By common account, two contrasting eras have defined largescale corporate reorganization
since the Bankruptcy Code was enacted in 1978.1 For much of the Code's first twenty years …

What law governs American prisons and jails, and what does it matter? This Article offers
new answers to both questions. To many scholars and advocates," prison law" means the …

In 1978, Congress created a new federal bankruptcy law that has since become a key part of
the American capital markets. I examine how large companies and their investors contract to …

In Chapter 11 bankruptcy cases in the United States, firms are either reorganized, acquired,
or liquidated. I show that decisions to liquidate often reduce creditor recovery, costing …

Several recent trends have reshaped the nature of bargaining in Chapter 11. These include
increasingly complex prebankruptcy capital structures, decreasing time in Chapter 11 due to …

Financially distressed companies often seek refuge in federal bankruptcy court to auction
valuable assets and pay creditor claims. Mass tort defendants-including 3M, Johnson & …

In this Article, we use hand-collected data to shed light on a troubling development in
bankruptcy practice: distressed companies, especially those controlled by private equity …

To understand the logic of corporate reorganization, one should start not with the Bankruptcy
Code, nor with Supreme Court precedents, but with the lawyers, judges, and financiers for …

In the loan markets for distressed corporate borrowers, a few specialized lenders finance a
large fraction of loans. Ultra-high yield spreads prevail even after removing the credit-and …

We study how innovative firms manage their innovation portfolios after filing for Chapter 11
reorganization using three decades of data. We find that they sell off core (ie, technologically …