CreditSlips

After Argentina

06/16/14

It's done!  As Mark has chronicled, the U.S. Supreme Court has drawn the curtain on the pari passu drama, and separately has rejected Argentina's appeal to limit the scope of discovery by creditors with judgments against it. I am still undecided about how much I will miss it all. Meanwhile, here are two lists -- so-what and what-next.

So What:

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A quick one-two punch: Argentina loses discovery case, too

06/16/14

In other news, the Supreme Court has also ruled against Argentina on the merits in its discovery dispute with NML. Refresher posts here and here.

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Argentina's cert petition denied

06/16/14

Order denying cert here. More on this later, of course. The next payment on the exchange bonds is due June 30, I believe.

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Does Bad Research Beat No Research? Durbin Amendment Data

06/16/14

Todd Zywicki, Geoff Manne and Julian Morris have an article on the effect of the Durbin Amendment.  Sigh.  No surprises here.  Zywicki et al. are making claims beyond what their data can support and in fact directly contradicted by their own data, which shows that some of the "effects" of Durbin preceded the enactment and effective date of the Amendment.   

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Two Vast and Trunkless Legs of Stone

06/12/14

So Caesar's Entertainment is engaged in some Dynegy-like revamping of its corporate structure. Its motives are colorfully described here, but I have to stick to more G-rated language over at Dealb%k.

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And a Vision Thing

06/10/14

I note two of the more brazen attempts to undermine Dodd-Frank's FSOC, over at Dealb%k.

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Stern II, now time for Stern III

06/10/14

Thanks to Stephen for posting the Bellingham/Arkison/Executive Benefits opinion, which I will for simplicity think of as Stern II, as it's the second installment of what will necessarily be a trilogy of Supreme Court cases on the question.  True, the bankruptcy courts live to breathe another day, but the consent question remains unanswered.  (Actually, that's not really true: the consent question was answered already in the magistrate context; the question is really whether "narrow" Stern has changed the answer.)

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Did Law v. Siegel Sound the Death Knell for the Equity Powers of the Bankruptcy Court?

06/09/14

Did Law v. Siegel Sound the Death Knell for the Equity Powers of the Bankruptcy Court?  Mark Berman thinks so.

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Still Stern

06/09/14

The good news is that it's a nice (relatively) short opinion with no dissents or concurrences that require a map to understand.  The bad news is that it dodges all the interesting issues.

The Supreme Court's opinion in Executive Benefits Insurance Agency v. Arkison.

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Larry Summers' Attempt to Rewrite Cramdown History

06/08/14

Larry Summers has a very interesting book review of Atif Mian and Amir Sufi's book House of Debt in the Financial Times. What's particularly interesting about the book review is not so much what Summers has to say about Mian and Sufi, as his attempt to rewrite history. Summers is trying to cast himself as having been on the right (but losing) side of the cramdown debate.

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