Historical Perspectives

Judge Selection in Municipal Bankruptcy and PROMESA

04/23/17

In light of the timeline on the Puerto Rico debt situation, I have just posted on SSRN a contribution to the ABLJ/ABA symposium last fall.

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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: 

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Chapter 9's Cabinet of Constitutional Curiosities: Ongoing Constitutional Violations

11/20/16

Just a handful of modern big-city bankruptcies have revealed foundational questions about chapter 9's fit within federal courts and constitutional jurisprudence.

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Lessons for Puerto Rico from ... Arkansas?

03/24/16

I did not realize that a US state had defaulted on its bonds, offering a historical comparative example of the difficulties facing Puerto Rico, its creditors, and mostly its citizens if the mess there is not subjected to an orderly, judicially supervised debt cleanup process of some kind. In a new working paper from the Cleveland Fed, O.

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