A minimalist approach to state "Bankruptcy"

UCLA Law Review

Volumn 59, Issue 2, 2011, Pages 322-353

  Schwarcz, Steven L ^a  

^a DUKE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84856349308     PISSN: 00415650     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Review

References (72)

1. Nicole Gelinas, available at http://www.pubHcsectoiinc.conVpsi-artides/ 2011/02/state-and-muiudpal-debt-the-coming-aisis.htrn
2. STANDARD ScPooR's, U.S. STATE RATINGS METHODOLOGY 6 (2011).
3. Iman Anabtawi Steven L. Schwarcz, Regulating Systemic Risk Towards an Analytical Framework, 86 NOTRE DAME L. REV. 1349 (2011).
4. See, e.g, MOODY'S INVESTORS SERV., THE CHANGING BUSINESS OF FINANCIAL GUARANTY INSURANCE 6 (2008)
5. MOODY'S INVESTORS SERV., Mooors PORTFOLIO RISK MODEL RESULTS FOR FINANCIAL GUARANTORS 2-3 (2006)
6. SECURITY CAPITAL ASSURANCE, YEAR-END 2007 OPERATING SUPPLEMENT 17
7. David Skeel, A Bankruptcy Law-Not Bailouts-for the States, WALL ST. J., Jan. 18, 2011, at A17
8. David Skeel, Give States a Way to Go Bankrupt, WKLY. STANDARD, Nov. 29, 2010
9. Cf. ISAIAH BERLIN, THE HEDGEHOG AND THE FOX 26 (Guernsey Press 1992) (1953)
10. Law of the H. Judiciary Comm., 112th Cong. 2 (2011)
11. Michael W. McConnell & Randal C. Picker, When Cities Go Broke: A Conceptual Introduction to Municipal Bankruptcy, 60 U. CHL L. REV. 425, 466 (1993)
12. Robert Carroll, The Economic Cost of High Tax Rates, FISCAL FACT, July 2009, at 2, available at http://www.taxfoundation.org/files/ffl82.pdf.
13. Steven L. Schwarcz, Global Decentralization and the Subnational Debt Problem, 51 DUKE LJ. 1179, 1184 (2002)
14. Steven L. Schwarcz, Subnational Debt Restructuring and the Rule of Law, 1 J. RESTRUCTURING FiN. 129 (2004)
15. see also Charles M. Tiebout, A Pure Theory of Local Expenditures, 64 J. POL. ECON. 416, 418 (1956)
16. See Lee C. Buchheit & G. Mitu Gulati, Exit Consents in Sovereign Bond Exchanges, 48 UCLA L. REV. 59, 60 n.2 (2000).
17. Chris Edwards, State and Local Govemment Debt Is Soaring, TAX & BUDGET BULL., July 2006, at 1, available at http/www.cato.org/pubs/tbb/tbb-0706- 37.pdf
18. Robert Gertner David Scharfstein, A Theory of Workouts and the Effects of Reorganization Law, 46 J. FiN. 1189, 1193 (1991)
19. Steven L. Schwarcz, Sovereign Debt Restructuring Options: An Analytical Comparison (Mar. 7, 2011)
20. BARRY EICHENGREEN, TOWARD A NEW INTERNATIONAL FINANCIAL ARCHITECTURE 65-70 (1999)
21. Christopher Greenwood Hugh Mercer, Considerations of International Law, in BARRY EICHENGREEN RICHARD PORTES, CRISIS? WHAT CRISIS? ORDERLY WORKOUTS FOR SOVEREIGN DEBTORS 110 (1995).
22. Anna Gelpem Mitu Gulati, Innovation After the Revolution: Foreign Sovereign Bond Contracts Since 2003,4 CAP. MKTS. L.J. 85, 99 (2008).
23. Steven L. Schwarcz, 'Idiot's Guide' to Sovereign Debt Restructuring, 53 EMORY L.J. 1189, 1203 (2004).
24. Cf Stephen J. Lubben, Why Chapter 11 Cases Are Shrinking, N.Y. TIMES DEALBOOK, Dec. 27, 2010, http://dealbook.nytimes.corn/2010/12/27/vAy-chapter-ll- cases-are-shrinking
25. A. Mechele Dickerson, A Politically Viable Approach to Sovereign Debt Restructuring, 53 EMORY LJ. 997, 1015-16 (2004)
26. Michael M. Chamberlin, Remarks Prepared for the Bear Steams & EMCA Sovereign Creditors Rights Conference: At the Frontier of Elxit Consents (Nov. 8,2001)
27. Cf. Anna Gelpem, What Bond Markets Can Learn From Argentina, INTTL FIN. L. REV., Apr. 2005, at 20-21
28. Cf Hal S. Scott, A Bankruptcy Procedure for Sovereign Debtors?, 37 INTL LAW. 103, 129 (2003)
29. http://www.imf.oig/extemal/np/exr/facts/sdrm.htm.
30. f. M. DAVID GELFAND, STATE & LOCAL GOVERNMENT DEBT FINANCING & 1:14 (2010)
31. Steven L. Schwarcz, Private Ordering of Public Markets: The RaHng Agency Paradox, 2002 U. ILL. L. REV. 1, 6.
32. See Thomas E. Plank, State Sovereignty in Bankruptcy After Katz, 15 AM. BANKR. INST. L. REV. 59, 68-70 (2007).
33. See John J. Gibbons, The Eleventh Amendment and State Sovereign Immunity: A Reinterpretation, 83 COLUM. L. REV. 1889, 1974 (1983).
34. Edelman v. Jordan, 415 U.S. 651, 663-65 (1974)
35. Jonathan C. lipson. Debt and Demoaacy: Towards a Constitutional Theory of Bankruptcy, 83 NOTRE DAME L. REV. 605, 644 (2008)
36. Coll Sav. Bank, 527 U.S. at 675-76
37. Peter V. Pantaleo Bany W. Ridings, Reorganization Value, 51 BUS. LAW. 419 (1996)
38. Energy Reserves Grp., Inc. v. Kan. Power Light Co., 459 U.S. 400, 411 (1983
39. Allied Stmctural Steel Co. v. Spannaus, 438 U.S. 234, 244 (1978)).
40. Seltzer v. Cochrane, 104 F.3d 234, 236 (9di Cir. 1996)
41. Energy Reserves Grp., 459 U.S. at 411-12.
42. Hanover Nat'l Bank v. Moyses, 186 U.S. 181,188 (1902).
43. See E. Enters, v. Apfel, 524 U.S. 498, 528-29 (1998)
44. United States v. Riverside Bay Homes, 474 U.S. 121-128 n.5 (1985)
45. Jan G. Laitos, Legislative Retroactivity, 52 WASH. U. J. URB. & CONTEMP. L. 81, 100 (1997)
46. Douglas G. Baird, Bankruptcy's Uncontested Axioms, 108 YALE L.J. 573, 578 (1998)
47. Michael Bradley, James D. Cox Mitu Gulati, The Market Reaction to Legal Shocks and Their Antidotes: Lessons From the Sovereign Debt Market, 39 J. LEGAL STUD. 289, 295-97 (2010)
48. http://www.law.yale.edu/documents/pdf/cbl/Skeel-Congressional-Testimony. pdf
49. RICHARD A. POSNER, ECONOMIC ANALYSIS OF LAW 13 (6th ed. 2003).
50. Robert K. Rasmussen, Debtor's Choice: A Menu Approach to Corporate Bankruptcy, 71 TEX. L. REV. 51, 53-54 (1992)
51. Alan Schwartz, A Contract Theory Approach to Business Bankruptcy, 107 YALE L.J. 1807, 1849-50 (1998).
52. Elizabeth Warren Jay Lawrence Westbrook, Contracting Out of Bankruptcy. An Empirical Intervention, 118 HARV. L. REV. 1197, 1253-54 (2005)
53. Patrick Bolton, Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons From Corporate Bankruptcy Practice Around the World, 50 IMF STAFF PAPERS 41, 50 (2003).
54. Marcel Kahan, Rethinking Corporate Bonds: The Trade-Off Between Individual and Collective Rights, 77 N.Y.U. L. REV. 1040,1041-43 (2002).
55. Steven L. Schwarcz, Sovereign Debt Restructuring: A Bankruptcy Reorganization Approach, 85 CORNELL L. REV. 956,1006 (2000)
56. David Arthur Skeel, Jr., The Nature and Effect of Corporate Voting in Chapter 11 Reorganization Cases, 78 VA. L. REV. 461, 489-90 (1992)
57. 11 U.S.C. & 1126(e) (2006).
58. EUZABETH WARREN, JAY LAWRENCE WESTBROOK, THE LAW OF DEBTORS AND CREDITORS 840-41 (4th ed. 2001)
59. ALAN SCHWARTZ, ROBERT E. SCOTT, COMMERCIAL TRANSACTIONS: PRINCIPLES AND POLICIES 18 (2d ed. 1991).
60. See CHARLES JORDAN TABB, THE LAW OF BANKRUPTCY & 11.23, at 1130-32 (2d ed. 2009)
61. DAVID G. EPSTEIN ET AL., BANKRUPTCY: MATERIALS AND CASES 343 (3d ed. 2010)
62. Robert Novy-Marx & Joshua D. Rauh, The Liabilities and Risks of State-Sponsored Pension Plans, 23 J. ECON. PERSP. 191,192 (2009)
63. Monica Davey & A.G. Sulzberger, In Wisconsin Battle on Unions, State Democrats See a Gift, N.Y. TIMES, Mar. 11,2011
64. Compare 11 U.S.C. & 901 (2006)
65. Richard Williamson, Texas Sports Agency Flirting With Default, BOND BUYER, Aug. 31, 2010, http://www.bondbuyer.com/issues/119-416/texas-agency- flirting-with-default-1016658-l.html
66. Patrick Bolton, David A. Skeel, Jr., Redesigning the Intemational Lender of Last Resort, 6 CHI. J. INT'L L. 177,186-87 (2005)
67. Steven L. Schwarcz, The Easy Casefor the Priority of Secured Claims in Bankruptcy, 47 DUKE L.J. 425 (1997)
68. 11 U.S.C. & 364, (2006).
69. See Daniel M. Price, An Overview of the NAFTA Investment Chapter: Substantive Rules and Investor-State Dispute Settlement, 27 INT'L LAW. 727, 731-33 (1993).
70. Julia Patterson Forrester, Bankruptcy Takings, 51 FLA. L. REV. 851, 876-77 (1999)
71. Wright v. Union Cent. Life Ins. Co., 311 U.S. 273,278-79 (1940)
72. John Hancockmut. Life Ins. Co. v. Battels, 308 U.S. 180,186-87 (1939).