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Melissa Jacoby
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By filing a bankruptcy petition last week, Purdue Pharma is automatically protected against many types of collection and litigation by operation of federal law. Seeking to turn this already-potent shield into something more formidable, the company has asked a bankruptcy... Continue reading
Posted Sep 23, 2019 at Credit Slips
Nearly a year has passed since my last Credit Slips post on The Weinstein Company bankruptcy. The case, filed March 2018, remains open. Contract disputes have dominated many if not most bankruptcy court hearings this past year. The issues have... Continue reading
Posted Sep 9, 2019 at Credit Slips
Jamey Mavis Lowdermilk has just posted an article of interest to Credit Slips readers -- lawyers, judges, journalists, policymakers, and more. The article uses a case study of a chapter 12 family farm bankruptcy in North Carolina to ask bigger... Continue reading
Posted Jun 28, 2019 at Credit Slips
In February 2019, the United States Court of Appeals for First Circuit held that the selection process of the Oversight Board in PROMESA, the rather bipartisan Puerto Rico debt restructuring law (and more), is unconstitutional. The reason: its members were... Continue reading
Posted Jun 24, 2019 at Credit Slips
This working paper is a longitudinal empirical study of lower-income homeowners, including a subset of bankruptcy filers, produced with an interdisciplinary team of cross-campus colleagues, including Professor Roberto Quercia, director of UNC's Center for Community Capital. We just posted this... Continue reading
Posted Feb 13, 2019 at Credit Slips
Historian Ed Balleisen and I have just posted a paper of interest to Credit Slips readers who are interested in consumer protection, financial crises, and inputs into post-crisis policymaking more generally. I will let the abstract speak for itself: Consumer... Continue reading
Posted Feb 13, 2019 at Credit Slips
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The American College of Commercial Finance Lawyers seeks nominations for scholarly articles to be considered for the Grant Gilmore Award. It is not awarded every year, but when it is, the main criteria is "superior writing in the field of... Continue reading
Posted Dec 4, 2018 at Credit Slips
In a prior Credit Slips post, I shared a paper, Corporate Bankruptcy Hybridity, positing that bankruptcy should be conceptualized as a public-private partnership. The second section of Corporate Bankruptcy Hybridity identifies factors that have skewed the Bankruptcy Code's ideal balance... Continue reading
Posted Sep 13, 2018 at Credit Slips
Since my last Credit Slips post about The Weinstein Co. chapter 11, there have been five public hearings/status conferences (some of which were telephonic). Disparate observations from those hearings below. Shaping public beliefs about a criminal charge through the bankruptcy... Continue reading
Posted Sep 12, 2018 at Credit Slips
I have just posted on the Social Science Research Network a forthcoming article called Corporate Bankruptcy Hybridity. Although the article has several intersecting objectives, today's post focuses on the first aim: conceptualizing corporate bankruptcy as a public-private partnership. A public-private... Continue reading
Posted Aug 20, 2018 at Credit Slips
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Since I last wrote on Credit Slips about The Weinstein Co. chapter 11, the sale of the company to Lantern Capital has closed. Shortly after it closed, it was announced that Harvey Weinstein's brother Bob Weinstein was resigning from the... Continue reading
Posted Jul 25, 2018 at Credit Slips
In January I wrote about Aurelius seeking a do-over. In a carefully reasoned thirty-five page decision, the district court has denied the do-over. Put more legally, the court held that PROMESA's method of establishing the Puerto Rico Oversight Board did... Continue reading
Posted Jul 13, 2018 at Credit Slips
In June 2018, the U.S. Supreme Court decided Sveen v. Melin, a case applying Contracts Clause* jurisprudence to a state revocation-on-divorce statute and preexisting insurance contract. It isn't like the Supreme Court hears a Contracts Clause case every week, every... Continue reading
Posted Jul 12, 2018 at Credit Slips
All Credit Slips readers are old enough to remember when a quick going-concern sale of The Weinstein Company was said to be imperative. So much so that even the seemingly skeptical creditors' committee ultimately went along, thus making the request... Continue reading
Posted Jun 25, 2018 at Credit Slips
The fifth hearing in The Weinstein Co. chapter 11 occurred on June 5, 2018. The hearing included discussion about when the sale to Lantern Capital, approved by the court in early May, will actually close. Among other regulatory and transactional... Continue reading
Posted Jun 11, 2018 at Credit Slips
Thanks for the comments, Adam. The committee has been vocal at hearings on need for allocation - at filing date there were unencumbered assets in some entities, and secured lenders with interests in discrete bundles of assets. How insistence on allocation will play out in negotiations overall may depend on a lot of other things, but it is an important distributional issue.
Eric - I stand by the accuracy of the assertion and appreciate your taking the time to comment. Melissa
Actually, if you are in and of the corporate restructuring world, you will believe what happened next. Major objections were were resolved by the parties, and the court approved the sale of The Weinstein Co. to Lantern Capital. Resolving objections... Continue reading
Posted May 14, 2018 at Credit Slips
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The third hearing in the The Weinstein Company chapter 11 took place on April 19, 2018 (prior 2 hearings here and here). The hearing focused on final court approval of a $25 million loan to fund the debtor during its... Continue reading
Posted Apr 27, 2018 at Credit Slips
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Nestled in a review of an album by Spinal Tap bassist Derek Smalls (a/k/a Harry Shearer), the April 10 edition of Variety magazine published a notice of sale of The Weinstein Company. The notice includes a bid deadline of April... Continue reading
Posted Apr 14, 2018 at Credit Slips
Based only this news report, the answer appears to be yes - an Ice Cube Bond would have honored the claimants' need for speed without allowing them to shift all the risk to the bankruptcy estate. The news article indicates... Continue reading
Posted Apr 3, 2018 at Credit Slips
Some rarely-heard terms at The Weinstein Company's March 20 chapter 11 first-day hearing: sexual harassment, sexual assault, rape. A more common utterance among TWC representatives: complex. The industry, the capital structure, the lending arrangements. All complex. Complex complex complex complex... Continue reading
Posted Mar 26, 2018 at Credit Slips
The lives of Puerto Rico residents remain profoundly disrupted by the aftermath of Hurricane Maria measured by metrics such as electricity, clean water, and health care access, with death tolls mounting. This week, though, in a federal court hearing on... Continue reading
Posted Jan 8, 2018 at Credit Slips
For the spring semester, I am offering advanced commercial law and contracts seminar for UNC students, and have gathered resources to inspire students on paper topic selection as well as to guide what we otherwise will cover. But given the... Continue reading
Posted Dec 18, 2017 at Credit Slips
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Although technically emeritus and making history as a named plaintiff in a gerrymandering case before the U.S. Supreme Court, our commercial law colleague Professor Bill Whitford remains worried about law schools in a way in a way that connects with... Continue reading
Posted Nov 17, 2017 at Credit Slips