Corporate reorganization under Chapter 11 of the Bankruptcy Code is built on the foundation of the absolute priority rule, which requires that senior creditors be paid in full before any value can be distributed to junior creditors. The standard law and economics understanding is that absolute...

In RadLAX Gateway Hotel, LLC v Amalgamated Bank, the Supreme Court's statutory interpretation focuses on an emerging theme of its bankruptcy jurisprudence: the proper domain of the bankruptcy judge. While one might expect the Court to approach that question of domain as it has for administrative...

During the height of the financial crisis in 2008 and 2009, the government bailed out numerous corporations, including banks, investment banks, and automobile manufacturers. While the bailouts helped end the financial crisis, they were intensely controversial at the time, and were marred by the...

A fundamental question for corporate bankruptcy law is why it exists in the first place. To put it another way, why do we have special rules that apply only in financial distress? The conventional law-and-economics answer—known as the Creditors' Bargain Theory—identifies two core purposes of...

Ex post gap filling is a central function of contract law. This is about to change. Predictive capabilities created by big data and artificial intelligence increasingly allow parties to draft contracts that fill their own gaps and interpret their own standards without adjudication. With these...

AI technologies can improve upon the current system of merger notification and review. Predictive technologies—such as supervised machine learning—combined with unprecedented growth in data will provide antitrust agencies with the opportunity to better refine the law and the review process....