B. Cooper Apr 1994

The Priority Of Postpetition Retainers, Carve-Outs, And Interim Compensation Under The Bankruptcy Code, Criag B. Cooper

Cardozo Law Review

Although attorneys are specifically granted an administrative expense priority pursuant to section 507(a)(1) of the Bankruptcy Code ("Code"), other creditors might have even higher priorities. Three such examples come to mind. First, if a secured creditor has been promised adequate protection of its collateral which subsequently fails, the secured party is given a higher priority under section 507(b). Second, a debtor-in-possession ("DIP") under the authority of section 364(c)(1) may grant to a postpetition lender a higher priority than the one provided in section 507(a)(1). Third, if a Chapter 11 case is converted to Chapter 7 the fate of 90 percent …


Table Of Contents - Cardozo Law Review, Volume 15, Issue 5 Mar 1994

Table Of Contents - Cardozo Law Review, Volume 15, Issue 5

Cardozo Law Review

No abstract provided.


The Fallacies Of Contemporary Fraudulent Transfer Models As Applied To Intercorporate Guaranties: Fradulent Transfer Law As A Fuzzy System, Jack F. Williams Mar 1994

The Fallacies Of Contemporary Fraudulent Transfer Models As Applied To Intercorporate Guaranties: Fradulent Transfer Law As A Fuzzy System, Jack F. Williams

Cardozo Law Review

Fraudulent transfers and obligations are as varied as fish in the sea. Gifts by insolvents, bogus sales by a debtor to his or her relative, highly leveraged transactions, recapitalizations, real property foreclosures-none escapes the panoptic scrutiny of fraudulent transfer law. Some of these transfers have no legitimate business purpose and are easily condemned, while others are economically beneficial and are not so easily or confidently dispatched.


Adequate Protection Payments And The Surrender Of Cash Collateral In Chapter 11 Reorganization, David G. Carlson Mar 1994

Adequate Protection Payments And The Surrender Of Cash Collateral In Chapter 11 Reorganization, David G. Carlson

Cardozo Law Review

The Bankruptcy Code is deeply confused about the metaphysics of the undersecured creditor. In general, it wants to stop the clock on creditor claims. Creditor claims are allowed as of the day of the bankruptcy petition; they may not grow over time. Thus, postpetition interest is forbidden, because this would admit that time exists. But, inconsistently, postpetition interest is allowed to oversecured creditors-though only to the extent of the equity cushion. Thus, time is not abolished for oversecured creditors. Yet every oversecured creditor is implicitly an undersecured creditor, and perhaps vice versa. That is to say, once an equity …


Developments In Trading Claims: Participations And Disputed Claims, Chaim J. Fortgang, Thomas Moers Mayer Dec 1993

Developments In Trading Claims: Participations And Disputed Claims, Chaim J. Fortgang, Thomas Moers Mayer

Cardozo Law Review

The two years since our last paper on trading claims' have seen an explosion in the market for claims against Chapter 11 debtors. More institutions are involved in buying, selling, and brokering claims than ever before. Goldman, Sachs & Company, Salomon Brothers Inc., Lazard Freres & Company, Inc., and Kidder Peabody & Company have joined Oppenheimer & Company, and Bear, Stearns & Company as established Wall Street houses making markets in distressed claims. Commercial banks such as First National Bank of Chicago, ING Bank, and Citibank, N.A. now buy and sell bank claims against distressed debtors.


Bankruptcy Versus Environmental Protection: Discharging Future Cercla Liability In Chapter 11, Philippe J. Kahn May 1993

Bankruptcy Versus Environmental Protection: Discharging Future Cercla Liability In Chapter 11, Philippe J. Kahn

Cardozo Law Review

No abstract provided.


Protecting Retiree Medicial Benefits In Bankruptcy: The Scope Of Section 1114 Of The Bankruptcy Code, Susan J. Stabile May 1993

Protecting Retiree Medicial Benefits In Bankruptcy: The Scope Of Section 1114 Of The Bankruptcy Code, Susan J. Stabile

Cardozo Law Review

No abstract provided.


Secured Creditors And Section 15(A)(1) Of The Fair Labor Standards Act: The Supreme Court Creates A New Property Interest, Henry Bregstein May 1993

Secured Creditors And Section 15(A)(1) Of The Fair Labor Standards Act: The Supreme Court Creates A New Property Interest, Henry Bregstein

Cardozo Law Review

No abstract provided.


What Courts Do To Secured Creditors In Chapter 11 Cram Down, Jack Friedman Apr 1993

What Courts Do To Secured Creditors In Chapter 11 Cram Down, Jack Friedman

Cardozo Law Review

No abstract provided.


The Non-Traceable 7501 Tax Trust And Bankruptcy Superpriority, Wayne Rodney Nov 1992

The Non-Traceable 7501 Tax Trust And Bankruptcy Superpriority, Wayne Rodney

Cardozo Law Review

No abstract provided.


Bankruptcy And Subleases: The Depravity Of Privity, Rhonda S. Berliner Aug 1992

Bankruptcy And Subleases: The Depravity Of Privity, Rhonda S. Berliner

Cardozo Law Review

No abstract provided.


The Road To Repose: Limitations On Avoidance Actions In Chapter 11 Via 11 U.S.C. § 546(A)(2), Paul David Brusiloff Apr 1992

The Road To Repose: Limitations On Avoidance Actions In Chapter 11 Via 11 U.S.C. § 546(A)(2), Paul David Brusiloff

Cardozo Law Review

No abstract provided.


Taking Interest In A Cure: Compensation For Time Value Of Chapter 13 Residential Mortgage Arrears, Jonathan S. Fields Apr 1992

Taking Interest In A Cure: Compensation For Time Value Of Chapter 13 Residential Mortgage Arrears, Jonathan S. Fields

Cardozo Law Review

No abstract provided.


The Asbestos Claims Management Act Of 1991: A Proposal To The United States Congress, Lester Brickman Apr 1992

The Asbestos Claims Management Act Of 1991: A Proposal To The United States Congress, Lester Brickman

Cardozo Law Review

No abstract provided.


Developments In Trading Claims And Taking Control Of Corporations In Chapter 11, Chaim J. Fortgang, Thomas Moers Mayer Oct 1991

Developments In Trading Claims And Taking Control Of Corporations In Chapter 11, Chaim J. Fortgang, Thomas Moers Mayer

Cardozo Law Review

No abstract provided.


Claims And Control In Chapter 11 Cases: A Call For Neutrality, Herbert P. Minkel Jr., Cynthia A. Baker Oct 1991

Claims And Control In Chapter 11 Cases: A Call For Neutrality, Herbert P. Minkel Jr., Cynthia A. Baker

Cardozo Law Review

No abstract provided.


Tolerance: The Bridge Between Religious Liberty And Privacy, David Rudenstine Feb 1991

Tolerance: The Bridge Between Religious Liberty And Privacy, David Rudenstine

Cardozo Law Review

No abstract provided.


Stockbroker Liquidations Under The Securities Investor Protection Act And Their Impact On Securities Transfers, Michael E. Don, Josephine Wang Dec 1990

Stockbroker Liquidations Under The Securities Investor Protection Act And Their Impact On Securities Transfers, Michael E. Don, Josephine Wang

Cardozo Law Review

No abstract provided.


Trading Claims And Taking Control Of Corporations In Chapter 11, Chaim J. Fortgang, Thomas Moers Mayer Oct 1990

Trading Claims And Taking Control Of Corporations In Chapter 11, Chaim J. Fortgang, Thomas Moers Mayer

Cardozo Law Review

No abstract provided.


An Individual Debtor’S Right To Avoid Liens Under Section 506(D) Of The Bankruptcy Code, Tracy Springer Oct 1990

An Individual Debtor’S Right To Avoid Liens Under Section 506(D) Of The Bankruptcy Code, Tracy Springer

Cardozo Law Review

No abstract provided.


Suretyship As Adequate Protection In Bankruptcy: The Status Of Unsecured Third Party Guaranties Under Section 361 Of The Bankruptcy Code, Stephen A. Weiss Oct 1990

Suretyship As Adequate Protection In Bankruptcy: The Status Of Unsecured Third Party Guaranties Under Section 361 Of The Bankruptcy Code, Stephen A. Weiss

Cardozo Law Review

No abstract provided.


Forms, Charles M. Yablon Jul 1990

Forms, Charles M. Yablon

Cardozo Law Review

No abstract provided.


"Killing The Husband": Disallowing Contingent Claims For Contribution Or Indemnity In Bankruptcy, Donald R. Korobkin May 1990

"Killing The Husband": Disallowing Contingent Claims For Contribution Or Indemnity In Bankruptcy, Donald R. Korobkin

Cardozo Law Review

No abstract provided.


Structured Finance: The New Way To Securitize Assets, Steven L. Schwarcz Feb 1990

Structured Finance: The New Way To Securitize Assets, Steven L. Schwarcz

Cardozo Law Review

No abstract provided.