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Stephen Lubben
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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...
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... Continue reading
Posted Feb 24, 2019 at Credit Slips
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Alix-McKinsey Update
Lots of news in the restructuring area this week, and I hope to blog about Puerto Rico and Windstream before the week is out. But first, a quick update about everyone's favorite professional retention litigation. As predicted, arbitration has proved... Continue reading
Posted Feb 19, 2019 at Credit Slips
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The Commonwealth and the GOs, part 2
In my last post, I noted that the joint committee-Board objection to the 2012 and 2014 Puerto Rico GOs was at least plausible, and thus is likely headed for more extensive litigation. As Mark and Mitu have also noted, it... Continue reading
Posted Jan 28, 2019 at Credit Slips
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The Commonwealth and the GOs, part 1
While there has been some press coverage of the recent attempts to annul some $6 billion of Puerto Rican general obligation bonds – essentially all such debt issued starting in 2012 onward – the move has not received much deep... Continue reading
Posted Jan 23, 2019 at Credit Slips
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Jay Alix, McKinsey Redux
A quick note on this ongoing issue, in which Jay Alix (the individual) claims that McKinsey has gained bankruptcy work and market share by flouting the requirements of the Code. Reports are out this morning that some judges have sent... Continue reading
Posted Jan 17, 2019 at Credit Slips
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Maybe it's not a new problem after all
Consider: Seldom are business bankruptcy cases initiated under Chapters I to VII, inclusive, as well as under Chapters X and XI, where all or substantially all of the assets have not been pledged as collateral for the payment of debts.... Continue reading
Posted Dec 13, 2018 at Credit Slips
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