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I agree that the law should have been enacted sooner. It spent too much time in the Senate committee. That said, since final fee applications have yet to be filed in the PROMESA case, I think the barn door is being closed while the horse is still in the doorway.
Commented Jan 23, 2022 on Professionals Must Now Disclose Their Interests in the PR Cases at Credit Slips
Professionals Must Now Disclose Their Interests in the PR Cases
President Biden has just signed the "Puerto Rico Recovery Accuracy in Disclosures Act of 2021’’ or ‘‘PRRADA’," which requires professionals to make chapter 11-style disclosures when they file fee applications in the PROMESA title III cases. Failure to comply not only can result in loss of fees i...
Professionals Must Now Disclose Their Interests in the PR Cases
President Biden has just signed the "Puerto Rico Recovery Accuracy in Disclosures Act of 2021’’ or ‘‘PRRADA’," which requires professionals to make chapter 11-style disclosures when they file fee applications in the PROMESA title III cases. Failure to comply not... Continue reading
Posted Jan 20, 2022 at Credit Slips
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Does J&J Have a Patriot Coal Problem?
J&J has put its Talc subsidiary into bankruptcy in North Carolina. Trick is, the only basis for venue in North Carolina is that the talc assets were put into a Texas LLC this past Tuesday, and then that Texas LLC... Continue reading
Posted Oct 15, 2021 at Credit Slips
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In Memoriam: Walter W. Miller, Jr. (1932–2021)
Wally Miller, my bankruptcy professor at BU Law back in the 1990s, has passed away. He is quite directly the reason why I became interested in bankruptcy. Continue reading
Posted Aug 12, 2021 at Credit Slips
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Puerto Rico and the Professionals
It is Congress week on Slips. On Thursday I will be testifying in front of the Senate Committee on Energy and Natural Resources in support of S. 375, Puerto Rico Recovery Accuracy in Disclosures Act of 2021 or PRRADA. The... Continue reading
Posted Jul 28, 2021 at Credit Slips
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Available now, wherever books are sold.
I'm pleased to announce the publication of the second edition of American Business Bankruptcy. Now featuring coverage of the Small Business Reorganization Act (subchapter V) and a nifty endorsement from a fellow Slipster. Continue reading
Posted Jul 8, 2021 at Credit Slips
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Professionals Fees and Purdue Pharma LP
Featuring two Slipsters – here. Continue reading
Posted May 11, 2021 at Credit Slips
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Greensill "Secured" Lending
Slips readers will be interested in Matt Levine's column today, which takes a deep dive into the recently failed Greensill's lending against “prospective receivables,” which is kind of like lending against my prospective estate in Scotland. Both look a lot... Continue reading
Posted Mar 17, 2021 at Credit Slips
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Does Delaware Get the Final Say?
I've been doing some reading on officer and director fiduciary duties to creditors, and I am surprised that how much the academic and practitioner consensus seems to have settled on the notion that, in light of the Delaware caselaw following... Continue reading
Posted Feb 19, 2021 at Credit Slips
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Fairness and Flexibility: Understanding Corporate Bankruptcy’s Arc
I don't post most of my law review articles here, but my latest might be of some interest to Slips readers generally. In Fairness and Flexibility: Understanding Corporate Bankruptcy’s Arc, out now in the University of Pennsylvania Journal of Business... Continue reading
Posted Feb 8, 2021 at Credit Slips
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Get your copy today!
Posted Jan 6, 2021 at Credit Slips
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Puerto Rico News
The President today announced he was appointing the following people to the PROMESA oversight board. It is not immediately clear which slots these people are filling (that is, who nominated these people). There are three open (presidential) slots at present,... Continue reading
Posted Dec 8, 2020 at Credit Slips
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Puerto Rico as a State?
The House of Representatives has just voted to make the District of Columbia a state. Obviously the Senate half of the process might have to wait until next year, at least. What about Puerto Rico? Obviously there is the question... Continue reading
Posted Jun 26, 2020 at Credit Slips
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Fun with CLOs
Frank Partnoy has an important and unsettling piece in The Atlantic about how CLOs (securitized syndicated loans, in short) might be at the core of the next bank meltdown, which he sees coming as soon as later this year. Because... Continue reading
Posted Jun 14, 2020 at Credit Slips
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Puerto Rico and the Oversight Board
The Supreme Court's opinion is out today, and the short answer is that the Board's appointment did not violate the Appointments Clause of the Constitution (Article II, Section 2, Clause 2), and thus the First Circuit is reversed. But take... Continue reading
Posted Jun 1, 2020 at Credit Slips
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State Bankruptcy
So Senate Majority Leader Mitch McConnell says States should be able to file for bankruptcy, to get out of their pension obligations. He'd rather that than give them a federal bailout, given current conditions. I have long argued that States... Continue reading
Posted Apr 22, 2020 at Credit Slips
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The end of the UFCA?
Governor Cuomo has signed into law New York's version of the Uniform Voidable Transactions Act (UVTA). Does this mean I don't have to talk about the UFCA in my bankruptcy classes anymore? It also means that both California and NY... Continue reading
Posted Dec 9, 2019 at Credit Slips
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Juno?
Posted Nov 20, 2019 at Credit Slips
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It makes a fine Halloween gift!
Posted Oct 21, 2019 at Credit Slips
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Puerto Rico (A Quick Take, Part II)
Coen, Andrew. The Bond Buyer; New York, N.Y., 30 Sep 2019: Assured Guaranty, which insures a large amount of Puerto Rico debt, came out against the plan. “Assured Guaranty does not support this plan of adjustment as it is premised... Continue reading
Posted Sep 28, 2019 at Credit Slips
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Puerto Rico (A Quick Take)
So the debt restructuring plan is out. The New York Times indicates that the Oversight Board aimed to put the Commonwealth's debt at "less than" the average of the ten most indebted states. Not exactly a "fresh start" there, is... Continue reading
Posted Sep 28, 2019 at Credit Slips
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Alix v. McKinsey Update
Judge Furman has dismissed the federal RICO charges, and the case may be headed to state court. Our chances of actually finding out if McKinsey flouted rule 2014 (and § 327) are looking increasingly dim: OPINION AND ORDER re: 88... Continue reading
Posted Aug 20, 2019 at Credit Slips
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Ouch. (Puerto Rico Edition)
The First Circuit responds to the Oversight Board's request for a stay until the Supreme Court can rule on their cert. petition, with regard to the Constitutionality of the Board's appointment (emphasis added): ORDER entered by Juan R. Torruella, Appellate... Continue reading
Posted May 6, 2019 at Credit Slips
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Puerto Rico, the Board, and the Appointments Clause
As many will have seen in the press, the First Circuit has said that PROMESA's Oversight Board was appointed in violation of the Appointments Clause. In short, while PROMESA allowed President Obama to appoint members of the Board without Senate... Continue reading
Posted Mar 4, 2019 at Credit Slips
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The narrow (issuer favorable) interpretation of bond indentures is hardly something that just developed in the past decade. E.g., Harris Tr. & Sav. Bank v. E-II Holdings, Inc., 926 F.2d 636 (7th Cir. 1991).
Commented Feb 26, 2019 on CDS Strikes Again (Aurelius and Windstream) at Credit Slips
CDS Strikes Again (Aurelius and Windstream)
Long ago I warned that the growth the of the CDS (credit default swap) market represented a threat to traditional understandings of how workouts and restructurings are supposed to happen. The recent Windstream decision from the SDNY shows that these basic issues are still around, notwithstanding...
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