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Mitu Gulati
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One of the most dramatic stories in corporate finance and bankruptcy over the past decade has been the Caesar's Palace battle between a bunch of hard nosed distressed debt hedge funds and big bad private equity shops. A bunch of... Continue reading
Posted May 28, 2021 at Credit Slips
I love this story -- a bank erroneously sends money to a bunch of lenders who are angry with the bank and the debtor for other reasons. The bank discovers the computer error and asks for its money back. The... Continue reading
Posted May 14, 2021 at Credit Slips
There has been much discussion of the recent (2020) Argentine restructuring on creditslips, including by Anna Gelpern (here) and Mark Weidemaier (here), two people who know more about these matters than pretty much anyone else anywhere. And significant portions of... Continue reading
Posted Jan 14, 2021 at Credit Slips
Cathy Hwang and Matt Jennejohn, two of the brightest young stars of the contract world, just put up a paper summarizing their view of one of the exciting new directions that contract research is taking. They describe it as the... Continue reading
Posted Dec 13, 2020 at Credit Slips
In terms of innovations in the boilerplate of sovereign debt contract terms, Argentina is the gift that keeps on giving (and giving and giving). At least within my lifetime, its behavior has inspired more contract innovation than any other country... Continue reading
Posted Sep 29, 2020 at Credit Slips
A number of months ago now, I listened to a fun podcast episode on Planet Money titled "J. Screwed" about contract shenanigans by J.Crew, as it was making its way into deep financial distress. I'm fascinated by the exploitation of... Continue reading
Posted Sep 23, 2020 at Credit Slips
I suspect that slipsters already know about this podcast. But, just in case any of you have not, I wanted to flag Promises, Promises by Dave Hoffman and Tess Wilkinson-Ryan. This is especially wonderful if you are teaching contract law... Continue reading
Posted Aug 29, 2020 at Credit Slips
FT Alphaville has had a long line of quirky and brilliant reporters over the years, something that I've always enjoyed (Joseph Cotterill, Tracy Alloway, Colby Smith, Cardiff Garcia and more). And I've especially liked the pieces that do deep dives... Continue reading
Posted Jul 29, 2020 at Credit Slips
Paul Krugman had a piece in yesterday’s NYT about the lunacy in the stock market, where a bankrupt company like Hertz is merrily issuing new stock (here). Matt Levine of Bloomberg has similarly, and hilariously, discussed the Hertz case and... Continue reading
Posted Jun 16, 2020 at Credit Slips
Italian sovereign borrowing is increasing, as the costs of dealing with a stalled economy and the pandemic build. A recipe for disaster? Turns out that Italian yields (and spreads with the risk free benchmark rate) are actually going down; down... Continue reading
Posted Jun 15, 2020 at Credit Slips
One the most discussed and debated corporate finance/contracts cases of 2019 was Windsteam LLC v. Aurelius (SDNY 2019) (Stephen L posted on this here). A couple of days ago, Elisabeth de Fontenay put up her article "Windstream and Contract Opportunism"... Continue reading
Posted May 18, 2020 at Credit Slips
Today is the final day of my Duke-NYU sovereign debt seminar with Steve Choi and Lee Buchheit, and that makes me sad. The students have delivered in spades this term, notwithstanding the disruptions to their lives as a result of... Continue reading
Posted Apr 16, 2020 at Credit Slips
Tomorrow is the first of the two days when the students in my international debt class (with Steve Choi and Lee Buchheit) present their final papers to a group of outside experts. The students have come up with some intriguing... Continue reading
Posted Apr 13, 2020 at Credit Slips
Roughly eighty years ago, Lon Fuller and William Perdue (the former, then a faculty member at Duke Law, and the latter, a 3L), wrote two of the most famous articles in contract law (here). One of the puzzles they posed... Continue reading
Posted Apr 10, 2020 at Credit Slips
A few weeks ago, Mark Weidemaier and I blogged about Lebanon’s unusual pari passu clause and Collective Action Clauses. The question we were interested in – and the one our students are focused on – was how to engineer a... Continue reading
Posted Apr 7, 2020 at Credit Slips
Concentrating on just about anything during these days of the coronavirus, let alone academic writing, has been a trifle difficult. A splendid new paper on Boer Bonds by Kim Oosterlinck and Marie Van Gansbeke (here) did, however, get me focused... Continue reading
Posted Mar 26, 2020 at Credit Slips
Answer: No (This post borrows heavily from the ideas of my co author, Ugo Panizza, of the international economics department of the Graduate Institute in Geneva). Press accounts of last Wednesday’s emergency ECB Governing Council meeting report that some of... Continue reading
Posted Mar 24, 2020 at Credit Slips
My sovereign debt class is discussing the March 2012 Greek debt restructuring on Tuesday afternoon. The magic here was in significant part the product of Lee Buchheit's genius. That said, I do not wish to discount the contributions of his... Continue reading
Posted Mar 22, 2020 at Credit Slips
Among other things, the Coronavirus and the near global shutdown, has gotten contracting parties scrambling to read their force majeure clauses. But what about if the parties in question didn’t explicitly contract for an “act of god” clause that covered... Continue reading
Posted Mar 20, 2020 at Credit Slips
"Are There Force Majeure Clauses in Italian Sovereign Bonds?" That’s a question one of the students in my sovereign debt class asked a couple of days ago. After reading about some of Christine Lagarde’s recent statements, she was worried about... Continue reading
Posted Mar 16, 2020 at Credit Slips
An article from a couple of days ago in L'Orient-Le Jour (here) provides a rare window into the process by which financial and legal advisers are chosen for a sovereign restructuring deal. This is the sort of stuff that people... Continue reading
Posted Mar 15, 2020 at Credit Slips
Last Saturday evening the Prime Minister of Lebanon announced that the country would not be paying a $1.2 billion Eurobond scheduled to mature today, March 9. As recently as six weeks ago the March 9 bond was trading at 90... Continue reading
Posted Mar 9, 2020 at Credit Slips
My students have been valiantly trying to track down the Fiscal Agency Agreements (FAA) for Lebanon that tie in to the offering documents. Those are crucial for anyone trying to figure out a restructuring strategy for the government, which is... Continue reading
Posted Mar 8, 2020 at Credit Slips
I have long been a fan of both David Skeel's research and him as a person. Not only was his book Debt's Dominion key to some of the earliest research I did on Collective Action Clauses, but he was always... Continue reading
Posted Mar 7, 2020 at Credit Slips
For sovereign debt fans, there is a very nice podcast from Bloomberg's Odd Lots that was put up a couple of days ago (here). The title says it all: "How Iraq Pulled Off One of the Biggest Sovereign Debt Restructurings... Continue reading
Posted Mar 4, 2020 at Credit Slips