Corporate Bankruptcy

Jevic Commentary

03/29/17

Just a cross-posting note: Jonathan Lipson and I comment on the U.S. Supreme Court's Jevic decision at the Harvard Law School Corporate Bankruptcy Roundtable.

[more]

Exchange Offers and Hardball

03/24/17

Over at Dealb%k.  (BTW, I don't pick the pictures).

[more]

Jevic

03/22/17

Third Circuit is reversed. Opinion is here.

[more]

Everything You Wanted to Know About Bond Workouts But Were Afraid to Ask

03/05/17

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: 

[more]

Marblegate and a Dose of Reality for the Trust Indenture Act

01/19/17

The Second Circuit on Tuesday released its long-awaited opinion on the Trust Indenture Act, Marblegate v. EDMC. Several of us Slipsters have been discussing the case behind the scenes, and others will have (more intelligent) things to say about the opinion than I, but I thought I'd introduce the blockbuster case to get us rolling.

[more]

Jevic and the Supremes

12/06/16

My own conflicted thoughts on Jevic, over at Dealb%k.

[more]

A Note On Setoff and Recoupment

11/21/16

For Slips readers that might not otherwise see it, I wanted to highlight this post on the Delaware Corporate & Commercial Litigation Blog, about a recent state supreme court decision on the distinction between setoff and recoupment, and the applicability of the statute of limitations to the former.

[more]

Do the Distressed Debt Traders Know About This?

10/27/16

N.C. Gen. Stat. § 23-46:  

It shall be unlawful for any individual, corporation, or firm or other association of persons, to solicit of any creditor any claim of such creditor in order that such individual, corporation, firm or association may represent such creditor or present or vote such claim, in any bankruptcy or insolvency proceeding, or in any action or proceeding for or growing out of the appointment of a receiver, or in any matter involving an assignment for the benefit of creditors.

[more]

Venezuela

09/24/16

John Dizard has a useful, and clearly written, piece on the lay of the land in this morning's FT. What puzzles me is why PDVSA, the national oil company,  has not done a UK scheme of arrangement or a US prepack to exchange the bonds, instead of messing around with an exchange offer. But the entire situation is rather opaque.

[more]