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Stephen Lubben
Recent Activity
There is the problem of the Contracts Clause – which the First Cir. has (strangely) held is applicable to PR.
My inbox is being bombarded with law firm commentary on the Court of Appeals for the Second Circuit's decision that cramdown interest rates should be determined by "market rates," rather than by formula, when the relevant debt market is efficient.... Continue reading
Posted Oct 31, 2017 at Credit Slips
The second edition of my Corporate Finance textbook is now available at finer booksellers, and Amazon too. The companion website has also been updated – professors can get the password from their Aspen reps. Continue reading
Posted Aug 22, 2017 at Credit Slips
Blog administrator's note: I hope Stephen does not get mad at me, but I have moved the video "below the fold" as it wants to autoplay whenever Credit Slips loads. Click on the "continue reading" link to see a CBS... Continue reading
Posted Jul 17, 2017 at Credit Slips
Posted May 9, 2017 at Credit Slips
In this short paper, I question whether derivatives clearinghouses can be "resolved" under Dodd-Frank's title II "Orderly Liquidation Authority." That, of course, presupposes that OLA is still around when and if a clearinghouse failed. If not, we'd better think about... Continue reading
Posted May 8, 2017 at Credit Slips
Posted Apr 17, 2017 at Credit Slips
Over at Dealb%k. (BTW, I don't pick the pictures). Continue reading
Posted Mar 24, 2017 at Credit Slips
Third Circuit is reversed. Opinion is here. Continue reading
Posted Mar 22, 2017 at Credit Slips
The new Executive Order is out. At heart, it says nothing. The press will probably make it into a big deal. Update: I should clarify that I have no doubt the administration plans to gut Dodd-Frank. The order simply says... Continue reading
Posted Feb 3, 2017 at Credit Slips
Apparently just in time for another missive from the White House – and a bit of a tantrum from the House – I've got a new Dealbook up where I suggest that Orderly Liquidation Authority and title II might be... Continue reading
Posted Feb 3, 2017 at Credit Slips
My own conflicted thoughts on Jevic, over at Dealb%k. Continue reading
Posted Dec 6, 2016 at Credit Slips
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... Continue reading
Posted Nov 21, 2016 at Credit Slips
On the new reality. Over at Dealb%k. Continue reading
Posted Nov 14, 2016 at Credit Slips
By its terms this provision seems to apply globally, or at least nationwide. That surely can't be right. And I think there is a real question about whether a state can make something that happens in federal court a criminal act. That said, trading that occurs pre-bankrkutpcy, with NC connections, would seem to be at risk.
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... Continue reading
Posted Oct 27, 2016 at Credit Slips
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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... Continue reading
Posted Sep 24, 2016 at Credit Slips
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Perhaps as a result of GM, I've been thinking about notice issues in connection with insolvency. Thus, I was a bit surprised to see these three notices, all related to Lehman cases pending in Hong Kong (and schemes of arrangement... Continue reading
Posted Sep 21, 2016 at Credit Slips
Or rather, you can read about it here. Members include Professor David Skeel, whom many Slips readers will be familiar with. Continue reading
Posted Aug 31, 2016 at Credit Slips
My take on the Second Circuit's opinion – which Levitin has also written about (and I agree with him that the used car analysis is a bit "off") – is over on Dealb%k. In short, I think that GM mostly... Continue reading
Posted Jul 15, 2016 at Credit Slips
The choice is now – do they ask their allies to try to derail the legislation in the Senate?
The opinion is a good reminder that oral argument impressions don't always carry over to the final written product. In short, both the majority and dissent approach this as a simple matter of statutory construction, and in that regard the... Continue reading
Posted Jun 13, 2016 at Credit Slips
I'm still digesting the opinion, but the obvious conclusion is that impressions from oral argument may be misleading. It also suggests that states that do not use chapter 9, have no ability to come up with a state law alternative.... Continue reading
Posted Jun 13, 2016 at Credit Slips