Over the last few years, reorganization practice has undergone a massive change. A new device — the restructuring support agreement — has transformed Chapter 11 negotiations. This puts reorganization law at a crossroads. Chapter 11's commitment to a nonmarket restructuring with a rigid...

Perhaps within the next decade, the technology of quot;reanimationquot; will allow film producers to cast any actor, living or dead, in any role. In this respect, there will soon be no difference between Humphrey Bogart and Mickey Mouse. Soon a sequel to the Maltese Falcon can star Bogart as he...

This paper shows that the dynamics of Chapter 11 turn dramatically on the size of the business. The vast majority of the assets administered in Chapter 11 are concentrated in a handful of large cases, but most of the businesses in Chapter 11 are small, and the smaller the business, the smaller...

In a Chapter 11 reorganization, senior creditors are entitled to insist upon being paid in full before anyone junior to them receives anything. In practice, however, departures from such quot;absolute priorityquot; are commonplace. Explaining these deviations has been a central preoccupation of...

The law of corporate reorganizations controls the fate of enterprises worth billions of dollars and has reshaped entire sectors of the economy, yet its inner workings largely remain a mystery. Judges must police a small and closed fraternity of professionals as they sit down at a conference...

A meeting of international finance and insolvency experts was held on November 2, 2013 at the Annenberg House in Santa Monica, California. The meeting was co-hosted by the USC Law School and the Annenberg Retreat at Sunnylands. The goal was to solicit the views of experts on the implications of...

By common account, the reorganizations of Chrysler and General Motors were extraordinary cases, very much alike, but different from any other. Government intervention on such a scale is not likely to recur and, given their peculiar character, these bankruptcies offer few lessons for corporate...