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Jay Lawrence Westbrook
University of Texas Law School
Recent Activity
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
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
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
Quite a lot was written by Canadians in the 1990's in connection with the Quebec referendum. A random example: As I recall, the Canadian Supreme Court left the debt question wide open. jay
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
Toggle Commented Jul 29, 2016 on Remembering Alan Resnick at Credit Slips
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.
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.
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
The Canadian and US courts have now ruled in the Nortel case. (Disclosure: I served as an expert for the UK pension interests in the case.) The case was already incredibly important because of an agreement among the parties to... Continue reading
Posted May 23, 2015 at Credit Slips
Per Part 1 of this post, the word “executory” under section 365 of the Bankruptcy Code should be defined by its original, common law meaning per Williston: a contract in which some obligations remain. That common law definition was the... Continue reading
Posted Mar 12, 2015 at Credit Slips
Warning: Grumpy Alert. I am grumpy because the ABI Commission’s recent report rejected any reform of the bizarre American approach to executory contracts, which requires a quality of “executoriness” in a contract before it can be assumed or rejected. (Think... Continue reading
Posted Mar 11, 2015 at Credit Slips
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.
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.
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... Continue reading
Posted Feb 25, 2015 at Credit Slips
A Single Point of Entry (SPOE) sounds like the route of a returning astronaut or perhaps a building’s security plan or even a sex guide, but actually it is the FDIC’s proposal for saving the financial system when a giant... Continue reading
Posted Feb 23, 2015 at Credit Slips
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Feb 22, 2015