Creditor-on-creditor aggression has become the central pathology of modern Chapter 11
reorganizations. Distressed debt investors operate under few external constraints and are …

The ownership, governance, and financing of corporate America look radically different
today than they did only a few decades ago. By now, we have become accustomed to the …

Perhaps no recent development in financial restructuring has inspired as much cynical eye-
rolling as the non-pro rata workout. A non-pro rata transaction, like a conventional out-of …

A debt contract's value depends on the parties' ability to alter its terms. But although the rules
of alteration are for that reason an important part of the design of debt instruments, the …

Hostile restructurings have spilled over into bankruptcy court and exit financing is often the
prize in the center of the arena. Debtors no longer rely upon gifting, the traditional strategy …

There is triangle among a bankrupt debtor, its general creditors, and third parties. Who can
sue third parties for wrongdoing? The trustee wants to recover damages distributable pro …