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Bankruptcy

Credit Slips

A discussion on credit and bankruptcy.
By Bob Lawless, Adam Levitin, Angie Littwin, Katie Porter, John Pottow, Debb Thorne, Elizabeth Warren

Post Frequency: 12.8/day

Last Entry: April 01, 2011 at 09:01:41

Health Insurance to Go Broke With

Posted on July 01, 2009
An article in today;s New York Times chronicles how medical debt can financially ruin U.S. citizens even with health insurance. Policies with limits, often hidden from the consumer, quickly run out and leave the insured with mounds of debt. This...

The Case for a Consumer Financial Protection Agency

Posted on July 01, 2009
Yesterday, the White House released proposed statutory languagefor the creation of a Consumer Financial Protection Agency (CFPA). The bill is long, but the CFPA, the brainchild of our co-blogger Elizabeth Warren, is by far the boldest part of the Obama...

Who Loses in Cuomo v. Clearing House?

Posted on June 30, 2009
Adam Levitin already posted on this week's decision in Cuomo v. Clearing House Association where the U.S. Supreme Court struck down a regulation from the Office of the Comptroller of the Currency's (OCC). The regulation preempted state enforcement of consumer...

The Supreme Court and What Attorneys Can Say

Posted on June 30, 2009
Some other obligations have kept me away from blogging for the past few weeks. One great thing about a group blog is having great colleagues who pick up the slack. I had wanted to say a few words about the...

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Cuomo v. The Clearing House Association: OCC Loses Even with Chevron Deference

Posted on June 29, 2009
The Supreme Court delivered its decision in Cuomo v. the Clearing House Association today. The issue in the case was whether the a regulation passed by the Office of the Comptroller of the Currency (OCC) preempted state enforcement of state...

GM and �363(f)

Posted on June 28, 2009
As I noted in a recent post, "new GM" has agreed to "assume all products liability claims arising from accidents or other discrete incidents arising from the operation of GM vehicles occurring subsequent to the Closing of the 363 Transaction."...

GM Sale Objections

Posted on June 28, 2009
I have not covered the GM objections with the same intensity as I did in Chrysler, in part because the vast bulk of the objections raise the very same issues. For example, I'm sure most Credit Slips readers know how...

GM decides speed is better

Posted on June 27, 2009
GM has decided not to fight the �363(f) issue and will not attempt to "cleanse" its assets of tort claims when transfered to "New GM." I have previously argued that �363(f) should be read to apply to tort claims, subject...

Transnational Bankruptcy

Posted on June 25, 2009
At the final day of the INSOL conference in Vancouver, I attended a fascinating panel on the issues that arise when a multinational corporate group seeks to reorganize. The panel was staffed by judges from Canada, the UK, Korea, and...

The current paradox

Posted on June 23, 2009
I'm spending the week at the INSOL conference in Vancouver. I think it is important for academics to interact with the "real world" on occasion, to make sure that one's scholarship does not become too ivory tower. And the INSOL...

Open-Source Law Review Publication Contracts

Posted on June 23, 2009
I know this isn't standard Credit Slips fare and will probably be of little interest to most readers, but it's of reasonable concern to academic readers: the lack of standardization among law review publication contracts. I've encountered only a limited...

Too Big to Fail? Is Obama Proposing an Implicit Government Guarantee of Goldman Sachs' Liabilities?

Posted on June 18, 2009
Secretary Geithner was quoted by the Times as saying that from now on, ?no one should assume that the government will step in to bail them out if their firm fails.? Sorry, but that's just not credible. The Obama financial...

Making the GM sale hearing a bit more contentious?

Posted on June 18, 2009
I'm still thinking about the Supreme Court's opinion today, which held that the terms of the 1986 Manville plan are binding even if they exceeded the bankruptcy court's jurisdiction, but my initial take is that this makes the fight over...

ABA Consumer Protection Conference: Credit Slips out in Force

Posted on June 17, 2009
Angie Littwin and I will be speaking on a very timely panel about the need for a consumer financial product safety commission Consumer Financial Protection Agency (CoFiPro=Coffee Pro?) at the ABA's Section on Antitrust 's Consumer Protection Conference at Georgetown...

Skin in the Game

Posted on June 17, 2009
The proposed skin-in-the-game requirement for securitization strikes me as misguided, no matter how its structured. Different industries use securitization for different purposes, and while skin in the game might not have much of an impact in some, it runs contrary...

California and default

Posted on June 16, 2009
As I noted previously, a default by California would have serious repercussions for the larger national and even global economy. Extreme budget cuts in California to avoid such a default could also have serious effects on the larger economy, given...

When is a market too big?

Posted on June 16, 2009
The emerging details of the Administration's securitization regulations have got me to thinking about an issue I first began to consider with regard to CDS. Namely, at what point do apparently useful tools allow a market to become "too big,"...

A further thought on securitization regulation

Posted on June 16, 2009
As I noted in my earlier treatise post, the Administration has proposed requiring all originators to keep a stake in each asset securitization, to ensure that they have "skin in the game." In particular, the Administration proposes requiring retention of...

So maybe Chrysler was only worth $2 billion after all

Posted on June 15, 2009
The WSJ has the details on what the lenders who supported the deal were looking at. In short, the "analysis suggests that the $2 billion that the Treasury Department agreed to pay to Chrysler?s largest lenders, including J.P. Morgan Chase,...

The Effect of Legislation of Credit Card Interest Rates...

Posted on June 15, 2009
Is a drop? According to Bankrate.com, credit card interest rates stayed steady for low-rate cards and dropped for some high-rate cards. So what this means that the Credit CARD Act has resulted in lower interest rates, right? Of course not....

The growing, unseen chapter 11 wave

Posted on June 15, 2009
Over the weekend, Six Flags -- the owner of Magic Mountain in Los Angeles and other amusement parks -- filed a chapter 11 petition in Delaware. This morning, the Extended Stay hotel chain filed a chapter 11 petition in New...

GM Retention Applications

Posted on June 14, 2009
The key retention applications were filed on Friday, and by the morning we can expect the inevitable gasping story about how Harvey Miller bills at $950 an hour. The press keeps doing this, and the big firms have no reason...

Claim or Interest -- part 2

Posted on June 14, 2009
In my prior post on this topic, I examined and rejected the argument that reference to �1141 helps us understand �363(f), inasmuch as the term "interest" is used in different ways in the two sections. But what about the core...

A final thought on the Chrysler sale

Posted on June 13, 2009
A recent exchange with a commenter on the blog lead me to this conclusion: doesn't the argument that the consideration going to the Unions should have instead gone into the estate, for the benefit of the secured lenders, amount to...

Claim or Interest -- part 1

Posted on June 13, 2009
One of the key disputes in both the GM and Chrysler cases has been the use of �363(f) to sell the assets "free and clear" of successor liability claims. The normal rule is that a corporation that buys another corporation's...

Bank Regulatory Arbitrage and Deregulation: the Number of Bank Regulators Matters

Posted on June 13, 2009
One of the key points of debate over financial institution regulation reform is how many different bank regulators there should be and the extent of their respective bailiwicks. Some argue that the number of regulators is a secondary issue. It's...

Interchange Legislation Overview

Posted on June 12, 2009
It's summer, so it must be interchange season here in DC. A trio of interchange-related bills have been introduced (or really reintroduced) in Congress. First, there is the House version of the Credit Card Fair Fee Act of 2009, H.R....

Next Up, Ford

Posted on June 12, 2009
So now that Chrysler's closed and GM's speeding along, where does that leave Ford? Well, with still about $30B in debt for starters. But this raises a theme in corporate bankruptcy of dominated industries like automotive and airlines. Will Ford...

Oakland = GM?

Posted on June 11, 2009
Where have I heard this before: Oakland City Council members may have privately bandied about the possibility of the city filing for bankruptcy, an unusually rare event in U.S. history. But none says it's likely, and Mayor Ron Dellums virtually...

Another Chrysler Appeal

Posted on June 11, 2009
This time a dealership, appealing from the bankruptcy court's order authorizing the rejection of the dealership agreement. I don't get the fight these dealers are putting up -- once the sale closed, staying with "old Chrysler" does not strike me...

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