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Adam Levitin
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This is a hyper-technical bankruptcy question that's been bothering me for a while: what happens with post-petition attorneys' fees for undersecured/unsecured creditors after the Supreme Court's 2007 decision in Travellers v. PG&E? Specifically, assuming that the post-petition attorneys' fees fees... Continue reading
Posted Mar 29, 2020 at Credit Slips
There’s a lot of moving parts of the economic Rube Goldberg machine that is the latest McConnell bailout bill, but if you step back and look at the big picture, what becomes clear is that the bill is robbing taxpayers... Continue reading
Posted Mar 24, 2020 at Credit Slips
Damon Silvers, the AFL-CIO's Policy Director and former Vice-Chair of the Congressional Oversight Panel, has a really important column about the oversight lessons from the 2008 bailout. It was a struggle to get the Obama administration to be forthcoming about... Continue reading
Posted Mar 24, 2020 at Credit Slips
A debt collection moratorium operates as float, which is needed to buy time until the relief checks start flowing. In other words, a debt collection moratorium is a form of stimulus. My New York Times op-ed explaining this is here. Continue reading
Posted Mar 24, 2020 at Credit Slips
The McConnell Bailout Bill (a/k/a HR 748 or the CARES Act), weighs in at just shy of 600 pages. I've taken the liberty of summarizing it in a powerpoint deck for teaching (syllabus be damned) and thought it might be... Continue reading
Posted Mar 22, 2020 at Credit Slips
We need to bail out the economy, and it's not going to be cheap. The government is going to have to carry the economy for 18-24 months. There's no way of avoiding that. But we don't need to be stupid... Continue reading
Posted Mar 21, 2020 at Credit Slips
While Congress struggles to figure out the best way to respond to the coronavirus pandemic, it is very apparent that immediate relief measures are necessary, if only to buy time for a more comprehensive approach. Layoffs are already happening and... Continue reading
Posted Mar 18, 2020 at Credit Slips
There's a lot to say about the economic dislocation from the coronavirus and the economic policy response. But I want to focus for a moment about its impact on higher education. Lots of schools have gone to virtual classrooms either... Continue reading
Posted Mar 14, 2020 at Credit Slips
Senator Elizabeth Warren has put out a plan for mitigating the economic fallout from the coronavirus. Of particular note is that she is proposing having the Federal Reserve use its emergency lending power to support businesses affected by the coronavirus... Continue reading
Posted Mar 1, 2020 at Credit Slips
The outline of Mallinckrodt Pharmaceutical’s chapter 11 proposal (no filing yet) puzzles me. Mallinckrodt is looking to put its US speciality generic subs in the chapter to slough off opioid liability, while keeping the parent and other subs out of... Continue reading
Posted Feb 26, 2020 at Credit Slips
Boy Scouts of America’s bankruptcy filing is among the most flagrant abuse of the venue statute ever. It’s an illustration of just how broken the bankruptcy venue system is. But it might not be too late to do something about... Continue reading
Posted Feb 21, 2020 at Credit Slips
There's something really surreal about Donald Trump's pardon of Michael Milken. Trump and Milken were (with Ivan Boesky) the leading symbols of the excesses of capitalism in the 1980s. And here we are today. It seems that whatever Trump does,... Continue reading
Posted Feb 18, 2020 at Credit Slips
The Big Lie just won’t die. The Big Lie, of course, is The Government Made Me Do It theory of the financial crisis, that the housing bubble whose collapse set off the crisis was the product of government policies encouraging... Continue reading
Posted Feb 15, 2020 at Credit Slips
Last year the Washington Post covered Mick Mulvaney's South Carolina land deal gone sour. It was a pretty amazing case that is fantastic for teaching purposes. Mick's moves would have made some of the most sophisticated distressed debt funds (not... Continue reading
Posted Jan 22, 2020 at Credit Slips
I did some digging into Joe Biden's previously unexplored roll call vote on floor amendments to BAPCPA. They were ugly then and have not improved with age. My full take is in The American Prospect. Continue reading
Posted Jan 9, 2020 at Credit Slips
Elizabeth Warren’s bankruptcy work continues to be in the news, now with a Washington Post article on her work in the CMC Heartland case. Unfortunately, the Washington Post completely misses the point about why Elizabeth decided to work on this... Continue reading
Posted Dec 9, 2019 at Credit Slips
The Trump administration has just proposed a rule that declares open season on consumers for subprime lenders. The Office of Comptroller of the Currency and the Federal Deposit Insurance Corporation (on whose board the CFPB Director serves) have released parallel... Continue reading
Posted Nov 18, 2019 at Credit Slips
The Stop Wall Street Looting Act introduced by Senator Warren has the private equity industry's hackles up. They're going to get a chance to say their piece at a House Financial Services Committee hearing on Tuesday. The bill is a... Continue reading
Posted Nov 15, 2019 at Credit Slips
The private equity industry is lashing out at Senator Warren’s Stop Wall Street Looting Act with some pretty outlandish claims that rise to Chicken Little level. According to an analysis by the US Chamber of Commerce's Center for Capital Market... Continue reading
Posted Nov 14, 2019 at Credit Slips
The DC suburbs are a case study in NIMBYism. Lots of communities try to limit through-traffic via all sorts of means: speed bumps, one-way streets, speed cameras, red-light cameras, etc. The interaction of one of these NIMBYist devices with GPS... Continue reading
Posted Nov 12, 2019 at Credit Slips
If you've logged on to any sort of on-line financial account in the past few years, there's a very good chance that you've been asked to consent to receive your periodic statements electronically, rather than on paper. Financial institutions often... Continue reading
Posted Nov 12, 2019 at Credit Slips
Welcome to Credit Slips, the rarified world of “self-described bankruptcy nerds.” Today we’re looking at Future Claims—Elizabeth Warren Edition. Now, it’s not every day that our humble group blog gets discussed in the New York Times. But as our former-co-blogger... Continue reading
Posted Nov 7, 2019 at Credit Slips
The US Trustee should move for the appointment of an examiner in Purdue Pharma's bankruptcy. That's what Jonathan Lipson, Stephen Lubben, and I wrote in a letter to the US Trustee for Region 2 this week. Purdue is a case... Continue reading
Posted Nov 6, 2019 at Credit Slips
I don't like bullies. And I just ran into a $3 trillion one. JPMorgan Chase Bank, armed with six partners at two AmLaw 100 firms (Wilmer Hale and McGuire Woods) took the truly unusual step of filing an objection to... Continue reading
Posted Oct 25, 2019 at Credit Slips
Congratulations to Pamela Foohey on being named to the American Bankruptcy Institute's 40 Under 40 list for 2019! Pamela joins Credit Slips own Dalié Jiménez (class of 2018) as an honoree. And it's been a great news day for our... Continue reading
Posted Oct 15, 2019 at Credit Slips