territoriality' -- in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy …

A basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute …

would determine the value of collateral in such a way that no participant in the bankruptcy would have a basis for … of business bankruptcy and could constitute an important element of any proposal for bankruptcy reform …

In an earlier article, The Uneasy Case for the Priority of Secured Claims in Bankruptcy,' 105 Yale Law Journal 857 … (1996), we suggested that the case for a full priority of secured claims in bankruptcy is an uneasy one. In this paper, we … confirms our earlier conclusion that the case for a full priority of secured claims in bankruptcy is an uneasy one …