Bankruptcy and corporate reorganization: legal and financial materials
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| 245 | 1 | 0 | |a Bankruptcy and corporate reorganization |b legal and financial materials |c by Mark J. Roe |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a New York, N.Y. |b Foundation Pr. |c 2007 | |
| 300 | |a XXX, 707 S. | ||
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| adam_text | TABLE OF CONTENTS
PREFACE III
TABLE OF CONTENTS V
TABLE OF AUTHORITIES XVII
CHAPTER 1: INTRODUCTION 1
1101: INTRODUCTORY NOTE 1
1102: GLENN PORTER & HAROLD LIVESAY, MERCHANTS AND MANUFACTURERS:
STUDIES IN
THE CHANGING STRUCTURE OF NINETEENTH CENTURY MARKETING 63-65 (1971) 4
1103: THE SHIFT IN BUSINESS TECHNOLOGY AT THE END OF THE 19TH CENTURY 6
1104: THE EQUITY RECEIVERSHIP 7
1105: A BRIEF ANATOMY OF A BANKRUPTCY 9
CHAPTER 2: REORGANIZATION AND VALUATION 13
A. WHY VALUATION IS IMPORTANT 13
1201: SCHEMATIC OF CONTROLS ON THE CORPORATION 13
1202: SAMPLE BALANCE SHEET 15
1203: SENIORITY, SECURITY, AND VALUATION 15
1204: WHO GETS WHAT WHEN THINGS GO WRONG? 17
1205: A BRIEF INTRODUCTION TO REORGANIZATION IN CHAPTER 11 17
1206: WINNERS AND LOSERS 19
1207: THE LIMITS OF JUDICIAL EXPERTISE: RELIANCE ON THE PARTIES? 20
1208: IN RE NEW YORK, NEW HAVEN AND HARTFORD RR CO., 4 BANKR. 758 (D.
CONN. 1980) (ZAMPANO, J.) 20
1209: THE IMPLICATIONS OF VALUATION 24
B. BASIC VALUATION 25
1210: DISCOUNTING TO PRESENT VALUE 25
1211: PRESENT VALUES IN MORE DETAIL: RICHARD A. BREALEY, STEWART C.
MYERS, AND
FRANKLIN ALLEN, PRINCIPLES OF CORPORATE FINANCE 335-39 (8TH ED. 2006) 26
1212: PRESENT VALUE PROBLEM 28
1213: RISK 29
1214: VARIANCE AND DIVERSIFICATION 32
1215: BANKRUPTCY IMPLICATIONS OF RISK AND DIVERSIFICATION 34
CHAPTER 3: JUDICIAL VALUATION 37
A. FAILURE 37
1301: THE DISTINCTION BETWEEN FINANCIAL FAILURE AND ECONOMIC FAILURE 37
1302: BACKGROUND TO ATLAS PIPELINE 39
VI BANKRUPTCY AND CORPORATE REORGANIZATION
B. LIQUIDATION VS. REORGANIZATION 40
1303: QUESTIONS ON ATLAS PIPELINE: LIQUIDATION VS. REORGANIZATION 40
5304: IN RE ATLAS PIPELINE CORPORATION, DEBTOR, SEC ADVISORY OPINION
RELEASE
NO. 42 UNDER THE CORPORATE REORGANIZATION ACT, JUNE 7, 1941, 9 S.E.C.
416(1941) 41
1305: LIQUIDATING OR REORGANIZING: WHO SHOULD DECIDE? 47
1306: EASTERN AIR LINES 49
C. VALUATION OF ATLAS PIPELINE 52
1307: VALUING THE FIRM: ATLAS PIPELINE 52
1308: ATLAS PIPELINE (CONTINUED): VALUATION 52
1309: FINANCIAL RISK VS. OPERATIONAL RISK 57
1310: WALTER J. BLUM AND WILBUR G. KATZ, DEPRECIATION AND ENTERPRISE
VALUATION,
32 U. CHI. L. REV. 236 (1965) 60
1311: THE CONCEPT OF DEPRECIATION 62
1312: ATLAS PIPELINE (CONTINUED) 64
1313: IN RE ATLAS PIPELINE CORP., 39 F. SUPP. 846 (W.D. LA. 1941) (JULY
15,1941) . 72
1314: EARLIER IN THE PROCEEDING: FIRST TRUST CO. OF PHILADELPHIA V.
ATLAS PIPELINE
CORP., 29 F. SUPP. 32 (W.D. LA. 1939) (AUGUST 7,1939) 73
1315: AFTER THE REORGANIZATION 74
1316: MARKET MULTIPLES 75
D. CAPITAL LAYERS 77
1317: HENRY B. GARDNER, THE SEC AND VALUATION UNDER CHAPTER X, 91 U. PA.
L.
REV. 440 (1947) 77
1318: QUESTIONS ON GARDNER 80
1319: ATLAS PIPELINE AND DECAPITALIZATION 80
E. ADVISERS AND CONFLICTS 82
1320: JOSEPH KENNEDY, BIG BUSINESS, WHAT NOW?, SATURDAY EVENING POST,
JAN. 16,
1937, AT 10 82
1321: MODERN VARIATIONS 83
CHAPTER 4: PRIORITY 87
A. THE CONCEPT: ABSOLUTE PRIORITY 87
1401: PRIORITIES IN REORGANIZATION 87
1402: THE SETTING OF REORGANIZATION 88
1403: CASE V. LOS ANGELES LUMBER PRODS. CO., 308 U.S. 106 (1939) 89
1404: NOTES ON LOS ANGELES LUMBER 93
B. THE STATUTE TODAY 95
1405: BACKGROUND TO THE 1978 ACT: REPORT OF THE COMMISSION ON THE
BANKRUPTCY
LAWS OF THE UNITED STATES, HOUSE DOC. 93-137, 93D CONG., 1ST SESS 255 ET
SEQ. (1973)
96
TABLE OF CONTENTS VII
1406: STATEMENT BY THE HON. DENNIS DECONCINI, CHAIRMAN OF THE
SUBCOMMITTEE
ON IMPROVEMENTS IN JUDICIAL MACHINERY..., UPON INTRODUCING THE SENATE
AMENDMENT TO THE HOUSE AMENDMENT TO H.R. 8200, 124 CONGRESSIONAL
RECORD S 17406 (OCT. 6, 1978) 96
1407: ABSOLUTE PRIORITY UNDER THE HALF-CENTURY OLD BANKRUPTCY ACT OF
1938 97
1408: THE 1978 BANKRUPTCY CODE CHANGES 98
1409: PRIORITY TODAY: UNDERSTANDING § 1129(A)(8) 99
1410: REORGANIZATION STATUTORY PROVISIONS FOR 1409 101
1411: TRADE CREDITORS AND UNFAIR DISCRIMINATION 103
1412: UNFAIR DISCRIMINATION AND TRADE CREDITORS (H.R. REP. NO. 95-595
(1977)) .... 106
1413: DIEGLOM PROBLEM 107
1414: REINSTATEMENT IN DIEGLOM ILL
F415: SECTION 1129(A)(7)*THE BEST INTERESTS TEST 113
1416: FAIRNESS 114
1417: NEW VALUE 116
1418: OTHER CREDITORS WITH PRIORITY 117
C. DELAY 118
1419: VALUE RISING: THE COTTON BELT RAILROAD: WALTER BLUM & STANLEY
KAPLAN,
CORPORATE READJUSTMENTS AND REORGANIZATIONS 485-86 (1976) 118
D. THE LAWYERS 119
1420: VALUE UNCERTAIN: PRACTICAL LAWYERS, MODERN DELAY, AND THE
ADVANTAGES OF
THE VALUATION HEARING FOR SHAREHOLDERS 119
1421: RULE 11 121
1422: STANDARDS OF PROFESSIONAL RESPONSIBILITY 121
1423: PSYCHOLOGY 122
E. THE MANAGERS 124
1424: THE ROLE OF MANAGERS IN CHAPTER 11 124
F. THE COSTS OF DELAY 125
1425: VALUE DECLINING: CUTBACKS AND BANKRUPTCY COSTS 125
1426: SOME COSTS OF DELAY: SUMMERS & CUTLER, TEXACO AND PENNZOIL BOTH
LOST
BIG, N.Y. TIMES, FEB. 14, 1988, AT 3, COLS. 1-3 (BUSINESS SECTION) 126
1427: QUESTIONS ON SUMMERS & CUTLER 127
1428: THE COMMON POOL PROBLEM IN GENERAL 128
1429: BANKRUPTCY AS A COMMON POOL PROBLEM: THOMAS H. JACKSON, THE LOGIC
AND LIMITS OF BANKRUPTCY LAW 10-19(1986) 130
1430: MISCELLANEOUS CODE PROVISIONS 133
G. A NOTE ON PURPOSES 134
1431: FRESH STARTS 134
1432: PRIORITY AND PRE-BANKRUPTCY INVESTMENTS 136
VIII BANKRUPTCY AND CORPORATE REORGANIZATION
CHAPTER 5: ALTERNATIVES TO CHAPTER 11: SELLING 139
A. SELLING?
139
1501: SALE OF THE FIRM TO PROVIDE A VALUE? 139
1502: CONVERSION TO CHAPTER 7? 139
1503: SALES UNDER § 363 141
1504: STATUTORY PROVISIONS 142
1505: IN RE THE LIONEL CORP, 722 F.2D 1063 (2D CIR. 1983) 143
1506: QUESTIONS ON LIONEL 150
1507: SIDE DEALS UNDER § 363 151
1508: SELLING UNDER § 363? 153
1509: THE BEST INTERESTS TEST 154
1510: ALTERNATIVES: SOME KIND OF SALE? 155
1511: SOME KIND OF SALE?: J. BONBRIGHT, THE VALUATION OF PROPERTY, CH.
12(1937). 156
1512: BUYING UP CLAIMS? 158
1513: A CHAPTER 11 MISMATCH? 159
B. THE JUDICIARY AND VALUATION 159
1514: IN RE EQUITY FUNDING CORP. OF AMERICA, 391 F. SUPP. 768 (1975) 159
1515: IN RE NEW YORK, NEW HAVEN AND HARTFORD RR. CO., 632 F.2D 955
(1980).... 160
1516: JAMES LORIE, PETER DODD, & MARY HAMILTON, THE STOCK MARKET:
THEORIES
AND EVIDENCE (2D ED. 1985) 162
1517: EFFICIENT MARKETS FOR A BANKRUPT S SECURITIES? 163
1518: EDWARD ALTMAN, BANKRUPT FIRMS EQUITY SECURITIES AS AN INVESTMENT
ALTERNATIVE, FIN. ANALYSTS J., JULY-AUG. 1969, AT 129 163
1519: WALTER BLUM, THE LAW AND LANGUAGE OF CORPORATE REORGANIZATION, 17
U.
CHI. L. REV. 505, 571-580 (1950) 165
1520: OVERVALUATION AND UNDERVALUATION IN REORGANIZATION 166
CHAPTER 6: JUNK BONDS 167
A. CHARACTERISTICS OF BOND INDENTURES 168
1601: BACKGROUND TO THE BOND INDENTURE 168
1602: DEWING, THE FINANCIAL POLICY OF CORPORATIONS (5TH ED. 1953) 170
B. THE JUNK BOND 172
1603: DRUM FINANCIAL PROSPECTUS 172
1604: QUESTIONS ON THE DRUM FINANCIAL INDENTURE 178
1605: AMERICAN BAR FOUNDATION, CORPORATE DEBT FINANCING PROJECT,
COMMENTARIES ON MODEL DEBENTURE INDENTURE PROVISIONS (1971) 179
C. FINANCIAL MARKETS AND JUNK BONDS 181
1606: JAN LOEYS, LOW-GRADE BONDS: A GROWING SOURCE OF CORPORATE FUNDING,
FEDERAL RESERVE BANK OF PHILADELPHIA, BUSINESS REV., NOV./DEC. 1986 181
TABLE OF CONTENTS IX
D. NEGATIVE PLEDGE CLAUSES 185
1607: THE NEGATIVE PLEDGE CLAUSE 185
1608: CHRYSLER SOLICITATION OF CONSENTS 187
1609: QUESTIONS ABOUT CHRYSLER S NEGATIVE PLEDGE 192
1610: KELLY V. CENTRAL HANOVER BANK & TRUST CO., 11 F.SUPP. 497, REV D
85
F.2D 61 (2D CIR. 1936) 193
1611: THE UCC, KELLY, AND THE NEGATIVE PLEDGE CLAUSE 196
E. SECURED CREDIT AND FINANCE THEORY 199
1612: SECURED TRANSACTIONS: DONALD W. BAKER, A LAWYER S BASIC GUIDE TO
SECURED TRANSACTIONS 18-24, 67-69, 89-90 (1983) 201
1613: THE AVOIDING POWER 205
1614: SECURED INTERESTS AND FINANCE THEORY 207
1615: A NOTE ON MARSHALLING 209
F. MORALITY, MARKETS, AND PRACTICING LAW WITH BOND INDENTURES 210
1616: HARRY M. MARKOWITZ, MARKETS AND MORALITY: OR ARBITRAGERS GET NO
RESPECT, WALL ST. J., MAY 14, 1991 210
1617: DATA ON THE GROWTH OF THE JUNK BOND MARKET 214
G. LOW PRIORITY 216
1618: AGENCY COSTS AND MONITORING: MITCHELL BERLIN, BANK LOANS AND
MARKETABLE
SECURITIES: HOW DO FINANCIAL CONTRACTS CONTROL BORROWING FIRMS?, FED.
RES. BANK OF PHIL., BUS. REV., JULY-AUG. 1987, AT 9 216
1619: BASES FOR CONTRACTUAL SUBORDINATION 220
1620: DRAFTING A BOND INDENTURE 224
CHAPTER 7: RERANKING IN THE HOLDING COMPANY: SUBSTANTIVE CONSOLIDATION,
FRAUDULENT CONVEYANCES, AND PREFERENCES 225
A. SUBSTANTIVE CONSOLIDATION OF THE HOLDING COMPANY 226
1701: HOLDING COMPANIES 226
1702: CONSOLIDATED ROCK PRODS. CO. V. DUBOIS, 312 U.S. 510 (1941) 227
1703: QUESTIONS ON CONSOLIDATED ROCK 232
1704: FRAUDULENT TRANSFERS, VEIL-PIERCING, ILLEGAL DIVIDENDS, IMPROPER
USE
OF CONTROL, AND SUBSTANTIVE CONSOLIDATION 234
1705: DISCLOSURE AND CONSOLIDATION: REGULATION S-X 235
1706: RICHARD POSNER, THE RIGHTS OF CREDITORS OF AFFILIATED
CORPORATIONS, 43 U.
CHI. L. REV. 449, 507-09 (1976) 236
1707: QUESTIONS ON COMPLEX CORPORATE STRUCTURES AND SENIORITY 237
1708: ADMINISTRATIVE CONSOLIDATION: IN RE COMMERCIAL ENVELOPE MFG. CO.,
3
BANKR. CT. DEC. 647 (BANKR. S.D.N.Y. AUG. 22, 1977) 239
X BANKRUPTCY AND CORPORATE REORGANIZATION
B. SPECIAL PURPOSE VEHICLES OUTSIDE THE HOLDING COMPANY: CONTRACTUAL
ANTI-CONSOLIDATION 245
F709: ENRON AND THE SPECIAL PURPOSE VEHICLE 245
1710: ASSET SECURITIZATION 246
C. FRAUDULENT CONVEYANCES AND THE HOLDING COMPANY 249
1711: HOLDING COMPANIES AND EFFECTIVE SENIORITY 249
1712: FRAUDULENT TRANSFERS AND FINANCE COMPANIES 250
1713: FRAUDULENT TRANSFERS AND THE BANKRUPTCY CODE 253
1714: THE ORIGINS OF FRAUDULENT CONVEYANCE LAW: GARRARD GLENN,
FRAUDULENT
CONVEYANCES AND PREFERENCES 79-87 (1940) 255
1715: THE CREDITOR OF THE SUBSIDIARY 256
D. PREFERENCES AND THE HOLDING COMPANY 258
1716: DEPRIZIO CONSTRUCTION CO. V. INGERSOLL RAND FINANCIAL CORP., 874
F.2D
1186 (7TH CIR. 1989) 258
1717: PREFERENCES 267
1718: DEPRIZIO ISSUES 270
1719: PRIORITY EQUALIZATIONS ACROSS TIME VIA PREFERENCE RULES: LYNN M.
LOPUCKI &
CHRISTOPHER R. MIRICK, STRATEGIES FOR CREDITORS IN BANKRUPTCY
PROCEEDINGS
33-42 (4TH ED. 2004) 273
E. INTERCORPORATE PAYMENTS IN THE HOLDING COMPANY 277
1720: SINCLAIR OIL AND INTERCORPORATE PAYMENTS 277
1721: QUESTIONS ON SINVEN 280
CHAPTER 8: EQUITABLE SUBORDINATION OF A STOCKHOLDER S CLAIM 283
A. GENERAL 283
1801: INTRODUCTION: EQUITABLE SUBORDINATION AND RESCISSION 283
B. EQUITABLE SUBORDINATION OF A STOCKHOLDER S DEBT CLAIM 284
1802: TAYLOR V. STANDARD GAS & ELECTRIC CO., 306 U.S. 307 (1939) 284
1803: DEEP ROCK PROBLEMS 289
1804: DEEP ROCK AND CORPORATE PLANNING 290
1805: NOTE RE WASHINGTON PLATE GLASS CO., 27 BANKR. 550 (D.D.C. 1982), 3
BANKRUPTCY NEWS LETTER (WGL), NO. 6 (JUNE 1986), AT 1 294
1806: PARTNERSHIP LIABILITY 294
C. SUBORDINATION OF SECURITIES LAW CLAIMS 298
1807: OPPENHEIMER V. HARRIMAN NAT L BANK & TRUST CO., 301 U.S. 206
(1937).. 298
JOHN SLAIN & HOMER KRIPKE, THE INTERFACE BETWEEN SECURITIES REGULATION
AND BANKRUPTCY*ALLOCATING THE RISK OF ILLEGAL SECURITIES ISSUANCE
BETWEEN SECURITYHOLDERS AND THE ISSUER S CREDITORS, 48 N.Y.U. L. REV.
261 (1973) 299
TABLE OF CONTENTS XI
1809: BANKRUPTCY CODE, § 510(B) 304
1(810: OPPENHEIMER, SLAIN & KRIPKE, § 510, RESCISSION AND FRAUD 304
1811: THE STOCKHOLDERS FRAUD CLAIM IN THE MODERN FINANCIAL SCANDALS:
SEC V.
WORLDCOM, INC., 273 F. SUPP. 2D431 (S.D.N.Y. 2003) 306
1812: QUESTIONS ON WORLDCOM 308
1813: DOES SUBORDINATION MAKE THE RECISSION OR DAMAGES CLAIM USELESS,
ALWAYS? .. 308
1814: RERANKING 309
1815: TRANSITION PROBLEM 310
CHAPTER 9: EQUITABLE SUBORDINATION OF THE CREDITOR S CLAIM AND LENDER
LIABILITY 311
A. EQUITABLE SUBORDINATION OF A CREDITOR S CLAIM 312
1901: IN RE AMERICAN LUMBER CO., 7 BANKR. 519 (1979) 312
1902: QUESTIONS ON AMERICAN LUMBER 319
F903: THE COLLAPSE OF W.T. GRANT COMPANY 324
1904: IN RE W.T. GRANT CO., 699 F.2D 599 (1983) 326
1905: QUESTIONS ON W.T. GRANT 333
1906: IN RE CLARK PIPE & SUPPLY CO., INC., 870 F.2D 1022 (5TH CIR. 1989)
334
1907: CROSS-COLLATERALIZATION 342
B. LENDER LIABILITY 343
1908: SOURCES OF LENDER LIABILITY 343
1909: STATE NATIONAL BANK OF EL PASO V. FARAH MFG. CO., 678 S.W.2D 661
(TEX.
CT. APP. 1984) 344
1910: QUESTIONS ON LENDER LIABILITY IN FARAH 353
1911: A COMPARATIVE NOTE 355
CHAPTER 10: REJECTING PRE-BANKRUPTCY CONTRACTS AND REGULATORY
OBLIGATIONS 357
A. THE TRUSTEE S RIGHT TO REJECT OR ASSUME 357
11001: THE DEBTOR S CONTRACTS 357
11002: ADMINISTRATIVE PRIORITY 360
11003: EFFICIENCY CONSIDERATIONS 361
11004: THE CRITICAL VENDOR ANOMALY 362
11005: IN RE KMART CORP., 359 F.3D 866 (7TH CIR. 2004) 364
11006: SPECIFIC PERFORMANCE 367
11007: ASSIGNMENT 369
B. TECHNOLOGY LICENSES 369
11008: LUBRIZOL ENTERPRISES, INC. V. RICHMOND METAL FINISHERS, INC., 756
F.2D
1043 (4TH CIR. 1985); CERT, DENIED, 475 U.S. 1057 (1986) 369
11009: CONGRESS REACTS TO LUBRIZOL AND THE CODE S ORIGINAL STRUCTURE 372
XII BANKRUPTCY AND CORPORATE REORGANIZATION
C. LABOR.
,373
11010: TRUCK DRIVERS LOCAL 807, INT L BROTHERHOOD OF TEAMSTERS V. CAREY
TRANS.
INC., 816 F.2D 82 (2D CIR. 1987) 373
F 1011: WHEELING-PITTSBURGH STEEL CORP., V. UNITED STEELWORKERS OF AM.,
AFL-CIO-CLC, 791 F.2D 1074 (3D CIR. 1986) 379
D. ENVIRONMENTAL CLEAN-UP OBLIGATIONS 387
E. MASS TORT CLAIMS 390
11012: THE PROBLEM OF MASS COMPENSATION 391
11013: THE RESULTS THUS FAR 392
F. GOVERNMENT LICENSES 396
11014: FCC V. NEXTWAVE PERSONAL COMM., INC., 537 U.S. 293 (2003) 397
G. STATE REGULATORY POLICY 405
CHAPTER 11: INTEREST 407
A. THE STATUTE 407
F1101: INTEREST ACCRUALS AND NONACCRUALS IN BANKRUPTCY FOR UNSECURED
CREDITORS.... 407
11102: INTEREST ACCRUALS 408
B. CREDITORS VERSUS STOCKHOLDERS 411
11103: CHAIM FORTGANG & LAWRENCE KING, THE 1978 CODE: SOME WRONG POLICY
DECISIONS, 56 N.Y.U. L. REV. 1148 (1981) 411
11104: CASE LAW, AND THEN CONGRESS ACTS 414
C. SENIORS VERSUS JUNIORS 416
11105: SUBORDINATION 416
11106: IN RE KING RESOURCES, INC., 528 F.2D 789 (10TH CIR. 1976) 417
D. GUARANTORS VERSUS GUARANTEED 420
11107: IN RE BRUNO, 747 F.2D 53 (1ST CIR. 1984) 420
11108: THE LAWYERS 422
E. SECURED VERSUS UNSECURED 422
11109: ADEQUATE PROTECTION FOR SECURED CREDITORS 422
11110: UNITED SAVINGS ASS N V. TIMBERS OF INWOOD FOREST, 484 U.S. 365
(1988) .... 425
F. WHAT RATE? 430
11111: UNSECUREDS WITH HIGH INTEREST RATES VERSUS THOSE WITH LOW RATES
430
11112: WHAT RATE FOR THE OVERSECURED CREDITOR? 431
11113: WHAT RATE IN CRAM-DOWNS? 433
TABLE OF CONTENTS XIII
G. GENERAL AND MISCELLANEOUS 433
11114: INTEREST ON INTEREST 433
11115: THE OVERSECURED NON-CONTRACTUAL CREDITOR 434
11116: A RELATIONAL THEORY OF BANKRUPTCY? 436
11 117: OSCILLATIONS: ROE, BANKRUPTCY, PRIORITY AND ECONOMICS, 75 VA. L.
REV.
219, 234-40 (1989) 437
CHAPTER 12: WORKOUTS TO AVOID A BANKRUPTCY 441
A. GENERAL 441
11201: WORKOUTS TO AVOID BANKRUPTCY 441
11202: ARTHUR S. DEWING, THE FINANCIAL POLICY OF CORPORATIONS (5TH ED.
1953) .... 441
B. MODIFICATION OF THE INDENTURE 442
11203: ALADDIN HOTEL CO. V. BLOOM, 200 F.2D 627 (8TH CIR. 1953) 442
11204: QUESTIONS ON ALADDIN 446
11205: TRUST INDENTURE ACT OF 1939, § 316(B)(15 U.S.C. § 77PPP) 447
C. HOLDING OUT AND BUOYING UP 447
11206: COLLAPSE OF A WORKOUT 447
11207: THE ECONOMICS OF HOLDING OUT 451
11208: CASE V. LOS ANGELES LUMBER PRODS. CO., 308 U.S. 106 (1939)
(AGAIN) 454
11209: NOTES ON LOS ANGELES LUMBER 457
D. EXIT CONSENTS 458
11210: EXIT CONSENTS 458
11211: KATZ V. OAK INDUSTRIES, INC., 508 A.2D 873 (DEL. CH. 1986) 461
11212: KATZ AND THE TRUST INDENTURE ACT 468
11213: FIDELITY INVESTMENTS PETITION TO THE SEC 471
11214: QUESTIONS ON FIDELITY APPLICATION 475
11215: THE FIDELITY HYPOTHETICAL 476
11216: EXCHANGE OFFER PROBLEM 477
11217: EXCHANGE OFFER PROSPECTUS (THE CHATEAUGAY PROBLEM) 479
11218: ORIGINAL ISSUE DISCOUNT 483
11219: SUBSEQUENT DEVELOPMENTS (CHATEAUGAY ON APPEAL) 484
11220: EXCHANGE OFFERS AND ORIGINAL ISSUE DISCOUNT 488
11221: ON THE POSSIBLE INABILITY TO RAISE CAPITAL DURING FINANCIAL
STRESS: CHRYSLER
ON THE VERGE OF SHUT-DOWN, 1978-1979 490
11222: MERGERS 495
CHAPTER 13: DEBTOR-IN-POSSESSION FINANCING 497
11301: OPERATING THE BUSINESS IN GENERAL 497
11302: OPERATING THE BUSINESS, GETTING INVENTORY 497
XIV
BANKRUPTCY AND CORPORATE REORGANIZATION
11303: CREDIT OUTSIDE THE ORDINARY COURSE OF BUSINESS 498
11304: DEBTOR-IN-POSSESSION FINANCING 500
11305: ICO GLOBAL COMMUNICATIONS MOTION FOR ORDER AUTHORIZING
DEBTOR-IN-
POSSESSION FINANCING 501
11306: DEBTOR-IN-POSSESSION FINANCING: LIMITS, CONTRACTUAL OVER-RIDES,
AND CHAPTER
11 MELT-DOWNS 506
11307: CROSS-COLLATERALIZATION 510
11308: USING CASH TO OPERATE THE BUSINESS 510
CHAPTER 14: DUTIES TO CREDITORS? 513
A. DUTIES OF THE TRUSTEE 513
11401: TRUSTEES UNDER THE TRUST INDENTURE ACT 513
11402: THE DEPRESSION-ERA SEC INVESTIGATION INTO TRUSTEES 515
11403: THE NOTION OF TRUSTEE: FIDUCIARY OR CONTRACTED-FOR AGENT? (FROM
BRUDNEY &
CHIRELSTEIN, CORPORATE FINANCE 148-49 (3D ED. 1987)) 516
11404: MORRIS V. CANTOR, 390 F.SUPP. 817 (S.D.N.Y. 1975) 517
11405: PASSAGE OF THE TRUST INDENTURE ACT 520
11406: BROAD V. ROCKWELL INT L CORP., 642 F.2D 929-30 (5TH CIR. 1981)
520
11407: QUESTIONS ON ROCKWELL 522
11408: EXCERPT FROM GRANT OPINION 522
11409: EDWARD FLEISCHMAN, PROPOSED AMENDMENTS TO THE TRUST INDENTURE ACT
OF
1939 (SEC MEMORANDUM AUG. 10, 1987) 523
11410: AMENDMENTS TO THE TRUST INDENTURE ACT 526
11: THE TRUST INDENTURE ACT S NEW CONFLICTS PROVISION 526
B. DUTIES OF THE COMPANY 528
11412: METLIFE V. RJR NABISCO 528
11413: GARY HECTOR, THE BONDHOLDERS COLD NEW WORLD, FORTUNE, FEB. 27,
1989 538
11414: WHEN IS THERE A FIDUCIARY DUTY? IN RE MORTGAGE AMERICA CORP., 714
F.2D
1266 (5TH CIR. 1983) 540
11415: CREDIT LYONNAIS BANK NEDERLAND, N.V. V. PATHE COMMUNICATIONS
CORPORATION, 1991 DEL.CH. LEXIS 215 AT N.55 (DEC. 30, 1991) 543
11416: QUESTIONS ON CREDIT LYONNAIS 545
11417: FIDUCIARY THEORY: ANDREW BOGEN, DAVID KENNEDY & BRADLEY SCHWARTZ,
LANDMARKS ON AN UNMAPPED TERRAIN: DEFINING THE RIGHTS OF DEBTHOLDERS,
5 INSIGHTS, JAN. 1991, AT 19 547
C. CONTRACT THEORY 54G
11418: CHARLES GOETZ & ROBERT SCOTT, PRINCIPLES OF RELATIONAL CONTRACTS,
67 VA.
L. REV. 1089-91, 1149-50 (1981) 548
11419: ALLAN FARNSWORTH, DISPUTES OVER OMISSION IN CONTRACTS, 68 COLUM L
REV
860, 891 (1968)
550
TABLE OF CONTENTS XV
CHAPTER 15: CORPORATE GOVERNANCE AND CHAPTER 11 551
A. WHO RUNS THE BANKRUPT DEBTOR? 551
F 1501: DISPLACING MANAGEMENT WITH A TRUSTEE 551
11502: THE CREDITORS COMMITTEE 552
11503: THE U.S. TRUSTEE AND THE EXAMINER 552
11504: DEP T OF JUSTICE, ABOUT THE [U.S.] TRUSTEE PROGRAM & BANKRUPTCY
(DOJ
WEBSITE, ACCESSED JANUARY 2004) 552
11505: THE EXAMINER 553
11506: THE WORLDCOM EXAMINER S REPORT 554
B. WHO SUES? 557
C. SQUELCHING PRE-BANKRUPTCY LAWSUITS? 558
11507: THE STATUS OF CORPORATE LAWSUITS 558
11508: ROBERT H. MNOOKIN & ROBERT B. WILSON, RATIONAL BARGAINING AND
MARKET
EFFICIENCY: UNDERSTANDING PENNZOIL V. TEXACO, 75 VA. L. REV. 295 (1989)
.. 564
CHAPTER 16: FINANCE THEORY AND DEBT: MODIGLIANI-MILLER, BANKRUPTCY
COSTS, AND TAXES 571
11601: WHY THEN DEBT? 571
11602: RICHARD BREALEY, STEWART MYERS AND FRANKLIN ALLEN, PRINCIPLES OF
CORPORATE FINANCE 444-63 (8TH ED. 2006) 574
11603: LEVERAGE, VALUE AND MODIGLIANI-MILLER 580
11604: WITH RISK 582
11605: WITH CORPORATE TAXES 582
11606: WITH OWNER-LEVEL TAXES 583
11607: WITH INDIVIDUAL TAXES AND LONG-TERM CAPITAL GAINS 584
11608: WITH TAX-FAVORED INSTITUTIONS 586
11609: SOME STAGES OF ANALYSIS 587
11610: PERSPECTIVES ON THE FIRM, CAPITAL STRUCTURE, AND SOME POLICY
IMPLICATIONS .. 587
F 1611: TAX CONSEQUENCES OF RECAPITALIZATIONS IN BANKRUPTCY 589
11612: COULD THE MARKET PRODUCE A BANKRUPTCY-AVOIDING SECURITY? 592
CHAPTER 17: THE LBO 595
A. THE LEVERAGED BUYOUT 595
11701: LBOS AND THE PROSPECT OF FRAUDULENT CONVEYANCE LIABILITY 595
B. THE LBO LENDER AND FRAUDULENT CONVEYANCE LIABILITY 597
11702: UNITED STATES V. TABOR COURT REALTY CORP., 803 F.2D 1288 (3D CIR.
1986).... 597
11703: QUESTIONS ON GLENEAGLES 606
XVI BANKRUPTCY AND CORPORATE REORGANIZATION
C. THE LBO STOCKHOLDERS AND FRAUDULENT CONVEYANCE LIABILITY 609
11704: WIEBOLDT STORES, INC. V. JEROME M. SCHOTTENSTEIN, 94 BANKR. 488
(BANKR.
N.D. 111. 1988) 609
11705: QUESTIONS ON WIEBOLDT 617
11706: A NOTE ON KAISER STEEL CORP. V. CHARLES SCHWAB 620
11707: BENJAMIN STEIN, SHOOTING FISH IN A BARREL*WHY MANAGEMENT ALWAYS
MAKES A BUNDLE IN AN LBO, BARREN S, JAN. 12, 1987, AT 6 621
D. MARGIN REGULATIONS 625
11708: MARGIN REGULATIONS AND OTHER ISSUES RELATING TO DEBT 625
11709: FEDERAL RESERVE INTERPRETIVE RULE:... PURCHASE OF DEBT SECURITIES
TO FINANCE
CORPORATE TAKEOVERS, 12 C.F.R. PART 207 [REG. G; DOCKET NO. R-0562] 626
CHAPTER 18: MARKETS AND CHAPTER 11 631
11801: ROBERT C. CLARK, THE INTERDISCIPLINARY STUDY OF LEGAL EVOLUTION,
90 YALE
L. J. 1238 (1981) 631
11802: MARK J. ROE, BANKRUPTCY AND DEBT: A NEW MODEL FOR CORPORATE
REORGANIZATION (1983, 1987) 632
11803: QUESTIONS ON ROE 639
11804: DOUGLAS BAIRD, THE UNEASY CASE FOR CORPORATE REORGANIZATION, 15
JOURNAL
OF LEGAL STUDIES 127 (1986) 639
11805: QUESTIONS ON BAIRD 643
11806: LUCIAN ARYE BEBCHUK, A NEW APPROACH TO CORPORATE REORGANIZATIONS,
101 HARV. L. REV. 775 (1988) 643
11807: QUESTIONS ON BEBCHUK 648
11808: ADVANTAGES AND DISADVANTAGES OF EACH MARKET-BASED ALTERNATIVE 649
11809: GENERAL PROBLEMS WITH USING THE MARKET TO REPLACE CHAPTER 11 653
11810: DOUGLAS G. BAIRD & ROBERT K. RASMUSSEN, CHAPTER 11 AT TWILIGHT,
56
STAN. L. REV. 673 (2004) 655
APPENDIX: THE STATUTES 659
ACKNOWLEDGMENTS 689
INDEX 691
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TABLE OF CONTENTS
PREFACE III
TABLE OF CONTENTS V
TABLE OF AUTHORITIES XVII
CHAPTER 1: INTRODUCTION 1
1101: INTRODUCTORY NOTE 1
1102: GLENN PORTER & HAROLD LIVESAY, MERCHANTS AND MANUFACTURERS:
STUDIES IN
THE CHANGING STRUCTURE OF NINETEENTH CENTURY MARKETING 63-65 (1971) 4
1103: THE SHIFT IN BUSINESS TECHNOLOGY AT THE END OF THE 19TH CENTURY 6
1104: THE EQUITY RECEIVERSHIP 7
1105: A BRIEF ANATOMY OF A BANKRUPTCY 9
CHAPTER 2: REORGANIZATION AND VALUATION 13
A. WHY VALUATION IS IMPORTANT 13
1201: SCHEMATIC OF CONTROLS ON THE CORPORATION 13
1202: SAMPLE BALANCE SHEET 15
1203: SENIORITY, SECURITY, AND VALUATION 15
1204: WHO GETS WHAT WHEN THINGS GO WRONG? 17
1205: A BRIEF INTRODUCTION TO REORGANIZATION IN CHAPTER 11 17
1206: WINNERS AND LOSERS 19
1207: THE LIMITS OF JUDICIAL EXPERTISE: RELIANCE ON THE PARTIES? 20
1208: IN RE NEW YORK, NEW HAVEN AND HARTFORD RR CO., 4 BANKR. 758 (D.
CONN. 1980) (ZAMPANO, J.) 20
1209: THE IMPLICATIONS OF VALUATION 24
B. BASIC VALUATION 25
1210: DISCOUNTING TO PRESENT VALUE 25
1211: PRESENT VALUES IN MORE DETAIL: RICHARD A. BREALEY, STEWART C.
MYERS, AND
FRANKLIN ALLEN, PRINCIPLES OF CORPORATE FINANCE 335-39 (8TH ED. 2006) 26
1212: PRESENT VALUE PROBLEM 28
1213: RISK 29
1214: VARIANCE AND DIVERSIFICATION 32
1215: BANKRUPTCY IMPLICATIONS OF RISK AND DIVERSIFICATION 34
CHAPTER 3: JUDICIAL VALUATION 37
A. FAILURE 37
1301: THE DISTINCTION BETWEEN FINANCIAL FAILURE AND ECONOMIC FAILURE 37
1302: BACKGROUND TO ATLAS PIPELINE 39
VI BANKRUPTCY AND CORPORATE REORGANIZATION
B. LIQUIDATION VS. REORGANIZATION 40
1303: QUESTIONS ON ATLAS PIPELINE: LIQUIDATION VS. REORGANIZATION 40
5304: IN RE ATLAS PIPELINE CORPORATION, DEBTOR, SEC ADVISORY OPINION
RELEASE
NO. 42 UNDER THE CORPORATE REORGANIZATION ACT, JUNE 7, 1941, 9 S.E.C.
416(1941) 41
1305: LIQUIDATING OR REORGANIZING: WHO SHOULD DECIDE? 47
1306: EASTERN AIR LINES 49
C. VALUATION OF ATLAS PIPELINE 52
1307: VALUING THE FIRM: ATLAS PIPELINE 52
1308: ATLAS PIPELINE (CONTINUED): VALUATION 52
1309: FINANCIAL RISK VS. OPERATIONAL RISK 57
1310: WALTER J. BLUM AND WILBUR G. KATZ, DEPRECIATION AND ENTERPRISE
VALUATION,
32 U. CHI. L. REV. 236 (1965) 60
1311: THE CONCEPT OF DEPRECIATION 62
1312: ATLAS PIPELINE (CONTINUED) 64
1313: IN RE ATLAS PIPELINE CORP., 39 F. SUPP. 846 (W.D. LA. 1941) (JULY
15,1941) . 72
1314: EARLIER IN THE PROCEEDING: FIRST TRUST CO. OF PHILADELPHIA V.
ATLAS PIPELINE
CORP., 29 F. SUPP. 32 (W.D. LA. 1939) (AUGUST 7,1939) 73
1315: AFTER THE REORGANIZATION 74
1316: MARKET MULTIPLES 75
D. CAPITAL LAYERS 77
1317: HENRY B. GARDNER, THE SEC AND VALUATION UNDER CHAPTER X, 91 U. PA.
L.
REV. 440 (1947) 77
1318: QUESTIONS ON GARDNER 80
1319: ATLAS PIPELINE AND DECAPITALIZATION 80
E. ADVISERS AND CONFLICTS 82
1320: JOSEPH KENNEDY, BIG BUSINESS, WHAT NOW?, SATURDAY EVENING POST,
JAN. 16,
1937, AT 10 82
1321: MODERN VARIATIONS 83
CHAPTER 4: PRIORITY 87
A. THE CONCEPT: ABSOLUTE PRIORITY 87
1401: PRIORITIES IN REORGANIZATION 87
1402: THE SETTING OF REORGANIZATION 88
1403: CASE V. LOS ANGELES LUMBER PRODS. CO., 308 U.S. 106 (1939) 89
1404: NOTES ON LOS ANGELES LUMBER 93
B. THE STATUTE TODAY 95
1405: BACKGROUND TO THE 1978 ACT: REPORT OF THE COMMISSION ON THE
BANKRUPTCY
LAWS OF THE UNITED STATES, HOUSE DOC. 93-137, 93D CONG., 1ST SESS 255 ET
SEQ. (1973)
96
TABLE OF CONTENTS VII
1406: STATEMENT BY THE HON. DENNIS DECONCINI, CHAIRMAN OF THE
SUBCOMMITTEE
ON IMPROVEMENTS IN JUDICIAL MACHINERY., UPON INTRODUCING THE SENATE
AMENDMENT TO THE HOUSE AMENDMENT TO H.R. 8200, 124 CONGRESSIONAL
RECORD S 17406 (OCT. 6, 1978) 96
1407: ABSOLUTE PRIORITY UNDER THE HALF-CENTURY OLD BANKRUPTCY ACT OF
1938 97
1408: THE 1978 BANKRUPTCY CODE CHANGES 98
1409: PRIORITY TODAY: UNDERSTANDING § 1129(A)(8) 99
1410: REORGANIZATION STATUTORY PROVISIONS FOR 1409 101
1411: TRADE CREDITORS AND UNFAIR DISCRIMINATION 103
1412: UNFAIR DISCRIMINATION AND TRADE CREDITORS (H.R. REP. NO. 95-595
(1977)) . 106
1413: DIEGLOM PROBLEM 107
1414: REINSTATEMENT IN DIEGLOM ILL
F415: SECTION 1129(A)(7)*THE BEST INTERESTS TEST 113
1416: FAIRNESS 114
1417: NEW VALUE 116
1418: OTHER CREDITORS WITH PRIORITY 117
C. DELAY 118
1419: VALUE RISING: THE COTTON BELT RAILROAD: WALTER BLUM & STANLEY
KAPLAN,
CORPORATE READJUSTMENTS AND REORGANIZATIONS 485-86 (1976) 118
D. THE LAWYERS 119
1420: VALUE UNCERTAIN: PRACTICAL LAWYERS, MODERN DELAY, AND THE
ADVANTAGES OF
THE VALUATION HEARING FOR SHAREHOLDERS 119
1421: RULE 11 121
1422: STANDARDS OF PROFESSIONAL RESPONSIBILITY 121
1423: PSYCHOLOGY 122
E. THE MANAGERS 124
1424: THE ROLE OF MANAGERS IN CHAPTER 11 124
F. THE COSTS OF DELAY 125
1425: VALUE DECLINING: CUTBACKS AND BANKRUPTCY COSTS 125
1426: SOME COSTS OF DELAY: SUMMERS & CUTLER, TEXACO AND PENNZOIL BOTH
LOST
BIG, N.Y. TIMES, FEB. 14, 1988, AT 3, COLS. 1-3 (BUSINESS SECTION) 126
1427: QUESTIONS ON SUMMERS & CUTLER 127
1428: THE COMMON POOL PROBLEM IN GENERAL 128
1429: BANKRUPTCY AS A COMMON POOL PROBLEM: THOMAS H. JACKSON, THE LOGIC
AND LIMITS OF BANKRUPTCY LAW 10-19(1986) 130
1430: MISCELLANEOUS CODE PROVISIONS 133
G. A NOTE ON PURPOSES 134
1431: FRESH STARTS 134
1432: PRIORITY AND PRE-BANKRUPTCY INVESTMENTS 136
VIII BANKRUPTCY AND CORPORATE REORGANIZATION
CHAPTER 5: ALTERNATIVES TO CHAPTER 11: SELLING 139
A. SELLING?
139
1501: SALE OF THE FIRM TO PROVIDE A VALUE? 139
1502: CONVERSION TO CHAPTER 7? 139
1503: SALES UNDER § 363 141
1504: STATUTORY PROVISIONS 142
1505: IN RE THE LIONEL CORP, 722 F.2D 1063 (2D CIR. 1983) 143
1506: QUESTIONS ON LIONEL 150
1507: SIDE DEALS UNDER § 363 151
1508: SELLING UNDER § 363? 153
1509: THE BEST INTERESTS TEST 154
1510: ALTERNATIVES: SOME KIND OF SALE? 155
1511: SOME KIND OF SALE?: J. BONBRIGHT, THE VALUATION OF PROPERTY, CH.
12(1937). 156
1512: BUYING UP CLAIMS? 158
1513: A CHAPTER 11 MISMATCH? 159
B. THE JUDICIARY AND VALUATION 159
1514: IN RE EQUITY FUNDING CORP. OF AMERICA, 391 F. SUPP. 768 (1975) 159
1515: IN RE NEW YORK, NEW HAVEN AND HARTFORD RR. CO., 632 F.2D 955
(1980). 160
1516: JAMES LORIE, PETER DODD, & MARY HAMILTON, THE STOCK MARKET:
THEORIES
AND EVIDENCE (2D ED. 1985) 162
1517: EFFICIENT MARKETS FOR A BANKRUPT'S SECURITIES? 163
1518: EDWARD ALTMAN, BANKRUPT FIRMS' EQUITY SECURITIES AS AN INVESTMENT
ALTERNATIVE, FIN. ANALYSTS J., JULY-AUG. 1969, AT 129 163
1519: WALTER BLUM, THE LAW AND LANGUAGE OF CORPORATE REORGANIZATION, 17
U.
CHI. L. REV. 505, 571-580 (1950) 165
1520: OVERVALUATION AND UNDERVALUATION IN REORGANIZATION 166
CHAPTER 6: JUNK BONDS 167
A. CHARACTERISTICS OF BOND INDENTURES 168
1601: BACKGROUND TO THE BOND INDENTURE 168
1602: DEWING, THE FINANCIAL POLICY OF CORPORATIONS (5TH ED. 1953) 170
B. THE JUNK BOND 172
1603: DRUM FINANCIAL PROSPECTUS 172
1604: QUESTIONS ON THE DRUM FINANCIAL INDENTURE 178
1605: AMERICAN BAR FOUNDATION, CORPORATE DEBT FINANCING PROJECT,
COMMENTARIES ON MODEL DEBENTURE INDENTURE PROVISIONS (1971) 179
C. FINANCIAL MARKETS AND JUNK BONDS 181
1606: JAN LOEYS, LOW-GRADE BONDS: A GROWING SOURCE OF CORPORATE FUNDING,
FEDERAL RESERVE BANK OF PHILADELPHIA, BUSINESS REV., NOV./DEC. 1986 181
TABLE OF CONTENTS IX
D. NEGATIVE PLEDGE CLAUSES 185
1607: THE NEGATIVE PLEDGE CLAUSE 185
1608: CHRYSLER SOLICITATION OF CONSENTS 187
1609: QUESTIONS ABOUT CHRYSLER'S NEGATIVE PLEDGE 192
1610: KELLY V. CENTRAL HANOVER BANK & TRUST CO., 11 F.SUPP. 497, REV'D
85
F.2D 61 (2D CIR. 1936) 193
1611: THE UCC, KELLY, AND THE NEGATIVE PLEDGE CLAUSE 196
E. SECURED CREDIT AND FINANCE THEORY 199
1612: SECURED TRANSACTIONS: DONALD W. BAKER, A LAWYER'S BASIC GUIDE TO
SECURED TRANSACTIONS 18-24, 67-69, 89-90 (1983) 201
1613: THE AVOIDING POWER 205
1614: SECURED INTERESTS AND FINANCE THEORY 207
1615: A NOTE ON MARSHALLING 209
F. MORALITY, MARKETS, AND PRACTICING LAW WITH BOND INDENTURES 210
1616: HARRY M. MARKOWITZ, MARKETS AND MORALITY: OR ARBITRAGERS GET NO
RESPECT, WALL ST. J., MAY 14, 1991 210
1617: DATA ON THE GROWTH OF THE JUNK BOND MARKET 214
G. LOW PRIORITY 216
1618: AGENCY COSTS AND MONITORING: MITCHELL BERLIN, BANK LOANS AND
MARKETABLE
SECURITIES: HOW DO FINANCIAL CONTRACTS CONTROL BORROWING FIRMS?, FED.
RES. BANK OF PHIL., BUS. REV., JULY-AUG. 1987, AT 9 216
1619: BASES FOR CONTRACTUAL SUBORDINATION 220
1620: DRAFTING A BOND INDENTURE 224
CHAPTER 7: RERANKING IN THE HOLDING COMPANY: SUBSTANTIVE CONSOLIDATION,
FRAUDULENT CONVEYANCES, AND PREFERENCES 225
A. SUBSTANTIVE CONSOLIDATION OF THE HOLDING COMPANY 226
1701: HOLDING COMPANIES 226
1702: CONSOLIDATED ROCK PRODS. CO. V. DUBOIS, 312 U.S. 510 (1941) 227
1703: QUESTIONS ON CONSOLIDATED ROCK 232
1704: FRAUDULENT TRANSFERS, VEIL-PIERCING, ILLEGAL DIVIDENDS, IMPROPER
USE
OF CONTROL, AND SUBSTANTIVE CONSOLIDATION 234
1705: DISCLOSURE AND CONSOLIDATION: REGULATION S-X 235
1706: RICHARD POSNER, THE RIGHTS OF CREDITORS OF AFFILIATED
CORPORATIONS, 43 U.
CHI. L. REV. 449, 507-09 (1976) 236
1707: QUESTIONS ON COMPLEX CORPORATE STRUCTURES AND SENIORITY 237
1708: ADMINISTRATIVE CONSOLIDATION: IN RE COMMERCIAL ENVELOPE MFG. CO.,
3
BANKR. CT. DEC. 647 (BANKR. S.D.N.Y. AUG. 22, 1977) 239
X BANKRUPTCY AND CORPORATE REORGANIZATION
B. SPECIAL PURPOSE VEHICLES OUTSIDE THE HOLDING COMPANY: CONTRACTUAL
ANTI-CONSOLIDATION 245
F709: ENRON AND THE SPECIAL PURPOSE VEHICLE 245
1710: ASSET SECURITIZATION 246
C. FRAUDULENT CONVEYANCES AND THE HOLDING COMPANY 249
1711: HOLDING COMPANIES AND EFFECTIVE SENIORITY 249
1712: FRAUDULENT TRANSFERS AND FINANCE COMPANIES 250
1713: FRAUDULENT TRANSFERS AND THE BANKRUPTCY CODE 253
1714: THE ORIGINS OF FRAUDULENT CONVEYANCE LAW: GARRARD GLENN,
FRAUDULENT
CONVEYANCES AND PREFERENCES 79-87 (1940) 255
1715: THE CREDITOR OF THE SUBSIDIARY 256
D. PREFERENCES AND THE HOLDING COMPANY 258
1716: DEPRIZIO CONSTRUCTION CO. V. INGERSOLL RAND FINANCIAL CORP., 874
F.2D
1186 (7TH CIR. 1989) 258
1717: PREFERENCES 267
1718: DEPRIZIO ISSUES 270
1719: PRIORITY EQUALIZATIONS ACROSS TIME VIA PREFERENCE RULES: LYNN M.
LOPUCKI &
CHRISTOPHER R. MIRICK, STRATEGIES FOR CREDITORS IN BANKRUPTCY
PROCEEDINGS
33-42 (4TH ED. 2004) 273
E. INTERCORPORATE PAYMENTS IN THE HOLDING COMPANY 277
1720: SINCLAIR OIL AND INTERCORPORATE PAYMENTS 277
1721: QUESTIONS ON SINVEN 280
CHAPTER 8: EQUITABLE SUBORDINATION OF A STOCKHOLDER'S CLAIM 283
A. GENERAL 283
1801: INTRODUCTION: EQUITABLE SUBORDINATION AND RESCISSION 283
B. EQUITABLE SUBORDINATION OF A STOCKHOLDER'S DEBT CLAIM 284
1802: TAYLOR V. STANDARD GAS & ELECTRIC CO., 306 U.S. 307 (1939) 284
1803: DEEP ROCK PROBLEMS 289
1804: DEEP ROCK AND CORPORATE PLANNING 290
1805: NOTE RE WASHINGTON PLATE GLASS CO., 27 BANKR. 550 (D.D.C. 1982), 3
BANKRUPTCY NEWS LETTER (WGL), NO. 6 (JUNE 1986), AT 1 294
1806: PARTNERSHIP LIABILITY 294
C. SUBORDINATION OF SECURITIES LAW CLAIMS 298
1807: OPPENHEIMER V. HARRIMAN NAT'L BANK & TRUST CO., 301 U.S. 206
(1937). 298
JOHN SLAIN & HOMER KRIPKE, THE INTERFACE BETWEEN SECURITIES REGULATION
AND BANKRUPTCY*ALLOCATING THE RISK OF ILLEGAL SECURITIES ISSUANCE
BETWEEN SECURITYHOLDERS AND THE ISSUER'S CREDITORS, 48 N.Y.U. L. REV.
261 (1973) 299
TABLE OF CONTENTS XI
1809: BANKRUPTCY CODE, § 510(B) 304
1(810: OPPENHEIMER, SLAIN & KRIPKE, § 510, RESCISSION AND FRAUD 304
1811: THE STOCKHOLDERS' FRAUD CLAIM IN THE MODERN FINANCIAL SCANDALS:
SEC V.
WORLDCOM, INC., 273 F. SUPP. 2D431 (S.D.N.Y. 2003) 306
1812: QUESTIONS ON WORLDCOM 308
1813: DOES SUBORDINATION MAKE THE RECISSION OR DAMAGES CLAIM USELESS,
ALWAYS? . 308
1814: RERANKING 309
1815: TRANSITION PROBLEM 310
CHAPTER 9: EQUITABLE SUBORDINATION OF THE CREDITOR'S CLAIM AND LENDER
LIABILITY 311
A. EQUITABLE SUBORDINATION OF A CREDITOR'S CLAIM 312
1901: IN RE AMERICAN LUMBER CO., 7 BANKR. 519 (1979) 312
1902: QUESTIONS ON AMERICAN LUMBER 319
F903: THE COLLAPSE OF W.T. GRANT COMPANY 324
1904: IN RE W.T. GRANT CO., 699 F.2D 599 (1983) 326
1905: QUESTIONS ON W.T. GRANT 333
1906: IN RE CLARK PIPE & SUPPLY CO., INC., 870 F.2D 1022 (5TH CIR. 1989)
334
1907: CROSS-COLLATERALIZATION 342
B. LENDER LIABILITY 343
1908: SOURCES OF LENDER LIABILITY 343
1909: STATE NATIONAL BANK OF EL PASO V. FARAH MFG. CO., 678 S.W.2D 661
(TEX.
CT. APP. 1984) 344
1910: QUESTIONS ON LENDER LIABILITY IN FARAH 353
1911: A COMPARATIVE NOTE 355
CHAPTER 10: REJECTING PRE-BANKRUPTCY CONTRACTS AND REGULATORY
OBLIGATIONS 357
A. THE TRUSTEE'S RIGHT TO REJECT OR ASSUME 357
11001: THE DEBTOR'S CONTRACTS 357
11002: ADMINISTRATIVE PRIORITY 360
11003: EFFICIENCY CONSIDERATIONS 361
11004: THE CRITICAL VENDOR ANOMALY 362
11005: IN RE KMART CORP., 359 F.3D 866 (7TH CIR. 2004) 364
11006: SPECIFIC PERFORMANCE 367
11007: ASSIGNMENT 369
B. TECHNOLOGY LICENSES 369
11008: LUBRIZOL ENTERPRISES, INC. V. RICHMOND METAL FINISHERS, INC., 756
F.2D
1043 (4TH CIR. 1985); CERT, DENIED, 475 U.S. 1057 (1986) 369
11009: CONGRESS REACTS TO LUBRIZOL AND THE CODE'S ORIGINAL STRUCTURE 372
XII BANKRUPTCY AND CORPORATE REORGANIZATION
C. LABOR.
,373
11010: TRUCK DRIVERS LOCAL 807, INT'L BROTHERHOOD OF TEAMSTERS V. CAREY
TRANS.
INC., 816 F.2D 82 (2D CIR. 1987) 373
F 1011: WHEELING-PITTSBURGH STEEL CORP., V. UNITED STEELWORKERS OF AM.,
AFL-CIO-CLC, 791 F.2D 1074 (3D CIR. 1986) 379
D. ENVIRONMENTAL CLEAN-UP OBLIGATIONS 387
E. MASS TORT CLAIMS 390
11012: THE PROBLEM OF MASS COMPENSATION 391
11013: THE RESULTS THUS FAR 392
F. GOVERNMENT LICENSES 396
11014: FCC V. NEXTWAVE PERSONAL COMM., INC., 537 U.S. 293 (2003) 397
G. STATE REGULATORY POLICY 405
CHAPTER 11: INTEREST 407
A. THE STATUTE 407
F1101: INTEREST ACCRUALS AND NONACCRUALS IN BANKRUPTCY FOR UNSECURED
CREDITORS. 407
11102: INTEREST ACCRUALS 408
B. CREDITORS VERSUS STOCKHOLDERS 411
11103: CHAIM FORTGANG & LAWRENCE KING, THE 1978 CODE: SOME WRONG POLICY
DECISIONS, 56 N.Y.U. L. REV. 1148 (1981) 411
11104: CASE LAW, AND THEN CONGRESS ACTS 414
C. SENIORS VERSUS JUNIORS 416
11105: SUBORDINATION 416
11106: IN RE KING RESOURCES, INC., 528 F.2D 789 (10TH CIR. 1976) 417
D. GUARANTORS VERSUS GUARANTEED 420
11107: IN RE BRUNO, 747 F.2D 53 (1ST CIR. 1984) 420
11108: THE LAWYERS 422
E. SECURED VERSUS UNSECURED 422
11109: ADEQUATE PROTECTION FOR SECURED CREDITORS 422
11110: UNITED SAVINGS ASS'N V. TIMBERS OF INWOOD FOREST, 484 U.S. 365
(1988) . 425
F. WHAT RATE? 430
11111: UNSECUREDS WITH HIGH INTEREST RATES VERSUS THOSE WITH LOW RATES
430
11112: WHAT RATE FOR THE OVERSECURED CREDITOR? 431
11113: WHAT RATE IN CRAM-DOWNS? 433
TABLE OF CONTENTS XIII
G. GENERAL AND MISCELLANEOUS 433
11114: INTEREST ON INTEREST 433
11115: THE OVERSECURED NON-CONTRACTUAL CREDITOR 434
11116: A RELATIONAL THEORY OF BANKRUPTCY? 436
11 117: OSCILLATIONS: ROE, BANKRUPTCY, PRIORITY AND ECONOMICS, 75 VA. L.
REV.
219, 234-40 (1989) 437
CHAPTER 12: WORKOUTS TO AVOID A BANKRUPTCY 441
A. GENERAL 441
11201: WORKOUTS TO AVOID BANKRUPTCY 441
11202: ARTHUR S. DEWING, THE FINANCIAL POLICY OF CORPORATIONS (5TH ED.
1953) . 441
B. MODIFICATION OF THE INDENTURE 442
11203: ALADDIN HOTEL CO. V. BLOOM, 200 F.2D 627 (8TH CIR. 1953) 442
11204: QUESTIONS ON ALADDIN 446
11205: TRUST INDENTURE ACT OF 1939, § 316(B)(15 U.S.C. § 77PPP) 447
C. HOLDING OUT AND BUOYING UP 447
11206: COLLAPSE OF A WORKOUT 447
11207: THE ECONOMICS OF HOLDING OUT 451
11208: CASE V. LOS ANGELES LUMBER PRODS. CO., 308 U.S. 106 (1939)
(AGAIN) 454
11209: NOTES ON LOS ANGELES LUMBER 457
D. EXIT CONSENTS 458
11210: EXIT CONSENTS 458
11211: KATZ V. OAK INDUSTRIES, INC., 508 A.2D 873 (DEL. CH. 1986) 461
11212: KATZ AND THE TRUST INDENTURE ACT 468
11213: FIDELITY INVESTMENTS PETITION TO THE SEC 471
11214: QUESTIONS ON FIDELITY APPLICATION 475
11215: THE FIDELITY HYPOTHETICAL 476
11216: EXCHANGE OFFER PROBLEM 477
11217: EXCHANGE OFFER PROSPECTUS (THE CHATEAUGAY PROBLEM) 479
11218: ORIGINAL ISSUE DISCOUNT 483
11219: SUBSEQUENT DEVELOPMENTS (CHATEAUGAY ON APPEAL) 484
11220: EXCHANGE OFFERS AND ORIGINAL ISSUE DISCOUNT 488
11221: ON THE POSSIBLE INABILITY TO RAISE CAPITAL DURING FINANCIAL
STRESS: CHRYSLER
ON THE VERGE OF SHUT-DOWN, 1978-1979 490
11222: MERGERS 495
CHAPTER 13: DEBTOR-IN-POSSESSION FINANCING 497
11301: OPERATING THE BUSINESS IN GENERAL 497
11302: OPERATING THE BUSINESS, GETTING INVENTORY 497
XIV
BANKRUPTCY AND CORPORATE REORGANIZATION
11303: CREDIT OUTSIDE THE ORDINARY COURSE OF BUSINESS 498
11304: DEBTOR-IN-POSSESSION FINANCING 500
11305: ICO GLOBAL COMMUNICATIONS' MOTION FOR ORDER AUTHORIZING
DEBTOR-IN-
POSSESSION FINANCING 501
11306: DEBTOR-IN-POSSESSION FINANCING: LIMITS, CONTRACTUAL OVER-RIDES,
AND CHAPTER
11 MELT-DOWNS 506
11307: CROSS-COLLATERALIZATION 510
11308: USING CASH TO OPERATE THE BUSINESS 510
CHAPTER 14: DUTIES TO CREDITORS? 513
A. DUTIES OF THE TRUSTEE 513
11401: TRUSTEES UNDER THE TRUST INDENTURE ACT 513
11402: THE DEPRESSION-ERA SEC INVESTIGATION INTO TRUSTEES 515
11403: THE NOTION OF TRUSTEE: FIDUCIARY OR CONTRACTED-FOR AGENT? (FROM
BRUDNEY &
CHIRELSTEIN, CORPORATE FINANCE 148-49 (3D ED. 1987)) 516
11404: MORRIS V. CANTOR, 390 F.SUPP. 817 (S.D.N.Y. 1975) 517
11405: PASSAGE OF THE TRUST INDENTURE ACT 520
11406: BROAD V. ROCKWELL INT'L CORP., 642 F.2D 929-30 (5TH CIR. 1981)
520
11407: QUESTIONS ON ROCKWELL 522
11408: EXCERPT FROM GRANT OPINION 522
11409: EDWARD FLEISCHMAN, PROPOSED AMENDMENTS TO THE TRUST INDENTURE ACT
OF
1939 (SEC MEMORANDUM AUG. 10, 1987) 523
11410: AMENDMENTS TO THE TRUST INDENTURE ACT 526
11: THE TRUST INDENTURE ACT'S NEW CONFLICTS PROVISION 526
B. DUTIES OF THE COMPANY 528
11412: METLIFE V. RJR NABISCO 528
11413: GARY HECTOR, THE BONDHOLDERS'COLD NEW WORLD, FORTUNE, FEB. 27,
1989 538
11414: WHEN IS THERE A FIDUCIARY DUTY? IN RE MORTGAGE AMERICA CORP., 714
F.2D
1266 (5TH CIR. 1983) 540
11415: CREDIT LYONNAIS BANK NEDERLAND, N.V. V. PATHE COMMUNICATIONS
CORPORATION, 1991 DEL.CH. LEXIS 215 AT N.55 (DEC. 30, 1991) 543
11416: QUESTIONS ON CREDIT LYONNAIS 545
11417: FIDUCIARY THEORY: ANDREW BOGEN, DAVID KENNEDY & BRADLEY SCHWARTZ,
LANDMARKS ON AN UNMAPPED TERRAIN: DEFINING THE RIGHTS OF DEBTHOLDERS,
5 INSIGHTS, JAN. 1991, AT 19 547
C. CONTRACT THEORY 54G
11418: CHARLES GOETZ & ROBERT SCOTT, PRINCIPLES OF RELATIONAL CONTRACTS,
67 VA.
L. REV. 1089-91, 1149-50 (1981) 548
11419: ALLAN FARNSWORTH, DISPUTES OVER OMISSION IN CONTRACTS, 68 COLUM L
REV
860, 891 (1968)
550
TABLE OF CONTENTS XV
CHAPTER 15: CORPORATE GOVERNANCE AND CHAPTER 11 551
A. WHO RUNS THE BANKRUPT DEBTOR? 551
F 1501: DISPLACING MANAGEMENT WITH A TRUSTEE 551
11502: THE CREDITORS COMMITTEE 552
11503: THE U.S. TRUSTEE AND THE EXAMINER 552
11504: DEP'T OF JUSTICE, ABOUT THE [U.S.] TRUSTEE PROGRAM & BANKRUPTCY
(DOJ
WEBSITE, ACCESSED JANUARY 2004) 552
11505: THE EXAMINER 553
11506: THE WORLDCOM EXAMINER'S REPORT 554
B. WHO SUES? 557
C. SQUELCHING PRE-BANKRUPTCY LAWSUITS? 558
11507: THE STATUS OF CORPORATE LAWSUITS 558
11508: ROBERT H. MNOOKIN & ROBERT B. WILSON, RATIONAL BARGAINING AND
MARKET
EFFICIENCY: UNDERSTANDING PENNZOIL V. TEXACO, 75 VA. L. REV. 295 (1989)
. 564
CHAPTER 16: FINANCE THEORY AND DEBT: MODIGLIANI-MILLER, BANKRUPTCY
COSTS, AND TAXES 571
11601: WHY THEN DEBT? 571
11602: RICHARD BREALEY, STEWART MYERS AND FRANKLIN ALLEN, PRINCIPLES OF
CORPORATE FINANCE 444-63 (8TH ED. 2006) 574
11603: LEVERAGE, VALUE AND MODIGLIANI-MILLER 580
11604: WITH RISK 582
11605: WITH CORPORATE TAXES 582
11606: WITH OWNER-LEVEL TAXES 583
11607: WITH INDIVIDUAL TAXES AND LONG-TERM CAPITAL GAINS 584
11608: WITH TAX-FAVORED INSTITUTIONS 586
11609: SOME STAGES OF ANALYSIS 587
11610: PERSPECTIVES ON THE FIRM, CAPITAL STRUCTURE, AND SOME POLICY
IMPLICATIONS . 587
F 1611: TAX CONSEQUENCES OF RECAPITALIZATIONS IN BANKRUPTCY 589
11612: COULD THE MARKET PRODUCE A BANKRUPTCY-AVOIDING SECURITY? 592
CHAPTER 17: THE LBO 595
A. THE LEVERAGED BUYOUT 595
11701: LBOS AND THE PROSPECT OF FRAUDULENT CONVEYANCE LIABILITY 595
B. THE LBO LENDER AND FRAUDULENT CONVEYANCE LIABILITY 597
11702: UNITED STATES V. TABOR COURT REALTY CORP., 803 F.2D 1288 (3D CIR.
1986). 597
11703: QUESTIONS ON GLENEAGLES 606
XVI BANKRUPTCY AND CORPORATE REORGANIZATION
C. THE LBO STOCKHOLDERS AND FRAUDULENT CONVEYANCE LIABILITY 609
11704: WIEBOLDT STORES, INC. V. JEROME M. SCHOTTENSTEIN, 94 BANKR. 488
(BANKR.
N.D. 111. 1988) 609
11705: QUESTIONS ON WIEBOLDT 617
11706: A NOTE ON KAISER STEEL CORP. V. CHARLES SCHWAB 620
11707: BENJAMIN STEIN, SHOOTING FISH IN A BARREL*WHY MANAGEMENT ALWAYS
MAKES A BUNDLE IN AN LBO, BARREN'S, JAN. 12, 1987, AT 6 621
D. MARGIN REGULATIONS 625
11708: MARGIN REGULATIONS AND OTHER ISSUES RELATING TO DEBT 625
11709: FEDERAL RESERVE INTERPRETIVE RULE:. PURCHASE OF DEBT SECURITIES
TO FINANCE
CORPORATE TAKEOVERS, 12 C.F.R. PART 207 [REG. G; DOCKET NO. R-0562] 626
CHAPTER 18: MARKETS AND CHAPTER 11 631
11801: ROBERT C. CLARK, THE INTERDISCIPLINARY STUDY OF LEGAL EVOLUTION,
90 YALE
L. J. 1238 (1981) 631
11802: MARK J. ROE, BANKRUPTCY AND DEBT: A NEW MODEL FOR CORPORATE
REORGANIZATION (1983, 1987) 632
11803: QUESTIONS ON ROE 639
11804: DOUGLAS BAIRD, THE UNEASY CASE FOR CORPORATE REORGANIZATION, 15
JOURNAL
OF LEGAL STUDIES 127 (1986) 639
11805: QUESTIONS ON BAIRD 643
11806: LUCIAN ARYE BEBCHUK, A NEW APPROACH TO CORPORATE REORGANIZATIONS,
101 HARV. L. REV. 775 (1988) 643
11807: QUESTIONS ON BEBCHUK 648
11808: ADVANTAGES AND DISADVANTAGES OF EACH MARKET-BASED ALTERNATIVE 649
11809: GENERAL PROBLEMS WITH USING THE MARKET TO REPLACE CHAPTER 11 653
11810: DOUGLAS G. BAIRD & ROBERT K. RASMUSSEN, CHAPTER 11 AT TWILIGHT,
56
STAN. L. REV. 673 (2004) 655
APPENDIX: THE STATUTES 659
ACKNOWLEDGMENTS 689
INDEX 691 |
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