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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

Those wacky members of Congress

Posted on June 11, 2009
I assume the Automobile Dealer Economic Rights Restoration Act of 2009 (H.R. 2743) is going nowwhere fast, but I do appreciate that a few members of the House were kind enough to provide this bankruptcy professor with some interesting reading...

GM's Bondholders

Posted on June 10, 2009
The "Unofficial Committee of Family & Dissident GM Bondholders" -- a group comprised of 3 individuals who hold 0.0085% of the outstanding GM bonds -- has moved to become an official committee. I have never seen a case where a...

California and the Argentine Option

Posted on June 10, 2009
As a person who still considers Los Angeles home, I often find myself reading the Los Angeles Times webpage. Yesterday I saw that Los Angeles County's recent note offering got a lower than expected credit-rating, in part because of the...

42 Days and Out

Posted on June 10, 2009
The Chrysler sale has closed. Now the rejected dealers, underpaid secured lenders, and other unsecured creditors can file their proofs of claim and wait to see if there is anything left in "old Chrysler" to make any sort of a...

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Lubben Is Around to Stay

Posted on June 10, 2009
On behalf of all the regular Credit Slips bloggers, it is a pleasure to announce that Professor Stephen Lubben is joining us as a regular blogger. In associating himself with us, we are pretty sure that Lubben has thereby flunked...

What did the Indiana funds want?

Posted on June 10, 2009
Felix Salmon wonders about this editorial and why anyone would pay White & Case lots of money to contest either the Chrysler or GM deals. The editorial is easily dispatched as the usual jumble from people who can't be bothered...

Nevermind that stuff our CEO said

Posted on June 09, 2009
Fiat notes that the Chrysler deal, by its terms, automatically expires on June 15th if not closed. Lyle at SCOTUSblog has more on the responses to the Indiana Funds' filing this morning.

GM, Chrysler, and Future Tort Claims

Posted on June 09, 2009
Steve Jakubowski continues his interesting ruminations over the Chyrlser sale, noting that he doubts that Justice Ginsburg is "losing sleep over whether the sale is a sub rosa plan or whether the absolute priority rule was violated." I agree, although...

In other Chrysler news

Posted on June 09, 2009
The bankruptcy court entered an order today that allows the debtor to reject more than 700 dealership agreements, effective today. The order includes the following slightly odd finding: To the extent that any Dealer Laws conflict with the terms of...

Chrysler Appeal -- let the closing commence

Posted on June 09, 2009
The Supreme Court has lifted the stay.

The Absolute Priority Rule?

Posted on June 09, 2009
Part of the debate about the GM and Chrysler cases has turned on the putative violation of the Absolute Priority Rule. I've previously argued that the actual deal structure in both cases contains no such violation, because the value going...

Prognostications on Appellate Procedure

Posted on June 09, 2009
Justice Ginsburg's stay should not be over-read. She is exercising her single justice authority to accord more time for the full court to pass on the petition. The Supremes have a well oiled procedural machinery to deal with quick-response stays...

Chrysler Appeal -- stay edition

Posted on June 08, 2009
Justice Ginsburg has entered a temporary stay that essentially extends the 4pm deadline, without telling us more. UPDATE: My friends at SOTUSblog (whom I've never met) have more on the order. They describe the order as having "no legal significance."

Why it will be good to be a bankruptcy lawyer

Posted on June 08, 2009
or at least a chapter 11 lawyer, even after the Chrysler and GM sales close. Assuming, of course, the Supreme Court does not outlaw 363 sales.

Chrysler Sale Order Appeal -- U.S. Weighs In

Posted on June 08, 2009
The Solicitor General's memorandum urging Justice Ginsburg to deny the request for a stay is here. The pleading highlights the difficulties the appellants will have overcoming the bankruptcy court's findings of fact. The pleading also rejects my suggested interpretation of...

The Politics of GM and Chrysler

Posted on June 08, 2009
There is no doubt that both GM and Chrysler are highly political bankruptcy cases, and the Politico blog has a new story that examines the Republican party's efforts to use GM to attack the President. In part this ability to...

That wasn't so smart

Posted on June 08, 2009
Fiat's CEO flushes his company's leverage, saying Fiat won't walk away from the deal even if it goes past June 15, potentially complicating things for Chrysler's attorneys, who have argued that any delay will "kill the sale." The Obama Administration...

What's Going On?

Posted on June 07, 2009
Throughout the Chrysler case, the Indiana Pension Funds have asserted that they hold $42 million of the senior debt. But in their application last night (at page 6), asking the Supreme Court for a stay, they assert they hold $100...

Chrysler's Sale Order & Filene's Basement

Posted on June 07, 2009
At pages 20-21 of their application for a stay of the bankruptcy court and 2d Circuit's rulings, the appellants state that the Supreme Court will want to consider their appeal because: This matter also raises an important issue of first...

Chrysler Sale Order Appeal -- Supreme Court Edition

Posted on June 07, 2009
The appellants have asked Justice Ginsburg to stay the closing of the 363 sale so that the Supreme Court can consider the issues in the appeal. The SOCTUSBlog has good coverage of the various pleadings. I have previously indicated that...

Link to full medical bankruptcy article

Posted on June 06, 2009
On June 5, CBS ran a story, "Medical Debt Huge Bankruptcy Culprit." CBS News story. Not only is it an interesting write up, but there is a link to our (Himmelstein, Thorne, Warren and Woolhandler) full article, "Medical Bankruptcy in...

Federalist 44

Posted on June 05, 2009
As others have noted, the Indiana Pension Funds invoke the founding fathers in support of their claim that the government is rolling over their rights as creditors. This part of the brief particularly stands out: As James Madison wrote long...

As Seen on NPR's Fresh Air . . . .

Posted on June 05, 2009
I'm fond of saying that I have a face made for radio, granted not the most original line in the world but maybe that it's me and not radio. Check out Credit Slips blogger Adam Levitin grinning from ear to...

Shocked, Shocked

Posted on June 05, 2009
Steve Jakubowski has a great new post up summarizing the bankruptcy court's decision in Chrysler, and in it he makes plain an argument that I've only referred to obliquely. In particular, in both GM and Chrysler many of the banks,...

Credit Card Line Reductions and Eliminations

Posted on June 05, 2009
In the coming months and years we are likely to hear the banking industry and its supporters blame the Credit CARD Act for reductions in consumer credit availability. That might end up being the case, but we should be skeptical...

The latest Consumer Bankruptcy Project publication: Medical Bankruptcies

Posted on June 05, 2009
Along with my co-authors (Himmelstein, Warren and Woolhandler), I would like to share with the readers of Credit Slips some of the highlights of our most recent publication from the Consumer Bankruptcy Project 2007: "Medical Bankruptcy in the United States,...

The 2d Circuit

Posted on June 05, 2009
As you have no doubt have heard by now, and as I had long expected, the 2d Circuit affirmed the bankruptcy court's decision in Chrysler, essentially incorporating the Bankruptcy Judge's opinion by reference. The courtroom was packed -- at least...

Chrysler Briefs (copies)

Posted on June 04, 2009
By popular demand, below are some of the key briefs in the Chrysler appeal. There are about a dozen total briefs in this appeal, but reading these will give you the core arguments. Download Debtor Brief Download US Brief Download...

GM's New Chapter

Posted on June 04, 2009
It's not surprising that GM is advertising heavily during the NBA Finals, despite, or perhaps because of, its recent bankruptcy. But what did catch me off guard is the new slogan I just heard at the end of a commercial:...

The Chrysler Briefs

Posted on June 04, 2009
Tomorrow at 2pm a panel of the 2d Circuit (09-2311) will hear arguments in the expedited appeal of the Chrysler sale order. I hope to attend the hearing. In preparation, I've been slogging through as many of the briefs as...

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