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 …

This paper revisits the proposal to use options in corporate bankruptcy that was put forward in Bebchuk (1988 …). According to the proposed procedure, corporate bankruptcy should be implemented through the distribution to participants of … appropriately designed options. The paper starts by discussing the goals that should guide the design of bankruptcy procedures. The …

;territorialityquot; - in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy - with a …