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March, 2015

SECURED CLAIMS IN BANKRUPTCY: ON THE ENFORCEMENT OF PARTIAL PRIORITY 2

Circumvention Through Alternative Forms of Financing The Severity of the General Problem As symposium participants and others have pointed out, there are many arrangements that accomplish a result similar to a secured loan but which would receive more favorable treatment …Continue reading →

SECURED CLAIMS IN BANKRUPTCY: ON THE ENFORCEMENT OF PARTIAL PRIORITY

This Part addresses the circumvention objection that has been raised against our partial priority rules—that borrowers and creditors could easily avoid the effect of partial priority in bankruptcy. Two circumvention strategies have been considered. The first is that, regardless of …Continue reading →

SECURED CLAIMS IN BANKRUPTCY: The Financing of Good and Bad Projects 4

Even so, there are some general reasons to think that partial priority is not as likely to prevent the financing of value-increasing projects as it is likely to prevent the financing of value-decreasing projects. When an efficient activity would otherwise …Continue reading →

SECURED CLAIMS IN BANKRUPTCY: The Financing of Good and Bad Projects 3

The Effect of Partial Priority on the Financing of Bad Projects Next, consider the circumstances under which partial priority would prevent the financing of bad projects that full priority would facilitate.163 Suppose that, under a rule of partial priority, borrower …Continue reading →