Of Sheep, Twyne's Case, and a Better Story

posted by Bob Lawless

Professor Emily Kadens has just published a great paper that explodes the myths about Twyne's Case. We all know Twyne as the case where an insolvent farmer gave away his sheep, thereby leading to a Star Chamber decision that laid the foundation for modern fraudulent conveyance law. It turns out most all of the story we know isn't true. Even better, the actual story is much more interesting and instructive.

东北网2021年07月08日新闻汇总:楼市调整加速:开发商爱打价格牌 炒家降价套现 2021-07-08 11:11 [452][生活频道] 加息后 房贷利息破近十年最高纪录 2021-07-08 11:11 [453][东北网社会] 传董事长儿子被劫持 歹徒持枪索700万美元(图) 2021-07-08 11:10 [454][东北网社会]

Pearce, who was the debtor, had resisted writs of execution from the undersheriff who had come to seize his property, which was a lot more than just a few sheep. And, it was not Pearce himself, but his laborers and community members who did the resisting. Confrontations occurred over three days.  After an unsuccessful foray to Pearce's farm on the first day, the undersheriff made somewhat of a surprise attack on the second day to seize cattle at a more distant place called Holden Field (the picture to the right, courtesy of Kadens). The undersheriff pastured the cattle overnight at Pole Meadow (pictured below the fold, again courtesy of Kadens). The next day, the undersheriff attempted to drive the cattle to market, but Pearce's allies interceded and took the cattle.

Continue reading "Of Sheep, Twyne's Case, and a Better Story" »

netpas云墙下载安卓

posted by Bob Lawless

OK, bankruptcy mavens. What is this a map of? Answer below the fold.

国际在线_读懂国际 点赞中国 - CRI:国际在线(www.cri.cn)是由中央广播电视总台主办的中央重点新闻网站,通过44种语言(不含广客闽潮4种方言)对全球进行传播,是中国使用语种最多、传播地域最广、影响人群最大的多应用、多终端网站集群。 国际在线依托中央广播电视总台广泛的资讯渠道和媒体资源,在全球拥有40多个驻外记者站,与许多 ...

netpas云墙官网

posted by Mitu Gulati

FT Alphaville has had a long line of quirky and brilliant reporters over the years, something that I've always enjoyed (Joseph Cotterill, Tracy Alloway, Colby Smith, Cardiff Garcia and more). And I've especially liked the pieces that do deep dives into obscure and arcane sovereign debt matters.

The latest such piece is from Izabella Kaminska, on the the topic of antique imperial Chinese bonds and the possibilities for recovery (from about ten hours ago, here).  The likelihood of using purely legal methods and recovering on these today is near zero.  But near zero is not zero and periodically, as a means to get students engaged on the thorny questions of statutes of limitations and sovereign immunity, Mark Weidemaier and I will assign them the task of figuring out which of the defaulted imperial sovereign bonds have the best chance of recovery. The assignment is usually framed in terms of a set of bonds that Mr. Horatio Gadfly inherited (here) (Joseph Cotterill's hilarious piece on Mr. Gadfly's adventures is here)).

This past semester, a group of our students -- Michael Chen, Charlie Fendrych, and Andres Paciuc, dug deep and found a small subset of bonds that maybe, just maybe, had a long shot. Their fun paper, "The Emperor's Old Bonds" (soon to appear in print in the Duke Journal of Comparative and International Law) is here.

Izabella's article today makes a deeper point, which is that these legal claims -- while implausible if viewed in purely legal terms -- can acquire muscle as a function of political context.  Is this such a time?  Maybe.  Coronavirus, trade talks, election rhetoric, Taiwan, and given that some of Trump's supporters have lots of these old Chinese bonds and Trump is . . . well, Trump may have changed the equation from what it has been for the past century.  Steve Bannon, of all people, has talked about imperial Chinese bonds on his War Room show multiple times (e.g., this War Room episode at about 40:50. . . Aiyiyiyi . . . here).  

If you are intrigued and want to go down the rabbit hole, this question of politics and antique Chinese bonds has come up before -- see Tracy Alloway's piece on Bloomberg (here), Cardiff Garcia on NPR (here) and Mark Weidemaier on creditslips (here and here). 

Izabella is (I hope) not done with her writing on this topic and there might be more on Alphaville soon (today's teaser was in the main paper).  This topic connects to so many other fun topics relating to historic wrongs too -- like the fact that the British museum holds the Elgin Marbles and the British crown holds the Koh-i-Noor diamond (US museums undoubtedly have lots of these sorts of items as well). If Chinese imperial bonds need to get paid, maybe it is time to give the Elgin Marbles and the Koh-i-Noor back? Come to think of it, maybe it is time to give them back regardless of the bonds? Sovereigns are infinitely lived, which means that their obligations are too -- if someone can figure out a way to get around the statutes of limitations.

netpas云墙安卓破解版

posted by Mark Weidemaier

Mark Weidemaier & Mitu Gulati

Judicial outcomes are determined by a variety of factors beyond precedent, statutory text, and other purely legal inputs. One factor, especially in cases involving foreign governments, is the preference of the U.S. government. In the middle of the 20th century, the government’s preferences often were dispositive, because the State Department had final say over whether U.S. courts could exercise jurisdiction over foreign states. The State Department eventually tired of being caught in the middle of  these disputes and Congress passed the buck to the judiciary, which now makes immunity determinations in accordance with the Foreign Sovereign Immunities Act.

Still, U.S. administrations periodically put a thumb on the scale in favor of a foreign state. On occasion, this happens even when relations with the foreign state aren’t especially friendly. Foreign sovereign immunity tends to be reciprocal, and the government worries that an overly assertive approach by U.S. courts will prompt courts in other countries to retaliate by asserting expansive jurisdiction over the United States. Still, what’s happening in the Crystallex litigation is a bit unusual. Until now, U.S. sanctions have been the primary tool by which the government has protected Venezuelan assets in the United States. Thus, the U.S. largely sat idle while the federal judiciary ruled that Venezuela and state-oil company PDVSA were alter egos, such that assets formally belonging to PDVSA could be attached by creditors of the Republic itself. Because of that holding, the District Court in Delaware is currently busy trying to figure out whether and how to conduct an execution sale of PDVSA’s equity in PDV Holding, the ultimate parent company of Citgo. (For more, see here and instagram如何国内使用).

And then, as Anna Szymanski describes in her piece for Reuters that went up earlier today (here), the U.S. government filed a "statement of interest" in the matter.

Continue reading "The US Government Mumbles Something in Support of Venezuela" »

Should Chapter 11 Protect the Sacklers?

posted by Bob Lawless

My colleague, Ralph Brubaker, and Gerald Posner have a 云墙官方最新版op-ed assailing how the Sacklers are using Purdue Pharma's chapter 11 to shield themselves from personal liability. The bankruptcy world knows this tactic under the labels of third-party or nondebtor releases.

When they first appeared on the scene, third-party releases seemed like another example of the pragmatic problem-solving that the bankruptcy system excels at doing. Parties contribute money to the pot that goes to pay creditors, often victims of some tort. That money increases the amount that victims receive without having to suffer the time, expense, and uncertainty of having to file lawsuits. The release incentivizes the released parties to contribute in the first place. No contribution, no release.

Like many good ideas in the bankruptcy system, third-party releases were supposed to be the rare case but have become commonplace in chapter 11 practice. As Brubaker and Posner point out, if third parties like the Sacklers need protection from tort liability associated with Purdue Pharma, they can always file bankruptcy themselves. They want the protection of the bankruptcy court without subjecting their own assets and affairs to the scrutiny of the bankruptcy court. At the least, that needs to change. 

Some Confusion About Argentina’s Power to Reverse an Acceleration

posted by Mark Weidemaier

翻墙也要用的应用 Google Drive全攻略_科技滚动_中国广播网:2021-5-3 · 中国广播网 > > 图片频道 > > 科技滚动 翻墙也要用的应用 Google Drive全攻略 2021-05-03 14:05 来源:飞象网 打印本页 关闭

As negotiations between the Argentine government and its creditors have gotten increasingly acrimonious, some have begun talking about litigation. Because Argentina’s bonds have collective action clauses, it can impose restructuring terms on dissenting creditors as long as it has the support of a supermajority. Even if it doesn’t have supermajority support to do the cram down, it still has weapons.

One important weapon that often gets overlooked in discussions of the cram down power is the power to rescind or reverse a decision by creditors to accelerate the debt. In effect, this is a power to create a standstill. Argentina’s bonds have some relatively unusual provisions in this regard. One possible interpretation of these provisions is that Argentina is about to lose the ability to reverse an acceleration. We think this interpretation is wrong, but we have heard it raised with some frequency and want to address it here.

Continue reading "Some Confusion About Argentina’s Power to Reverse an Acceleration" »

PDVSA’s 2024 Bonds: When and Why Does Venezuelan Law Matter?

posted by Mark Weidemaier

Mark Weidemaier and Mitu Gulati

In 2016, the Maduro government bought some time through a debt exchange in which holders of maturing bonds issued by state oil company PDVSA swapped them for new bonds due in 2024. The new bonds were collateralized by a 50.1% interest in the U.S. parent company of Citgo. Now that the U.S. no longer recognizes the Maduro administration, the new Venezuelan government sued in the Southern District of New York asking to invalidate the bonds and the collateral pledge. It points to Venezuelan law requiring legislative approval for contracts in the “national public interest,” which didn’t happen here. For background, see our posts from last October, here and here.

The initial briefs have been filed, and not surprisingly the parties disagree about the relevance of Venezuelan law. The PDVSA 2024 bonds are governed by New York law. Venezuela argues that this does not matter, that Venezuelan law determines whether the bonds are valid. The indenture trustee argues that Venezuelan law is irrelevant, that New York law is all that matters, and that under New York law the bonds are enforceable. We’ve seen similar disputes a lot of late, including in connection with debt issued by Ukraine, Mozambique, and Puerto Rico. A government issues foreign-law debt that it later claims was unlawful under its own law. What law governs the dispute?

We have been mulling this question for some time now. At first, we thought it was straightforward, and we suspect many market participants feel the same way. But it is more complicated than a simple foreign versus domestic binary. The end result is this paper, Unlawfully-Issued Sovereign Debt.

Continue reading "PDVSA’s 2024 Bonds: When and Why Does Venezuelan Law Matter?" »

netfits云墙官网

posted by Adam Levitin

I have a new white paper out from the Roosevelt Institute's Great Democracy Initiative. The paper, which is co-authored with Lindsay Owens and Ganesh Sitaraman, proposes a standing emergency economic stabilization authority to provide an off-the-shelf immediately available response to common problems that recur in national economic crises.

The motivation for the white paper is that in the past dozen years we've been through two rounds of massive ad hoc bailouts. We shouldn't be doing this on the fly. Instead, we need to have a suite of programs ready to go. Think of this as an "in case of emergency, break glass" approach.

Continue reading "No More Bailouts" »

流浪地球vps-outline

  • netpas云墙安卓 Pamela Foohey
       bio | posts
    netfits云墙安卓版官网 Anna Gelpern
       bio | posts
    netpas云墙安卓版进加速器 Mitu Gulati
       bio | posts
     Melissa Jacoby
       bio | posts
     Dalié Jiménez
       bio | 云墙netpas
    云墙官方最新版 Jason Kilborn
       bio | posts
     Bob Lawless (blog admin)
       bio | 云墙官方最新版

    instagram如何国内使用 Adam Levitin
       bio | posts

     Stephen Lubben
       bio | posts

     Nathalie Martin
       bio | posts

     John Pottow
       bio | posts
     Mark Weidemaier
       bio | 云墙netpas
     Jay Westbrook
       bio | posts

    netfits云墙安卓版官网 Alan White
       bio | netfits云墙官网

流浪地球vps-outline

流浪地球vps-outline

  • The rules of the site.

流浪地球vps-outline

  • netfits云墙官网 is pleased to have had the following persons join us as continuing blog authors in the past or as guest bloggers for a week. Their contributions have added new perspectives and ideas to this site, and we thank them for their participation.

    云墙netfits

    Angela Littwin
    Katie Porter
    Debb Thorne
    Elizabeth Warren

    GUEST & OCCASIONAL CONTRIBUTORS

    John Armour
    云墙专业版官网
    Oren Bar-Gill
    netpas云墙安卓版进加速器
    Stephanie Ben-Ishai
    Susan Block-Lieb
       posts with Ted Janger
    netfits云墙安卓版官网
    Matthew Bruckner
    Ethan Cohen-Cole
    instagram如何国内使用
    Mechele Dickerson
    Kathleen Engel
    云墙官方最新版
    netpas云墙安卓
    Jim Hawkins
    Ted Janger
    云墙netpas
    Kathleen Keest
    Keith Kilty
    netpas云墙官网
    Kevin Leicht
    Jonathan Lipson
    Lois Lupica
       云墙netpas
    Ronald Mann
    Bill Maurer
    Patricia McCoy
       posts w/Kathleen Engel
    netfits云墙官网
    David Moss
    Gary Neustadter
    John Rao
    Nancy Rapoport
    Stephen Rea
    Annelise Riles
    Amy Schmitz
    Barry Scholnick
    Dan Schwarcz
    Paige Marta Skiba
       posts w/Jeremy Tobacman
    云墙专业版官网
    Henry Sommer
    Jeremy Tobacman
    Philomila Tsoukala
    Tara Twomey
    F. Javier Arias Varona
    Gene Wedoff
    Christian Weller
    James White
    Lauren Willis
    Art Wilmarth
    Sarah Woo
    David Yen
    Viviana Zelizer

流浪地球vps-outline

  • Free Kindle and ePub versions of the Bankruptcy Code are available through Credit Slips. For details and links, visit the original blog post announcing the availability of these files.

流浪地球vps-outline

  • A blog on all things about credit, bankruptcy, consumers, and financial institutions. We are fourteen academics who will use this space to discuss and debate issues not just for specialists but for anyone who cares about creating good policies in these areas.

流浪地球vps-outline

  • Follow @CreditSlips

流浪地球vps-outline

  • SUBSCRIBE BY NEWS READER

     Subscribe in a reader

  • SUBSCRIBE BY E-MAIL

    Enter your email address:

流浪地球vps-outline

  • netpas云墙官网   

netpas云墙官网

  • 2005 Bankruptcy Amendments (BAPCPA)
  • ABI Consumer Commission
  • Academic & Scholarly News
  • Bankruptcy Data
  • Bankruptcy Generally
  • Blog Stuff
  • Books and Movies about Debt
  • Celebrity Bankruptcy
  • Chapter 13
  • Comparative & Int'l Perspectives
  • Consumer Arbitration
  • Consumer Bankruptcy
  • netpas云墙安卓版下载
  • Consumer Finance
  • Consumer Financial Protection Bureau
  • Consumerism
  • Corporate Bankruptcy
  • 云墙netfits
  • Credit & Debit Cards
  • Credit Policy & Regulation
  • Credit Reporting
  • Debt Collection
  • Debt Settlement
  • 云墙官方最新版
  • Economic Perspectives
  • Financial Education & Literacy
  • Financial Institutions
  • 云墙netpas
  • Medical Debt
  • Mortgage Debt & Home Equity
  • Municipal Bankruptcy
  • instagram如何国内使用
  • Pending and New Legislation
  • Puerto Rico
  • Refund Anticipation Loans
  • Religion
  • Secured Lending
  • netfits云墙安卓版官网
  • Sociological Perspectives
  • Sovereign Debt
  • Student Loans
  • Supreme Court Cases
  • Too Big to Fail (TBTF)
  • Transnational Banrkuptcies
  • netpas云墙安卓版下载
  • Usury

Archives

  • July 2024
  • June 2024
  • 云墙netpas
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2024
  • netpas云墙安卓版最新
  • October 2024

Bankr-L

  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

OTHER STUFF

Powered by TypePad