Comparative & Int'l Perspectives

Consumer Bankruptcy Around the World (Bank)

02/19/13

Thanks so much to Bob and everyone else at Credit Slips for inviting me to join on a more consistent basis!

[more]

The Meaning of Bankrupt

12/17/12

Every so often in the United States, I come across a discusion of the choice of the word "cramdown" (cram down, cram-down) to describe either stripping down liens or confirming a repayment plan without creditor consent. The basic thrust of these articles--the best of which is probably this treatment by William Safire--is that the word itself conveys a great deal about the cultural view of the legal action.

[more]

You've sunk my battleship! And seized my carrier...

11/11/12

There is a widely-held view that sovereign bonds don't contain the optimal terms but are slow to incorporate better ones. Right or wrong, that view has prompted many government-sponsored initiatives to reform bond contracts, such as the current plan to mandate the use of standardized collective action clauses in all euro area government bonds.

[more]

"A rifle doesn't scare me. But we expected the Argentines to act professionally..."

11/11/12

In my last post, I said that the US Court of Appeals for the Second Circuit had interpreted the pari passu clause in Argentina's bonds as a promise to forego a century's worth of restructuring practices. The district judge still needs to clarify the injunction enforcing that promise.

[more]