To Protect Their Interest is a groundbreaking historical account of how corporate bankruptcy became what it is today - a forum for battles between well-heeled insiders. Stephen J. Lubben strips away the myths surrounding the history of corporate restructuring and traces the evolution of the...

In this article, using a comparative approach (Canadian versus American and automotive versus financial sectors), we build on the defense of the Chapter 11 automotive cases that one of us has already put forward elsewhere. That is, the Chrysler and GM cases did not subvert normal Chapter 11...

In this paper, we examine the ways in which two large financial institutions were exposed to large legal expenses and potential litigation losses because of their failure to obtain court approval before taking action in the Lehman chapter 11 case

The first part of this paper sketches the several existing systems for resolving financial distress in financial firms, including the new resolution authority created by the Dodd-Frank bill. By my count, there are at least six systems at work here, not counting state-by-state variations. I then...

Among the collective wisdom about large corporate bankruptcy cases, the following points are almost undisputed: Longer chapter 11 cases cost more; Prepackaged chapter 11 cases cost less; Cases filed in New York or Delaware cost more; Fee examiners control the costs of big chapter 11 cases. But...

In this paper we adopt a new approach to the issue and contextualize the cost of chapter 11 by comparison to the costs of business bankruptcy in the Netherlands. Using unique data-sets that each author has developed in connection with other projects, we match a group of comparable cases from...

I use the occasion of my inaugural Wiley lecture to set forth my understanding of corporate governance. I will refer to my model of corporate governance as the “horizontal model” of corporate governance, because my central argument is that the key aspects of corporate governance – which I...

Over the last decade, the availability of credit default swaps (CDS) has dramatically transformed the markets for credit insurance by providing participants efficient avenues through which to share credit risks. These risk-sharing benefits notwithstanding, the growth of credit default swaps...