postings by Stephen Lubben

So, Is the High Yield Market Efficient?

posted by Stephen Lubben

My inbox is being bombarded with law firm commentary on the Court of Appeals for the Second Circuit's decision that cramdown interest rates should be determined by "market rates," rather than by formula, when the relevant debt market is efficient. A good summary of the commentary can be found over at the Harvard Bankruptcy Roundtable.

And then we have a Bloomberg story this morning, filled with hand wringing about what might happen if a particular mutual fund were to sell a particular bond position – where the fund owns less than 20% of the issue. Nevertheless, the suggestion is that such a sale could have big, market moving effects. That does not sound like a very efficient market.

Given that the high yield market is apt to be the most relevant market to a chapter 11 case, what precisely, then, has the Court of Appeals achieved?

Academic News

posted by Stephen Lubben

The second edition of my Corporate Finance textbook is now available at finer booksellers, and Amazon too.  The companion website has also been updated – professors can get the password from their Aspen reps.

I Also Do Weddings

posted by Stephen Lubben

Blog administrator's note: I hope Stephen does not get mad at me, but I have moved the video "below the fold" as it wants to autoplay whenever Credit Slips loads. Click on the "continue reading" link to see a CBS video featuring Stephen and problems from the Alfred Angelo bankruptcy with women who may not get their wedding dresses.

Continue reading "I Also Do Weddings" »

Some Further Thoughts on the "CHOICE Act"

posted by Stephen Lubben

Over at Dealb%k.

The Choice Act and Bailouts

posted by Stephen Lubben

Over at Dealb%k.

Clearinghouses in OLA?

posted by Stephen Lubben

In this short paper, I question whether derivatives clearinghouses can be "resolved" under Dodd-Frank's title II "Orderly Liquidation Authority." That, of course, presupposes that OLA is still around when and if a clearinghouse failed.

If not, we'd better think about what a chapter 7 filing of a clearinghouse would look like. As discussed in the paper, most clearinghouses are "commodities brokers" for purposes of the Code, and thus can't file under chapter 11.

Thoughts and Frustrations – Jevic

posted by Stephen Lubben

Over at Dealb%k.

Exchange Offers and Hardball

posted by Stephen Lubben

Over at Dealb%k.  (BTW, I don't pick the pictures).

Jevic

posted by Stephen Lubben

Third Circuit is reversed. Opinion is here.

Dodd-Frank: Executive Order O'Rama

posted by Stephen Lubben

The new Executive Order is out. At heart, it says nothing. The press will probably make it into a big deal. 

Update:  I should clarify that I have no doubt the administration plans to gut Dodd-Frank. The order simply says "we plan to gut Dodd-Frank," and thus I don't find it particularly interesting.

Dodd-Frank and the New Order

posted by Stephen Lubben

Apparently just in time for another missive from the White House – and a bit of a tantrum from the House – I've got a new Dealbook up where I suggest that Orderly Liquidation Authority and title II might be a first target. I also argue that there is no real plan for what to do after OLA is gone.

Jevic and the Supremes

posted by Stephen Lubben

My own conflicted thoughts on Jevic, over at Dealb%k.

A Note On Setoff and Recoupment

posted by Stephen Lubben

For Slips readers that might not otherwise see it, I wanted to highlight this post on the Delaware Corporate & Commercial Litigation Blog, about a recent state supreme court decision on the distinction between setoff and recoupment, and the applicability of the statute of limitations to the former.

Preliminary Thoughts

posted by Stephen Lubben

On the new reality. Over at Dealb%k.

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