There's a great new paper available on out-of-court restructuring and the Trust Indenture Act. The New Bond Workouts is up on SSRN. From the abstract it sounds pretty darn amazing—a new, empirically based analysis of bond restructurings that rediscovers a long-forgotten intercreditor duty of good faith:
Scarcity refers to having less than one needs -- time, money, calories when on a diet. For example, not having enough money reduces a person's cognitive capacity as much as missing one full night of sleep.
