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Stephen Lubben
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On sale now, my latest book: American Business Bankruptcy, A Primer. Suitable for use as supplemental reading in all sorts of bankruptcy classes, and even some corporate finance classes that cover financial distress (especially those using a certain textbook). I... Continue reading
Posted 2 days ago at Credit Slips
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
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
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
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
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
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).
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
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
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
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
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
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
In this morning's email: Moody's Investors Service downgraded its Probability of Default Rating (PDR) for American Tire Distributors, Inc. ... following the company's announcement that it had initiated Chapter 11 bankruptcy proceedings... Continue reading
Posted Oct 5, 2018 at Credit Slips
Frustrated that Congress did not decide to collapse the CFTC and SEC as part of Dodd-Frank, and facing the reality that the SEC is still working on its rules under Title VII of Dodd-Frank, ISDA, the swaps industry trade group,... Continue reading
Posted Sep 24, 2018 at Credit Slips
Barry Ritholtz has a generally sensible column about the ten-year anniversary of the financial crisis, but the bankruptcy stuff really makes no sense at all. Start with this proposition: I believed then (and still believe) that the best course of... Continue reading
Posted Sep 17, 2018 at Credit Slips
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My new book is out – the Law of Failure. The sub-title is "A Tour Through the Wilds of American Business Insolvency Law," which pretty much tells the whole story. I try to cover all business insolvency law – not... Continue reading
Posted Sep 4, 2018 at Credit Slips
As my summer of poutine, donairs, and nippy waters winds down, a quick post to note that the long-expected motion to dismiss has been filed in the battle between the chapter 11 financial advisors. A McKinsey spokesperson also provided the... Continue reading
Posted Jul 30, 2018 at Credit Slips
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The compliant alleges some damming stuff. McKinsey brushes it all off as an anti-competitive ploy. It seems to me that the biggest risk to McKinsey is that the failure to disclose can itself be the basis for an order to... Continue reading
Posted May 10, 2018 at Credit Slips
I have been studying chapter 11 professionals since before the turn of the century, but today we have a first. Jay Alix, as assignee of AlixPartners LLP, has filed a 150 page complaint against McKinsey & Co., Inc. and others,... Continue reading
Posted May 9, 2018 at Credit Slips
A summary table of contents (under the tab) can be found here: http://www.cambridge.org/us/academic/subjects/law/financial-law/law-failure-tour-through-wilds-american-business-insolvency-law?format=PB
What is a poke anyway? I'll see what I can do ...
Assuming you still have those in your town. If not, also available for preorder now is my forthcoming book, entitled The Law of Failure. It is my attempt to consider all of American business insolvency law as a whole. Not... Continue reading
Posted Apr 2, 2018 at Credit Slips
Or EGRRCPA, for short. That is the official name of S. 2155, a bill which seems to be tearing Senate Democrats apart. Republicans are uniformly in favor of the bill, which Bloomberg describes as "another faulty bank-reform bill." Some Democrats... Continue reading
Posted Mar 12, 2018 at Credit Slips
For nearly two decades, the fact that many really large chapter 11 cases file in two districts has been a point of controversy. On the one hand, the present system makes some sense from the perspective of debtor’s attorneys, and... Continue reading
Posted Mar 6, 2018 at Credit Slips