This is Jay Lawrence Westbrook's Typepad Profile.
Join Typepad and start following Jay Lawrence Westbrook's activity
Jay Lawrence Westbrook
University of Texas Law School
Recent Activity
The Role of Chapter 11 Bankruptcy in Addressing the Consequences of COVID19.
Many businesses may require bankruptcy proceedings to assist in recovery from the CV Recession. In my view, the best legal approach to any Chapter 11 reforms necessitated by the emerging CV-induced economic crisis lies in building up from the Small... Continue reading
Posted Apr 26, 2020 at Credit Slips
Comment
0
Ian Fletcher
Ian Fletcher has passed away. He was a very important figure in insolvency law in England and elsewhere and a giant in the international side of our field. His passing is a great loss of a wonderful scholar and friend.... Continue reading
Posted Jul 26, 2018 at Credit Slips
Comment
1
The End of Bankruptcy
Credit Slips/IACCL The End of Bankruptcy “Bob Rasmussen, call the Chapter 11 Desk.” Two recent decisions, one on each side of the Atlantic, have enshrined contract bankruptcy—or at least the defeat of bankruptcy law by contract. Although the context for... Continue reading
Posted May 29, 2018 at Credit Slips
Comment
2
Quite a lot was written by Canadians in the 1990's in connection with the Quebec referendum. A random example:
http://global-economics.ca/dth.chap8.htm
As I recall, the Canadian Supreme Court left the debt question wide open.
jay
Scotexit and Allocating the UK's Debt
This is a joint post by Mitu Gulati and Mark Weidemaier. Scotland voted 62% in favor of remaining in the EU in last June's Brexit vote. Now, with nationalism on the rise in Britain, Scotland has begun to rethink the decision to stay in the UK. Fears of a so-called "hard exit," in which Britain f...
Alan was someone who made you smile the moment you saw him; when you went to him with a knotty problem, he was someone who would make you feel you had done him a favor when he solved it; his passing leaves a gap where there was warmth and welcoming always. He was a fine scholar and equally as fine a man.
jay
Remembering Alan Resnick
One of the hardest things about teaching, whether in an informal setting or in a classroom, is telling someone that they are . . . ahem, WRONG. Or at least not right. Or could use improvement. Or there is an opportunity to improve. Something like that. . . . Professor Alan Resnick, a beloved ban...
Great post. It is not clear to me why a consumer would benefit from uniformity, altho no doubt the industry would. We have in the US the uniformity that gutted the usury laws.
Harmonizing Consumer Insolvency Law
In contrast to the cacophony created by Brexit, EU authorities have been working for several years on a project to move toward greater harmony among the discordant insolvency laws of the Member States. Though the project is focused on business rescue and restructuring, the Commission Recommenda...
Adam, you make two excellent points. Ultimately the question is empirical and I don't think anyone has done the study. My sense is that many multinationals are highly integrated, especially as to cash and IP development and ownership. Except for allocation agreements for tax purposes, to which the courts in Nortel correctly gave little credence for ownership purposes, companies often pay little attention to ownership allocation of assets generally, thinking instead of divisions that cut across corporate and geographical lines. That may be especially true for IP.
I think that Nortel will encourage global sales for maximum returns. As long as the DIP loan has first priority in the proceeds, I think a delayed decision on allocation will often be a good idea because arguing re allocation up front will delay the sales and perhaps torpedo the global appoach.
Nortel: The CBI Case of the Century (So Far)
There can be little doubt Nortel wins the title for the cross-border insolvency case of the young century. Not only is it a huge case (US$7B or so), but as I noted in my last post it has established several milestones, including a joint televised trial in Toronto and New York and a common result...
Nortel: The CBI Case of the Century (So Far)
There can be little doubt Nortel wins the title for the cross-border insolvency case of the young century. Not only is it a huge case (US$7B or so), but as I noted in my last post it has established several... Continue reading
Posted Jun 1, 2015 at Credit Slips
Comment
4
Nortel: More Universalist Than Not
Posted May 23, 2015 at Credit Slips
Comment
1
Dysfunctional Analysis Part 2
Posted Mar 12, 2015 at Credit Slips
Comment
0
Dysfunctional Analysis Part 1
Posted Mar 11, 2015 at Credit Slips
Comment
1
The lack of government control is the central defect of HR5421. That control is central to preservation of the public interest in the crisis of a SIFI collapse and without that control (and backing) the market will not stabilize. On top of that foreign regulators will not accept private control. The post also points out there will be no "left behind" (and likely "forlorn") debt without a Fed Rule requiring it and specifying its amount and terms.
TBTF and The Single Point of Entry (SPOE): Part Two
In an earlier post I described the FDIC’s proposed SPOE approach to resolution of SIFI banks and other financial institutions under Title II of Dodd-Frank. That post discussed two of the three components of SPOE: control of the process by the regulator and no bailout for management or owners. Th...
Those who cannot remember the past... OR there are no new jokes.
Anna, I hope you are going to write up this history. It would be enormously valuable.
Sheep, Goats, and Government Debts - Happy Lunar New Year, 1937 Edition
Like many others, I have been struggling to figure out whether the new lunar year is a Sheep or a Goat. I found the answer last week in the archives of the League of Nations Committee for the Study of International Loan Contracts, which spent four years from 1935 to 1939 investigating why sover...
TBTF and The Single Point of Entry (SPOE): Part Two
Posted Feb 25, 2015 at Credit Slips
Comment
5
Busted Banks: TBTF and the Single Point of Entry
Posted Feb 23, 2015 at Credit Slips
Comment
4
Jay Lawrence Westbrook is now following The Typepad Team
Feb 22, 2015
Subscribe to Jay Lawrence Westbrook’s Recent Activity