Bruce Markell
Northwestern University, Law School, Faculty Member
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Corporate Panel: Chapter 11 Cramdown Interest Rates: Till, Momentive, and the Proper Valuation Methods Professor Ralph Brubaker (Moderator), University of Illinois College of Law Professor Anthony J. Casey, The University of Chicago Law... more
Corporate Panel: Chapter 11 Cramdown Interest Rates: Till, Momentive, and the Proper Valuation Methods Professor Ralph Brubaker (Moderator), University of Illinois College of Law Professor Anthony J. Casey, The University of Chicago Law School Susan M. Freeman, Lewis Roca Rothgerber Christie LLP Professor Bruce A. Markell, Northwestern Pritzker School of La
Research Interests: Law and Bankruptcy Law
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There's a wonderful passage in the ew Testament where Jesus finds his disciples debating whicb one of tbem would he the greatest in the kingdom of heaven. nrWhat were you discussing on the way?,'" Jesus asks, as Saint Mark... more
There's a wonderful passage in the ew Testament where Jesus finds his disciples debating whicb one of tbem would he the greatest in the kingdom of heaven. nrWhat were you discussing on the way?,'" Jesus asks, as Saint Mark records the incident. "But they kepI silent, for on the way they had argued with one another about who was the greatest. And he sat down and called the twelve. And he took a child and put him in the midst of them, and taking him in his arms, he said to them, 'Whoever receives one such child in my name receives me, and whoever receives me, receives not me but him who sent me. II I 1 love the passage for many reasons, but one reason is the timeless psychological truth: It's so hard to resist the temptation to debate OUf relative importance. The conference for which the articles in this symposium were prepared was, in fac~ almost tailor-made for a spirited game of one-upmansbip. Nearly all of the finest bankruptcy scholars in the country, as...
Bankruptcy Code § 546(e) contains a safe harbor that prevents avoidance of a securities settlement payment, e.g., as a preferential or constructively fraudulent transfer. This amicus brief was filed in Merit Mgmt. Grp. v. FTI Consulting,... more
Bankruptcy Code § 546(e) contains a safe harbor that prevents avoidance of a securities settlement payment, e.g., as a preferential or constructively fraudulent transfer. This amicus brief was filed in Merit Mgmt. Grp. v. FTI Consulting, Inc., No. 16-784 (U.S.). The brief explains how § 546(e) rationally constrains its scope via the statutory specification that the safe harbor only applies (because it need only apply) if the “transfer” sought to be avoided was allegedly “made by or to (or for the benefit of)” a protected securities market intermediary, such as a stockbroker or a financial institution. Ascertaining the meaning and function of that determinative scope language requires an understanding of (1) the concept of a “transfer” as the fundamental analytical transaction unit throughout the Code’s avoidance provisions, and (2) the relationship between that avoidable “transfer” concept and the inextricably interrelated concepts of who that “transfer” is “made by or to (or for th...
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Have free times? Read questions answers secured transactions writer by Why? A best seller publication on the planet with wonderful value as well as material is integrated with appealing words. Where? Merely right here, in this site you... more
Have free times? Read questions answers secured transactions writer by Why? A best seller publication on the planet with wonderful value as well as material is integrated with appealing words. Where? Merely right here, in this site you can check out online. Want download? Certainly offered, download them also right here. Offered data are as word, ppt, txt, kindle, pdf, rar, and also zip. Our goal is always to offer you an assortment of cost-free ebooks too as aid resolve your troubles. We have got a considerable collection of totally free of expense Book for people from every single stroll of life. We have got tried our finest to gather a sizable library of preferred cost-free as well as paid files. This is really going to save you time and your money in something should think about. If you're seeking then search around for online. Without a doubt there are several these available and a lot of them have the freedom. However no doubt you receive what you spend on. An alternate way to get ideas would be to check another questions answers secured transactions. GO TO THE TECHNICAL WRITING FOR AN EXPANDED TYPE OF THIS QUESTIONS ANSWERS SECURED TRANSACTIONS, ALONG WITH A CORRECTLY FORMATTED VERSION OF THE INSTANCE MANUAL PAGE ABOVE.
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Authors' Foreword Chapter 1 General Introduction Insolvency and Bankruptcy Roman times Middle Ages Commercial Code of Napoleon and the Rise of General Bankruptcy Law Emerging Tendencies From History Our Stance Today: Differences in... more
Authors' Foreword Chapter 1 General Introduction Insolvency and Bankruptcy Roman times Middle Ages Commercial Code of Napoleon and the Rise of General Bankruptcy Law Emerging Tendencies From History Our Stance Today: Differences in National Legal Systems Chapter 2 Prominent Principles of Domestic Law Widely Accepted Broad Principles of Insolvency Systems Maximization of Asset Value For All Creditors Recognizing/Preserving Existing Creditor Rights Equitable Treatment Of Similarly Situated Creditors Wide Disparities With Respect to Specific Procedures and Rules (Un)Equal Treatment of Pre-Petition Claims Maximizing Value in a Common Pool Preparation and Voting on a Plan of Reorganization Principles-Based Approaches to Modernization and Harmonization Chapter 3 Guiding approaches to international insolvency law The Basic Theoretical Divide: Territorialism v. Universalism Territorialism and Its Discontents Universalism and Market Symmetry Weighing the Advantages and Practical Impedime...
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In The Law of Cross-Border Securitization: Lex Juris, Professor Frankel asserts that lawyers are central to the making of the laws, or "law-like" rules, that govern cross-border securitizations. (1) She lauds this development... more
In The Law of Cross-Border Securitization: Lex Juris, Professor Frankel asserts that lawyers are central to the making of the laws, or "law-like" rules, that govern cross-border securitizations. (1) She lauds this development and hints that it might provide a useful model for other laws in a global context. I disagree. I think that lawyers and their work product, while important, are just agents in the system; or to put it another way, at best lawyers are no more than highly-trained facilitators of securitization. They are not, and likely cannot be, entities who make "law" in any consistent way or in any common sense meaning of the word. Put another way, a good lawyer ensures that the parties' expectations conform to what the law provides or allows; he or she does not change the law or write new laws to satisfy those expectations. (2) I wish to make three short points in this comment. First, I want to sketch further my argument that lawyers do not make law or...
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When a bankruptcy debtor confirms a chapter 11 plan of reorganization, it must address the claims of its secured creditors. The Bankruptcy Code allows for non-consensual confirmation of a plan, and hence the involuntary restructuring of... more
When a bankruptcy debtor confirms a chapter 11 plan of reorganization, it must address the claims of its secured creditors. The Bankruptcy Code allows for non-consensual confirmation of a plan, and hence the involuntary restructuring of existing debt, through a process colloquially known as "cramdown." One aspect of cramdown is the selection of an interest rate sufficient to compensate fairly non-consenting secured creditors. Much debate has ensued over the proper method of selecting such a rate. This article notes that much of this debate has paid insufficient attention to the history of cramdown, and has marginalized relevant Supreme Court cases. After reviewing the history of cramdown, the article formulates three apothegms for cramdown: Don't Pay Too Much; Don't Pay Too Little; and Don't Expect Precision. Using this apothegms as guidelines, the article argues that the "prime rate plus" method established in Till v SCS Credit is an acceptable metho...
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Professor Brubaker is the Carl L. Vacketta Professor of Law at the University of Illinois College of Law. He rejoined the Illinois faculty in 2004, after serving here at Emory for over ten years. While he was here he was the faculty... more
Professor Brubaker is the Carl L. Vacketta Professor of Law at the University of Illinois College of Law. He rejoined the Illinois faculty in 2004, after serving here at Emory for over ten years. While he was here he was the faculty advisor for what was then known as the Bankruptcy Developments Journal. He also graduated law school from the University of Illinois where he graduated summa cum laude. It’s a pleasure to welcome him back here to Emory Law today.
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Professor Douglas Baird’s The Fraudulent Conveyance Origins of Chapter 11: An Essay on the Unwritten Law of Corporate Reorganizations1 boldly reconceptualizes the role of the bankruptcy judge in corporate reorganizations. He sees the... more
Professor Douglas Baird’s The Fraudulent Conveyance Origins of Chapter 11: An Essay on the Unwritten Law of Corporate Reorganizations1 boldly reconceptualizes the role of the bankruptcy judge in corporate reorganizations. He sees the judge not as a neutral arbiter of dispute brought before her, but as a “referee” whose “job . . . is to police . . . negotiations [over the sensible capital structure of a firm in reorganization] and make sure that they are done according to Hoyle.”2 But unlike Hoyle, the rules to be enforced are not all written. Time and tradition have produced unwritten rules with respect to the conduct of a reorganization. Professor Baird’s article is a start at identifying and contextualizing these rules.
I. INTRODUCTION In Multi-Jurisdictional Receivables Financing: UNCITRAL's Impact on Securitization and Cross-Border Perfection, (1) Spiros Bazinas gives us a masterful summary of the potential benefits of the new Convention on the... more
I. INTRODUCTION In Multi-Jurisdictional Receivables Financing: UNCITRAL's Impact on Securitization and Cross-Border Perfection, (1) Spiros Bazinas gives us a masterful summary of the potential benefits of the new Convention on the Assignment of Receivables in International Trade (2) (the Convention) for securitization. Moreover, he has collected references to many of the commentaries on early drafts of the Convention. In the face of such a complete and worthwhile job, there is little to add by way of detail. There may be, however, room to enumerate the hurdles that the Convention must still surmount. Among these are the effort to introduce not just different legal concepts to different legal systems, but concepts that, in some respects, are contrary to the current law of those systems. In addition, the Convention is a sophisticated legal document, finely crafted after many years of debate, and well drafted by Mr. Bazinas. As such, however, the Convention may be difficult to inco...
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... Ring was then offered his proportionate share of the $10,000. Instead of taking the $10,000, Ring sued to obtain bonds in the new corporation. In essence, he alleged that he was entitled to share fairly in the "true" sale,... more
... Ring was then offered his proportionate share of the $10,000. Instead of taking the $10,000, Ring sued to obtain bonds in the new corporation. In essence, he alleged that he was entitled to share fairly in the "true" sale, as opposed to the foreclosure sale. The court agreed. ...
... Professor Zaretsky served in each of these capacities with respect to various topics in bankruptcy. ... following discussion, ranging from note 35 to note 62, is taken from Bruce A. Markell ... vent, for example, were particularly... more
... Professor Zaretsky served in each of these capacities with respect to various topics in bankruptcy. ... following discussion, ranging from note 35 to note 62, is taken from Bruce A. Markell ... vent, for example, were particularly suspect.44 Another badge which at-tracted creditors' efforts ...
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... BRUCE A. MARKELL* ... "Under the UFCA, a creditor holding a "matured" claim has the following options with respect to remedies: it can ... 2'A "badge of fraud" has been defined to be a fact which is... more
... BRUCE A. MARKELL* ... "Under the UFCA, a creditor holding a "matured" claim has the following options with respect to remedies: it can ... 2'A "badge of fraud" has been defined to be a fact which is calculated to throw suspicion upon a transaction, and calling for an explanation. ...
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Page 1. Owners, Auctions, and Absolute Priority in Bankruptcy Reorganizations Bruce A. Markell* I. INTRODUCTION ..... 70 II. ... Recent theoretical work on the nature, design, and conduct of auctions sup-ports this practical insight. ...