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Stephen Lubben
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The compliant alleges some damming stuff. McKinsey brushes it all off as an anti-competitive ploy. It seems to me that the biggest risk to McKinsey is that the failure to disclose can itself be the basis for an order to... Continue reading
Posted May 10, 2018 at Credit Slips
I have been studying chapter 11 professionals since before the turn of the century, but today we have a first. Jay Alix, as assignee of AlixPartners LLP, has filed a 150 page complaint against McKinsey & Co., Inc. and others,... Continue reading
Posted May 9, 2018 at Credit Slips
A summary table of contents (under the tab) can be found here:
What is a poke anyway? I'll see what I can do ...
Assuming you still have those in your town. If not, also available for preorder now is my forthcoming book, entitled The Law of Failure. It is my attempt to consider all of American business insolvency law as a whole. Not... Continue reading
Posted Apr 2, 2018 at Credit Slips
Or EGRRCPA, for short. That is the official name of S. 2155, a bill which seems to be tearing Senate Democrats apart. Republicans are uniformly in favor of the bill, which Bloomberg describes as "another faulty bank-reform bill." Some Democrats... Continue reading
Posted Mar 12, 2018 at Credit Slips
For nearly two decades, the fact that many really large chapter 11 cases file in two districts has been a point of controversy. On the one hand, the present system makes some sense from the perspective of debtor’s attorneys, and... Continue reading
Posted Mar 6, 2018 at Credit Slips
Key takeaways for Slips readers from a Moody's report, dated today: The legislation is credit negative to the US sovereign, owing to the reality that the cuts do not pay for themselves, and Moody's estimates the cuts will add $1.5... Continue reading
Posted Dec 21, 2017 at Credit Slips
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