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Andrew Dawson
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Unrelated to Puerto Rico, but Aurelius was excoriated by Judge Lane in Chapter 15 case for Oi Brasil on account of its litigation strategy earlier this week: Rarely do you see a judge outline a fund's litigation strategy in such detail.
Thanks for the great post. I've enjoyed following this case and the posts here about it. And I'm with you on the Article 9 issue. I am still not clear about the agency issue, though. It seems to me that apparent authority is the right analysis here. Isn't the later searcher our third party (i.e. filings are a communication with the world)? If so, then the question would be (I think) whether a reasonable searcher would believe the law firm had the authority to file for the debtor,just as in the bar situation the question would be whether a reasonable seller would think the bar's manager had authority to purchase the beer.
Toggle Commented Oct 31, 2014 on A Filing Means What It Says at Credit Slips
I’m on my way to the Choice of Law in Cross-Border Bankruptcy Cases symposium at Brooklyn Law School that Susan Block-Lieb mentioned in her post earlier this week, so I have Chapter 15 on the brain. I posted earlier about... Continue reading
Posted Mar 6, 2014 at Credit Slips
Nice point, John. I know there are some substantive differences between Chapter 15 and the Model Law as originally enacted in 2005, such as the safe harbor provisions for derivatives (in Section 1519, for instance). But as far as I know, the Innovation Act, if enacted, would be the first "defection" from the Model Law by way of amendment. Worrisome indeed.
Chapter 15’s modified universalism structure requires cooperation between courts in different countries as well as tolerance for outcome differences under different bankruptcy laws. While in general it’s fair to say U.S. courts have been cooperative and tolerant, for some reason... Continue reading
Posted Feb 21, 2014 at Credit Slips
The liquidation of the largest Madoff feeder fund, Fairfield Sentry, recently made a major mark on Chapter 15 of the Bankruptcy Code. The lynchpin of Chapter 15 (and the Model Law on Cross-Border Insolvency) is the ability to locate a... Continue reading
Posted Feb 19, 2014 at Credit Slips
You make a good point, mt, as labor unions can obstruct the reorganization process. But that may not be bad for bankruptcy governance. The labor problems in Eastern, the automakers, and American may reflect management problems. That is, by opposing the reorganization, labor may be sending a valuable signal to other stakeholders about managerial problems.
Toggle Commented Feb 18, 2014 on Worker Representation in Bankruptcy at Credit Slips
Thank you to the Credit Slips team and, in particular, Bob, for inviting me to guest blog. The recent news about the Tennessee Volkswagen workers’ voting against UAW representation fits into some of my current research looking at worker representation... Continue reading
Posted Feb 18, 2014 at Credit Slips
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Feb 16, 2014