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The Crypto Quandary: Is Bankruptcy Ready?, Megan McDermott 2021 Northwestern Pritzker School of Law

The Crypto Quandary: Is Bankruptcy Ready?, Megan Mcdermott

Northwestern University Law Review

As the United States grapples with how best to manage a global pandemic, bankruptcy courts are bracing for the inevitable fallout from COVID-19. As we saw in the wake of the 2008 financial crisis, hard- hit businesses will need to reorganize to adjust to new conditions, while out- of-work consumers will need debt relief options. But there will be a new twist for this impending wave of bankruptcies: how should bankruptcy courts deal with crypto assets like Bitcoin? This Essay argues that the rise of cryptocurrency investments over the last decade poses serious complications for the next round of consumer ...


Lessons Learned: Robert Hoyt, Esq., Yasemin Esmen 2021 Yale University

Lessons Learned: Robert Hoyt, Esq., Yasemin Esmen

Journal of Financial Crises

Robert Hoyt was General Counsel at the U.S. Department of Treasury between 2006 and 2009. He oversaw legal aspects of policies implemented to manage the crisis, including the rescues of Bear Stearns, AIG, and the U.S. Auto industry, the conservatorship of Fannie Mae and Freddie Mac, and the failure of Lehman Brothers, as well as the creation and implementation of the Troubled Asset Relief Program (TARP.) This Lessons Learned is based on a phone interview with Mr. Hoyt.


The Rescue Of Fannie Mae And Freddie Mac – Module A: The Conservatorships, Daniel Thompson, Rosalind Z. Wiggins 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac – Module A: The Conservatorships, Daniel Thompson, Rosalind Z. Wiggins

Journal of Financial Crises

Two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), dominated the secondary mortgage market during the US housing crisis, collectively holding or guaranteeing $5.3 trillion in mortgage assets by late 2007. As the crisis escalated, the two GSEs began to report substantial losses and their survival became uncertain. On September 6, 2008, the GSEs’ new regulator, the Federal Housing Finance Agency (FHFA), placed the firms into indefinite conservatorships, one step of a four-part government intervention to stabilize the enterprises. This case study evaluates the purpose and efficacy of ...


The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson 2021 Yale University

The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, American International Group, Inc. (AIG) experienced a liquidity crisis. To avoid the insurance giant’s bankruptcy, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion emergency secured credit facility to AIG. In connection with the credit facility, AIG issued 100,000 shares of preferred stock, with voting rights equal to and convertible into 79.9% of the outstanding shares of AIG common stock, to an independent trust (the Trust) set up by the FRBNY. Three trustees held the stock for the sole benefit of the US Treasury, exercised the rights, powers, authorities, discretions, and ...


The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson 2021 Yale University

The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

On September 15, 2008, the big three rating agencies downgraded AIG’s credit ratings multiple levels, exacerbating liquidity strains that the company was experiencing due to increasing cash demands by securities borrowers and collateral calls by credit default swap (CDS) customers. To prevent AIG from filing for bankruptcy, the Federal Reserve (the Fed) announced on the following day that, pursuant to its emergency powers, it would provide the company with an $85 billion Revolving Credit Facility (RCF). The RCF was secured by AIG assets and interests in its subsidiaries and required AIG to grant the US Department of the Treasury ...


Handcuffing Of A Bankrupt, Dr> Hussein Yousef Ghanayem 2021 Professor of Commercial Law and Adviser to the Ministry of Economy

Handcuffing Of A Bankrupt, Dr> Hussein Yousef Ghanayem

Journal Sharia and Law

Handcuffing of a bankrupt is the act of banning a person from administering, litigating or disposing of his personal property and assigning that to a trustee (administrator of bankruptcy). It comes forth in execution and pursuance of the judgement of declaration of bankruptcy.

In ancient days, the body of the debtor as well as his personal property were exposed to execution. He was sold or slaved, or his corpse was apportioned among his creditors. It was well known that " He who cannot pay with his purse pays with his skin”.

The object of handcuffing a bankrupt is twofold: (a) To ...


Abandonment Of Contaminated Property Under The Bankruptcy Code--From Midlantic To In Re Smith Douglas, What Next?, Brian Cumbo 2021 University of Kentucky

Abandonment Of Contaminated Property Under The Bankruptcy Code--From Midlantic To In Re Smith Douglas, What Next?, Brian Cumbo

Journal of Natural Resources & Environmental Law

No abstract provided.


The Conflict Between Territorial And Universal Of Bankruptcy Orders, Abed Al-Monim Shawkat Zamzam 2021 Faculty of Law - University of Cairo - Arab Republic of Egypt

The Conflict Between Territorial And Universal Of Bankruptcy Orders, Abed Al-Monim Shawkat Zamzam

Journal Sharia and Law

The financial crisis has affected investment projects all over the world. One of its repercussions was the bankruptcy of many multi-national companies. Law jurisprudence has split over the scope of recognition of bankruptcy orders issued in a foreign country. Some jurisprudence embraced the territoriality theory with regards to bankruptcy orders, so that such order does not have any legal effect in the territories other than the one in which it was issued. Others opine for the universality of the bankruptcy orders since the debtor has one patrimony, which should include all his rights and obligations. This article intends to study ...


United States V. Whizco: Are Smcra Obligations Dischargeable Under The Bankruptcy Code?, Alfred L. Buchanan 2021 University of Kentucky

United States V. Whizco: Are Smcra Obligations Dischargeable Under The Bankruptcy Code?, Alfred L. Buchanan

Journal of Natural Resources & Environmental Law

No abstract provided.


Midlantic National Bank V. New Jersey Department Of Environmental Resources: Judicial Interpretation Or Judicial Legislation?, John Bell Whitesell 2021 University of Kentucky

Midlantic National Bank V. New Jersey Department Of Environmental Resources: Judicial Interpretation Or Judicial Legislation?, John Bell Whitesell

Journal of Natural Resources & Environmental Law

No abstract provided.


Is The Abandoned Mine Reclamation Fee Discharged In Bankruptcy?, Ann M. Catino 2021 University of Kentucky

Is The Abandoned Mine Reclamation Fee Discharged In Bankruptcy?, Ann M. Catino

Journal of Natural Resources & Environmental Law

No abstract provided.


Corporate Bankruptcy Requirements & Impacts “Under The Egyptian Law, Belal A. Badawy 2021 Faculty of Law Ain shams University

Corporate Bankruptcy Requirements & Impacts “Under The Egyptian Law, Belal A. Badawy

Journal Sharia and Law

The term “Merchant” does not only make reference to a natural person, but can also mean a moral person and, more precisely, corporations. As firms acquire commercial capacity, they become subject to the same legal regulations governing individual merchants. They can then be declared bankrupt just at the moment that they stop paying their commercial debts.

While much emphasis has been placed on the provisions of bankruptcy generally in jurisprudence and legislation, the bankruptcy provisions of corporations are somehow overlooked, although such provisions are those which should have been given due attention, for two reasons:

First, the role of a ...


Appeal Against The Judgment Of Bankruptcy In Light Of The New Judicial Systems In The Kingdom Of Saudi Arabia, Ahmed Makhlouf Jr 2021 Cairo University

Appeal Against The Judgment Of Bankruptcy In Light Of The New Judicial Systems In The Kingdom Of Saudi Arabia, Ahmed Makhlouf Jr

Journal Sharia and Law

This paper presents the challenge to the ruling of Bankruptcy This paper presents the challenges against the judgment of Bankruptcy in light of the new judicial systems in the Kingdom of Saudi Arabia, which has changed significantly the UK litigation system. Where was the creation of specialized courts, including commercial courts, the adoption of the principle of litigation on the two instances, and the establishment of the Supreme Court to monitor the proper application of the provisions of Shariaa and regulations (laws). Therefore, bankruptcy suits have become passed by two phases of litigation. The first instance in front of first-class ...


The Law Of Trusts And Collective Action: A New Approach To Property Deadlocks, Amnon Lehavi 2021 Interdisciplinary Center (IDC) Herzliya

The Law Of Trusts And Collective Action: A New Approach To Property Deadlocks, Amnon Lehavi

University of Cincinnati Law Review

This Article identifies the key role that trust law can play in resolving collective action problems pertaining to assets with multiple stakeholders. Devising a multi-beneficiary trust may serve as an effective institutional alternative, when the direct governance of an asset by its co-owners reaches a deadlock, and the partition of the asset among them is either impractical or inefficient.

The Article examines various case studies in which property may become deadlocked among multiple stakeholders, featuring either commons or anticommons problems. In the case of land, the need to assemble land from multiple owners for (re)development, or the task of ...


Bankruptcy & The Underwater Home: A Case For Real Property Redemption, David Sheinfeld 2021 University of Michigan Law School

Bankruptcy & The Underwater Home: A Case For Real Property Redemption, David Sheinfeld

Michigan Business & Entrepreneurial Law Review

Chapter 7 of the U.S. Bankruptcy Code exists to satisfy the claims of creditors and preserve an economic “fresh start” for the debtor after bankruptcy. In exchange for surrendering her property to the trustee to have it monetized (i.e., sold), the debtor receives a discharge of her debts and an injunction against future creditor in personam actions to recover them. However, the in personam injunction is insufficient to protect consumer debtors who are in default on mortgages encumbering underwater homes because the creditor’s in rem rights remain; after the conclusion of the case, the creditor can continue ...


“Listserv Lawyering”: Definition And Exploration Of Its Utility In Representation Of Consumer Debtors In Bankruptcy And In Law Practice Generally, Josiah M. Daniel III 2021 Vinson & Elkins L.L.P.

“Listserv Lawyering”: Definition And Exploration Of Its Utility In Representation Of Consumer Debtors In Bankruptcy And In Law Practice Generally, Josiah M. Daniel Iii

St. Mary's Journal on Legal Malpractice & Ethics

The author examines the communications and activities of bankruptcy lawyers participating in the listserv of the Bankruptcy Law Section of the State Bar of Texas and finds that those activities constitute a previously unrecognized form of “lawyering,” which he has defined as the work of lawyers in and through the legal system to accomplish the objectives of their clients. Review of specific postings about legal issues and practical problems by Texas bankruptcy lawyers, whose practices are primarily on behalf of individual debtors in cases under Chapters 7 and 13 of the Bankruptcy Code, and observations about the voluntary, collaborative, and ...


Table Of Contents, Seattle University Law Review 2021 Seattle University School of Law

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents


A Comprehensive Framework For Conflict Preemption In Federal Insolvency Proceedings, Robert W. Miller 2020 Manier & Herod, P.C.

A Comprehensive Framework For Conflict Preemption In Federal Insolvency Proceedings, Robert W. Miller

West Virginia Law Review

No abstract provided.


Enough Is As Good As A Feast, Noah C. Chauvin 2020 Seattle University School of Law

Enough Is As Good As A Feast, Noah C. Chauvin

Seattle University Law Review

Ipse Dixit, the podcast on legal scholarship, provides a valuable service to the legal community and particularly to the legal academy. The podcast’s hosts skillfully interview guests about their legal and law-related scholarship, helping those guests communicate their ideas clearly and concisely. In this review essay, I argue that Ipse Dixit has made a major contribution to legal scholarship by demonstrating in its interview episodes that law review articles are neither the only nor the best way of communicating scholarly ideas. This contribution should be considered “scholarship,” because one of the primary goals of scholarship is to communicate new ...


Developing A Corporate Insolvency Framework For Nigeria., Chioma Ezinne Adiele 2020 Western University

Developing A Corporate Insolvency Framework For Nigeria., Chioma Ezinne Adiele

Master of Laws Research Papers Repository

An important indicator of a country’s economic strength is the resilience of its businesses, as evidenced by their ability to survive insolvency, reorganize, and return to profitability. Before a rescue process is commenced, it is important to determine the viability of the company to avoid deferred liquidations. When a viable corporation is insolvent, the going concern of the company should be preserved because the corporation is worth more to its creditors alive than dead. When a corporation is not viable, the swift sale of the assets as a going concern has the same purpose of rescuing the business to ...


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