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February, 2015

SECURED CLAIMS IN BANKRUPTCY: The Financing of Good and Bad Projects 2

The Effect of Partial Priority on the Financing of Good Projects Let us now consider the circumstances under which partial priority would prevent the financing of good projects that full priority would facilitate. Suppose that, under a rule of partial …Continue reading →

SECURED CLAIMS IN BANKRUPTCY: The Financing of Good and Bad Projects

However, if the total cost of credit is higher under partial priority than under full priority, it is only because involuntary creditors receive more in bankruptcy under partial priority. Presumably, we would prefer that tort and government claims are paid …Continue reading →

SECURED CLAIMS IN BANKRUPTCY: Some Preliminary Points 3

To begin, let us assume that partial priority has no direct effect on borrowers other than on the distribution of the borrower’s assets in bankruptcy, which, in turn, affects the cost of both secured and unsecured credit. To the extent …Continue reading →