Acknowledgments xxiii
Index of Authors xxv
Index of Articles xxxv
CHAPTER 1: THE HISTORY OF BANKRUPTCY
1
A. Prologue
1
Daniel Defoe, An Essay Upon Projects (1697) 1
B. Early History
3
The Holy Bible 3
Louis Levinthal, The Early History of Bankruptcy Law, 66 U. Pa.
L. Rev. 223 (1918) 5
F. Regis Noel, History of the Bankruptcy Law (1919) 10
C. English Bankruptcy Laws
11
Charles Jordan Tabb, The History of the Bankruptcy Laws in the United
States, 3 Am. Bankr. Inst. L. Rev. 5 (1995) 12
Sir William Blackstone, Commentaries on the Laws of England, ch. 31
(1765) 14
D. The Constitution and the Bankruptcy Clause
18
Joseph Story, Commentaries on the Constitution of the United States
(1833) 19
Kurt H. Nadelmann, On the Origin of the Bankruptcy Clause, 1 Am.
J. Legal Hist. 215 (1957) 21
Charles Jordan Tabb, The History of the Bankruptcy Laws in the United
States, 3 Am. Bankr. Inst. L. Rev. 5 (1995) 24
E. American Bankruptcy Law Prior to 1978
24
Charles Jordan Tabb, The History of the Bankruptcy Laws in the United
States, 3 Am. Bankr. Inst. L. Rev. 5 (1995) 25
Lawrence P. King, An Ode to the Bankruptcy Lawr, 81 Com. L.J.
234 (1976) 32
F. The Bankruptcy Reform Act of 1978
38
Kenneth N. Klee, Legislative History of the New Bankruptcy Law,
28 DePaul L. Rev. 941 (1979) 39
Eric A. Posner, The Political Economy of the Bankruptcy Reform Act of
1978, 96 Mich. L. Rev. 47 (1997) 46
CHAPTER 2: THE NATURE AND THEORY OF BANKRUPTCY LAW
51
A. Early Views
51
James M. Olmstead, Bankruptcy a Commercial Regulation, 15 Harv.
L. Rev. 829 (1902) 52
Garrard Glenn, Essentials of Bankruptcy: Prevention of Fraud, and
Control of the Debtor, 23 Va. L. Rev. 373 (1937) 54
Max Radin, The Nature of Bankruptcy, 89 U. Pa. L. Rev. 1 (1940)
55
B. Modern Theory
57
The Creditors' Bargain
57
Thomas H. Jackson, Bankruptcy, Non-Bankruptcy Entitlements, and the
Creditors' Bargain, 91 Yale L.J. 857 (1982) 58
Responses to the Creditor's Bargain Theory
63
Vern Countryman, The Concept of a Voidable Preference in Bankruptcy,
38 Vand. L. Rev. 713 (1985) 64
David Gray Carlson, Philosophy in Bankruptcy, 85 Mich. L. Rev.
1341 (1987) 65
The Warren-Baird Debate
72
Elizabeth Warren, Bankruptcy Policy, 54 U. Chi. L. Rev. 775
(1987) 73
Douglas G. Baird, Loss Distribution, Forum Shopping, and Bankruptcy:
A Reply to Warren, 54 U. Chi. L. Rev. 815 (1987) 81
Revising the "Bargain": Risk-Sharing
85
Thomas H. Jackson & Robert E. Scott, On the Nature of Bankruptcy:
An Essay on Bankruptcy Sharing and the Creditors' Bargain, 75
Va. L. Rev. 155 (1989) 85
Barry E. Adler, Bankruptcy and Risk Allocation, 77 Cornell L.
Rev. 439 (1992) 91
Flankruptcy and Murphy's Law
96
James W. Bowers, Groping and Coping in the Shadow of Murphy's Law:
Bankruptcy Theory and the Elementary Economics of Failure, 88
Mich. L. Rev. 2097 (1990) 97
Randal C. Picker, Security Interests, Misbehavior, and Common Pools,
59 U. Chi. L. Rev. 645 (1992) 105
Should Non-Economic Factors Be Taken Into Account?
107
Donald R. Korobkin, Rehabilitating Values: A Jurisprudence of
Bankruptcy, 91 Colum. L. Rev. 717 (1991) 108
James W. Bowers, Whither What Hits the Fan?: Murphy's Law, Bankruptcy
Theory, and the Elementary Economics of Loss Distribution, 26 Ga. L.
Rev. 27 (1991) 114
Karen Gross, The Need to Take Community Interests into Account in
Bankruptcy: An Essay, 72 Wash. U. L.Q. 1031 (1994) 116
Robert K. Rasmussen, An Essay on Optimal Bankruptcy Rules and Social
Justice, 1994 U. Ill. L. Rev. 1 119
John D. Ayer, Bankruptcy as an Essentially Contested Concept: The
Case of the One-Asset Case, 44 S.C. L. Rev. 863 (1993) 125
Christopher W. Frost, Bankruptcy Redistributive Policies and the
Limits of the Judicial Process, 74 N.C. L. Rev. 75 (1995) 127
CHAPTER 3: INITIATION OF A BANKRUPTCY CASE 135
A. Overview
135
Douglas G. Baird, The Initiation Problem in Bankruptcy, 11
Int'l. Rev. L. & Econ. 223 (1991) 135
B. Voluntary Cases
141
John C. McCoid, II, The Origins of Voluntary Bankruptcy, 5 Bankr.
Dev. J. 361 (1988) 142
Randal C. Picker, Voluntary Petitions and the Creditors' Bargain,
61 U. Cin. L. Rev. 519 (1992) 150
The Good Faith Filing Debate
155
Lawrence Ponoroff & F. Stephen Knippenberg, The Implied Good
Faith Filing Requirement: Sentinel of an Evolving Bankruptcy Policy,
85 Nw. U. L. Rev. 919 (1991) 155
C. Involuntary Cases
160
John C. McCoid, II, The Occasion for Involuntary Bankruptcy, 61
Am. Bankr. L.J. 195 (1987) 161
Susan Block-Lieb, Why Creditors File So Few Involuntary Petitions and
Why the Number is Not Too Small, 57 Brooklyn L. Rev. 803 (1991) 166
Lawrence Ponoroff, Involuntary Bankruptcy and the Bona Fides of a
Bona Fide Dispute, 65 Ind. L.J. 315 (1990) 173
CHAPTER 4: JURISDICTION AND PROCEDURE 177
A. Creating a Modern Bankruptcy Court and its Jurisdiction
177
H.R. Rep. No. 95-595 (1977) 178
S. Rep. No. 95-989 (1978) 178
124 Cong. Rec. S17404 (1978) 178
Eric A. Posner, The Political Economy of the Bankruptcy Reform Act of
1978, 96 Mich. L. Rev. 47 (1997) 179
The 1984 Amendments
183
Lawrence P. King, Jurisdiction and Procedure Under the Bankruptcy
Amendments of 1984, 38 Vand. L. Rev. 675 (1985) 183
Vern Countryman, Scrambling to Define Bankruptcy Jurisdiction: The
Chief Justice, the Judicial Conference, and the Legislative Process, 22
Harv. J. Legis. 1 (1985) 184
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 190
B. The Nature and Limits of Bankruptcy Jurisdiction
193
Ralph Brubaker, One Hundred Years of Federal Bankruptcy Law and Still
Clinging to an In Rem Model of Bankruptcy Jurisdiction, 15
Bankr. Dev. J. 261 (1999) 194
Ralph Brubaker, On the Nature of Federal Bankruptcy Jurisdiction: A
General Statutory and Constitutional Theory, 41 Wm. & Mary
L. Rev. 743 (2000) 198
C. Jury Trials in Bankruptcy
208
S. Elizabeth Gibson, Jury Trials in Bankruptcy: Obeying the Commands
of Article III and the Seventh Amendment, 72 Minn. L. Rev. 967
(1988) 209
John C. McCoid, II, Right to Jury Trial in Bankruptcy: Granfinanciera,
S.A. v. Nordberg, 65 Am. Bankr. L.J. 15 (1991) 218
D. Sovereign Immunity
224
S. Elizabeth Gibson, Sovereign Immunity in Bankruptcy: The Next
Chapter, 70 Am. Bankr. L.J. 195 (1996) 224
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 229
E. Other Procedural and Administrative Issues
233
Richard B. Levin, Towards a Model of Bankruptcy Administration,
44 S.C. L. Rev. 963 (1993) 234
Robert M. Lawless, Realigning the Theory and Practice of Notice in
Bankruptcy Cases, 29 Wake Forest L. Rev. 1215 (1994) 242
John P. Hennigan, Jr., Toward Regularizing Appealability in
Bankruptcy, 12 Bankr. Dev. J. 583 (1996) 244
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 246
CHAPTER 5: AVOIDING POWERS: THE STRONG ARM POWER, CONSTRUCTIVE TRUSTS,
AND STATUTORY LIENS 249
A. The Strong Arm Power
249
Thomas H. Jackson, Avoiding Powers in Bankruptcy, 36 Stan. L.
Rev. 725 (1984) 250
John C. McCoid, II, Bankruptcy, the Avoiding Powers, and Unperfected
Security Interests, 59 Am. Bankr. L.J. 175 (1985) 254
B. Constructive Trusts and Statutory Liens
259
Thomas H. Jackson, Statutory Liens and Constructive Trusts in
Bankruptcy: Undoing the Confusion, 61 Am. Bankr. L.J. 287 (1987) 260
John C. McCoid, II, Statutory Liens in Bankruptcy, 68 Am.
Bankr.L.J. 269 (1994) 264
Emily Sherwin, Constructive Trusts in Bankruptcy, 1989 U. Ill.
L. Rev. 297 267
Andrew Kull, Restitution in Bankruptcy: Reclamation and Constructive
Trust, 72 Am. Bankr. L.J. 265 (1998) 271
CHAPTER 6: AVOIDING POWERS: PREFERENCES
281
H.R. Rep. No. 95-595 (1977) 282
Robert Weisberg, Commercial Morality, the Merchant Character, and the
History of the Voidable Preference, 39 Stan. L. Rev. 3 (1986) 283
Vern Countryman, The Concept of a Voidable Preference in Bankruptcy,
38 Vand. L. Rev. 713 (1985) 298
John C. McCoid, II, Bankruptcy, Preferences, and Efficiency: An
Expression of Doubt, 67 Va. L. Rev. 249 (1981) 304
Thomas H. Jackson, Avoiding Powers in Bankruptcy, 36 Stan. L.
Rev. 725 (1984) 310
Charles J. Tabb, Rethinking Preferences, 43 S.C. L. Rev. 981
(1992) 313
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 322
Peter A. Alces, Clearer Conceptions of Insider Preferences, 71
Wash. U. L.Q. 1107 (1993) 323
CHAPTER 7: AVOIDING POWERS: FRAUDULENT TRANSFERS
331
Robert Clark, The Duties of the Corporate Debtor to its Creditors,
90 Harv. L. Rev. 505 (1977) 332
Thomas H. Jackson, Avoiding Powers in Bankruptcy, 36 Stan. L.
Rev. 725 (1984) 336
Douglas G. Baird & Thomas H. Jackson, Fraudulent Conveyance Law
and Its Proper Domain, 38 Vand. L. Rev. 829 (1985) 338
Barry L. Zaretsky, Fraudulent Transfer Law as the Arbiter of
Unreasonable Risk, 46 S.C. L. Rev. 1165 (1995) 344
Robert M. Lawless & Stephen P. Ferris, Economics and the Rhetoric
of Valuation, 5 J. Bankr. L. & Prac. (1995) 350
David Gray Carlson, Is Fraudulent Conveyance Law Efficient?, 9
Cardozo L. Rev. 643 (1987) 353
CHAPTER 8: SECURED CLAIMS 361
A. Prologue
361
James S. Rogers, The Impairment of Secured Creditors' Rights in
Reorganization: A Study of the Relationship Between the Fifth Amendment and
the Bankruptcy Clause, 96 Harv. L. Rev. 973 (1983) 362
B. Whither Security?
370
Alan Schwartz, The Continuing Puzzle of Secured Debt, 37 Vand.
L. Rev. 1051 (1984) 372
Steven L. Harris & Charles Mooney, Jr., A Property-Based Theory
of Security Interests: Taking Debtor's Choices Seriously, 80
Va. L. Rev. 2021 (1994) 374
Lucian Arye Bebchuk & Jesse M. Fried, The Uneasy Case for the
Priority of Secured Claims in Bankruptcy, 105 Yale L.J. 857
(1996) 377
C. Valuation and Adequate Protection of Secured Claims
385
Robert M. Lawless & Stephen P. Ferris, Economics and the Rhetoric
of Valuation, 5 J. Bankr. L. & Prac. 3 (1995) 387
David Gray Carlson, Secured Creditors and the Eely Character of
Bankruptcy Valuations, 41 Am. U. L. Rev. 63 (1991) 392
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 395
Douglas G. Baird & Thomas H. Jackson, Corporate Reorganizations
and the Treatment of Diverse Ownership Interests: A Comment on
Adequate Protection of Secured Creditors in Bankruptcy, 51 U. Chi. L.
Rev. 97 (1984) 398
D. Strip Down
405
Margaret Howard, Stripping Down Liens: Section 506(d) and the Theory
of Bankruptcy, 65 Am. Bankr. L.J. 373 (1991) 406
Lawrence Ponoroff & F. Stephen Knippenberg, The Immovable Object
Versus the Irresistible Force: Rethinking the Relationship Between Secured
Credit and Bankruptcy Policy, 95 Mich. L. Rev. 2234 (1997) 410
CHAPTER 9: UNSECURED CLAIMS 419
A. General Principles and the Allocation of Rights
419
Lynn M. LoPucki, The Death of Liability, 106 Yale L.J. 1 (1996)
420
Ronald J. Mann, Bankruptcy and the Entitlements of the Government:
Whose Money Is It Anyway?, 70 N.Y.U. L. Rev. 993 (1995) 429
James W. Bowers, Whither What Hits the Fan?: Murphy's Law, Bankruptcy
Theory, and the Elementary Economics of Loss Distribution, 26 Ga. L.
Rev. 27 (1991) 434
B. Tort and Environmental Claims
439
Douglas G. Baird & Thomas H. Jackson, Kovacs and Toxic Wastes in
Bankruptcy, 36 Stan. L. Rev. 1199 (1984) 440
Kathryn R. Heidt, Environmental Obligations in Bankruptcy: A
Fundamental Framework, 44 Fla. L. Rev. 153 (1992) 446
Thomas A. Smith, A Capital Markets Approach to Mass Tort Bankruptcy,
104 Yale L.J. 367 (1994) 452
David S. Salsburg & Jack F. Williams, A Statistical Approach to
Claims Estimation in Bankruptcy, 32 Wake Forest L. Rev. 1119 (1997) 461
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 467
CHAPTER 10: EXECUTORY CONTRACTS 473
Vern Countryman, Executory Contracts in Bankruptcy (Part I), 57
Minn. L. Rev. 439 (1973) 474
Vern Countryman, Executory Contracts in Bankruptcy (Part II), 58
Minn. L. Rev. 479 (1974) 477
Michael T. Andrew, Executory Contracts in Bankruptcy: Understanding
"Rejection," 59 U. Colo. L. Rev. 845 (1988) 481
Jay L. Westbrook, A Functional Analysis of Executory Contracts,
74 Minn. L. Rev. 227 (1989) 496
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 508
CHAPTER 11: CONSUMER BANKRUPTCY: DISCHARGE, EXEMPTIONS, AND THE FRESH
START 513
A. Prologue
513
H.R. Rep. No. 95-595 (1977) 513
Robert M. Lawless, The Relationship Between Nonbusiness Bankruptcy
Filings and Various Basic Measures of Consumer Debt, http://www.law.missouri.edu/lawless/bus_bkr/filings.htm
(Version 1.1, July 18, 2001) 515
Teresa A. Sullivan, Elizabeth Warren & Jay Lawrence Westbrook, As We
Forgive Our Debtors: Bankruptcy and Consumer Credit in America (1989) 517
B. Discharge and the "Fresh Start"
524
John C. McCoid, II, Discharge: The Most Important Development in
Bankruptcy History, 70 Am. Bankr. L.J. 163 (1996) 525
Charles Jordan Tabb, The Historical Evolution of the Bankruptcy
Discharge, 65 Am. Bankr. L.J. 325 (1991) 532
Thomas H. Jackson, The Fresh-Start Policy in Bankruptcy, 98 Harv.
L. Rev. 1393 (1985) 540
David Gray Carlson, Philosophy in Bankruptcy, 85 Mich. L. Rev.
1341 (1987) 547
Margaret Howard, A Theory of Discharge in Consumer Bankruptcy,
48 Ohio St. L.J. 1047 (1987) 551
Charles Jordan Tabb, The Scope of the Fresh Start in Bankruptcy:
Collateral Conversions and the Dischargeability Debate, 59
Geo. Wash. L. Rev. 56 (1990) 555
Adam J. Hirsch, Inheritance and Bankruptcy: The Meaning of the
"Fresh Start," 45 Hastings L.J. 175 (1994) 561
C. Exemptions
564
Frank Kennedy, Limitations of Exemptions in Bankruptcy, 45 Iowa
L. Rev. 445 (1960) 566
H.R. Rep. No. 95-595 (1977) 570
S. Rep. No. 95-989 (1978) 571
124 Cong. Rec. S17404 (1978) 571
Eric A. Posner, The Political Economy of the Bankruptcy Reform Act of
1978, 96 Mich. L. Rev. 47 (1997) 572
Judith S. Koffler, The Bankruptcy Clause and Exemption Laws: A
Reexamination of the Doctrine of Geographic Uniformity, 58 N.Y.U. L.
Rev. 22 (1983) 575
Alan N. Resnick, Prudent Planning or Fraudulent Transfer? The Use of
Nonexempt Assets to Purchase or Improve Exempt Property on the Eve
of Bankruptcy, 31 Rutgers L. Rev. 615 (1978) 582
Lawrence Ponoroff & F. Stephen Knippenberg, Debtors Who Convert
Their Assets on the Eve of Bankruptcy: Villains or Victims of the Fresh
Start?, 70 N.Y.U. L. Rev. 235 (1995) 586
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 592
CHAPTER 12: CONSUMER BANKRUPTCY: REFORM 597
H.R. Rep. No. 95-595 (1977) 597
Karen Gross, Preserving a Fresh Start for the Individual Debtor: The
Case for Narrow Construction of the Consumer Credit Amendments, 135 U.
Pa. L. Rev. 59 (1986) 598
Theodore Eisenberg, Bankruptcy Law in Perspective, 28 UCLA L.
Rev. 953 (1981) 600
Steven L. Harris, A Reply to Theodore Eisenberg's "Bankruptcy
Law in Perspective," 30 UCLA L. Rev. 327 (1982) 602
Teresa A. Sullivan, Elizabeth Warren & Jay Lawrence Westbrook, As We
Forgive Our Debtors: Bankruptcy and Consumer Credit in America (1989) 604
William C. Whitford, Has the Time Come to Repeal Chapter 13?, 65
Ind. L.J. 85 (1989) 610
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 616
Elizabeth Warren, A Principled Approach to Consumer Bankruptcy,
71 Am. Bankr. L.J. 483 (1997) 624
Hon. Edith Jones and James I. Shepard, Additional Dissent to
Recommendations for Reform of Consumer Bankruptcy Law,
National Bankruptcy Review Commission Final Report (1997) 628
Michelle J. White, Why it Pays to File for Bankruptcy: A Critical
Look at the Incentives Under U.S. Personal Bankruptcy Law and a
Proposal for Change, 65 U. Chi. L. Rev. 685 (1998) 631
Marianne B. Culhane & Michaela M. White, Taking the New Consumer
Bankruptcy Model for a Test Drive: Means-Testing Real Chapter 7
Debtors, 7 Am. Bankr. Inst. L. Rev. 27 (1999) 636
Local Legal Culture
638
Jean Braucher, Lawyers and Consumer Bankruptcy: One Code, Many
Cultures, 67 Am. Bankr. L.J. 501 (1993) 639
Teresa A. Sullivan, Elizabeth Warren, & Jay Lawrence Westbrook, The
Persistence of Local Legal Culture: Twenty Years of Evidence From
the Federal Bankruptcy Courts, 17 Harv. J.L. & Pub. Pol'y
801 (1994) 648
CHAPTER 13: INTRODUCTION TO CHAPTER 11 REORGANIZATIONS 659
Charles Jordan Tabb, The Future of Chapter 11, 44 S.C. L. Rev.
791 (1993) 659
Law and Language
661
Walter A. Blum, The Law and Language of Corporate Reorganization,
17 U. Chi. L. Rev. 565 (1950) 662
Ayer's "Field Guide"
668
John D. Ayer, Through Chapter 11 With Gun or Camera, But Probably Not
Both: A Field Guide, 72 Wash. U. L.Q. 883 (1994) 669
Warren on Bankruptcy Policymaking
678
Elizabeth Warren, Bankruptcy Policymaking in an Imperfect World,
92 Mich. L. Rev. 336 (1993) 678
CHAPTER 14: CHAPTER 11 REORGANIZATIONS IN OPERATION 689
A. Portraits of Chapter 11
689
Ed Flynn, Bankruptcy Division, Administrative Office of United States
Courts, Statistical Analysis of Chapter 11 (October 1989) 690
Lynn M. LoPucki & William C. Whitford, Patterns in the Bankruptcy
Reorganization of Large, Publicly Held Companies, 78 Cornell L. Rev.
597 (1993) 691
Susan Jensen-Conklin, Do Confirmed Chapter 11 Plans Consummate? The
Results of a Study and Analysis of the Law, 97 Com. L.J. 297 (1992) 694
B. Venue Choice
698
Theodore Eisenberg & Lynn M. LoPucki, Shopping for Judges: An
Empirical Analysis of Venue Choice in Large Chapter 11 Reorganizations, 84
Cornell L. Rev. 967 (1999) 699
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 705
C. Extraordinary Orders and the Limits of Judicial Power
706
Charles Jordan Tabb, A Critical Reappraisal of
Cross-Collateralization in Bankruptcy, 60 S. Cal. L. Rev. 109 (1986)
707
Ralph Brubaker, Bankruptcy Injunctions and Complex Litigation: A
Critical Reappraisal of Non-Debtor Releases in Chapter 11 Reorganizations,
1997 U. Ill. L. Rev. 959 714
D. Corporate Governance and Chapter 11 Control
724
Lynn M. LoPucki & William C. Whitford, Corporate Governance in
the Bankruptcy Reorganization of Large, Publicly Held Companies,
141 U. Pa. L. Rev. 669 (1993) 725
Daniel J. Bussel, Coalition-Building Through Bankruptcy Creditors'
Committees, 43 UCLA L. Rev. 1547 (1996) 733
David A. Skeel, Jr., The Nature and Effect of Corporate Voting in
Chapter 11 Reorganization Cases, 78 Va. L. Rev. 461 (1992) 739
E. Cram Down
744
Walter J. Blum & Stanley A. Kaplan, The Absolute Priority
Doctrine in Corporate Reorganizations, 41 U. Chi. L. Rev. 651
(1974) 746
H.R. Rep. No. 95-595 (1977) 752
Chaim Fortgang & Thomas Moers Mayer, Valuation in Bankruptcy,
32 UCLA L. Rev. 1061 (1985) 753
Lynn M. LoPucki & William C. Whitford, Bargaining Over Equity's
Share in the Bankruptcy Reorganization of Large, Publicly Held
Companies, 139 U. Pa. L. Rev. 125 (1990) 754
Douglas G. Baird & Thomas H. Jackson, Bargaining After the Fall
and the Contours of the Absolute Priority Rule, 55 U. Chi. L. Rev. 738
(1988) 758
John D. Ayer, Rethinking Absolute Priority After Ahlers, 87
Mich. L. Rev. 963 (1989) 760
Bruce A. Markell, Owners, Auctions, and Absolute Priority in
Bankruptcy Reorganizations, 44 Stan. L. Rev. 69 (1991) 773
National Bankruptcy Review Commission Final Report, Bankruptcy: The
Next Twenty Years (October 20, 1997) 776
CHAPTER 15: CHAPTER 11 REORGANIZATIONS: REFORM 781
A. The
"Untenable Case" Debate 781
Michael Bradley & Michael Rosenzweig, The Untenable Case for
Chapter 11, 101 Yale L.J. 1043 (1992) 783
Elizabeth Warren, The Untenable Case for Repeal of Chapter 11,
102 Yale L.J. 437 (1992) 792
Lynn M. LoPucki, Strange Visions in a Strange World: A Reply to
Professors Bradley and Rosenzweig, 91 Mich. L. Rev. 79 (1992)
801
James W. Bowers, The Fantastic Wisconsylvania Zero-Bureaucratic-Cost
School of Bankruptcy Theory: A Comment, 91 Mich. L. Rev. 1773 (1993)
807
B. Proposals for Reform
812
Market-Based Theories
812
Mark J. Roe, Bankruptcy and Debt: A New Model for Corporate
Reorganization, 83 Colum. L. Rev. 527 (1983) 813
Lucian A. Bebchuk, A New Approach to Corporate Reorganizations,
101 Harv. L. Rev. 775 (1988) 817
Contract-Based Theories
822
Robert K. Rasmussen, Debtor's Choice: A Menu Approach to Corporate
Bankruptcy, 71 Tex. L. Rev. 51 (1992) 823
Barry E. Adler, Financial and Political Theories of American
Corporate Bankruptcy, 45 Stan. L. Rev. 311 (1993) 829
Alan Schwartz, A Contract Theory Approach to Business Bankruptcy,
107 Yale L.J. 1807 (1998) 836
Skeel's Response
844
David A. Skeel, Jr., Markets, Courts, and the Brave New World of
Bankruptcy Theory, 1993 Wis. L. Rev. 465 844
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