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- W1591367802 abstract "The Myth of the Residual Owner is vintage Lynn LoPucki. Befitting the leading empirical scholar on the Chapter 11 proceedings of large, publicly held companies, the piece rigorously exposes under-appreciated aspects of modern Chapter 11 practice. Myth enriches our understanding of reorganization practice by replacing the standard characterization of a business’s capital structure as consisting of secured debt, unsecured debt, and equity with a pattern that reveals a more complex priority structure. Rather than a single class of unsecured creditors lodged firmly between secured creditors on the top and equity holders on the bottom, LoPucki finds a plethora of classes, with a median number above three and some businesses having as many as thirteen. Which classes actually see money at the end of the day is more important than how many classes are seeking funds. A central function of a bankruptcy proceeding is dividing up the pie. The number of priority classes, just like the number of claims, provides an incomplete and often misleading picture of the reorganization process. What matters is money. LoPucki enlightens us along this dimension as well. In most cases, at least the most senior group of unsecured creditors is paid in full. They get what they contracted for. More surprisingly, however, is that there is often more than one group that gets partial payment. In over half of the cases in his sample, two or more groups of unsecured creditors received partial payment. These results are interesting in and of themselves. LoPucki’s data demonstrate that priority need not be tied to the institution of secured credit; contracts that establish priority are quite effective. In some cases," @default.
- W1591367802 created "2016-06-24" @default.
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- W1591367802 date "2004-01-01" @default.
- W1591367802 modified "2023-09-24" @default.
- W1591367802 title "The Search for Hercules: Residual Owners, Directors, and Corporate Governance in Chapter 11" @default.
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