Fiduciary duties are an integral part of the corporate law landscape. The law and economics analysis of these duties, especially the duty of directors to maximize shareholder wealth, shows that these duties fill contractual gaps, saving on transaction costs. Although duties to shareholders are...

In recent years critics have lambasted a corporate bankruptcy system that they see as nothing more than competing bankruptcy courts offer[ing] high fees to bribe the lawyers to bring them cases. Of course, big firm corporate attorneys earn lofty hourly rates in or out of bankruptcy court. And...

Several recent studies have put the level of professional fees in large chapter 11 cases at about 2.5 percent of assets or less. This compares favorably with other significant corporate transactions. But little attention has been given to the issue of how professional fees are allocated within...

Chapter 11 has healed itself. According to some of its leading critics, chapter 11 is no longer the long, expensive process that it was in the 1980s - when storied companies like Pan Am slowly wasted away their remaining value in a vainglorious attempt to survive in a changed marketplace....

The putative scourge of quot;cherry pickingquot; provides the foundation for the Bankruptcy Code's special treatment of derivative contracts, which are not subject to the automatic stay or the Code's normal rules prohibiting termination solely as a result of one party's bankruptcy filing....

Credit derivatives transfer the default risk of an underlying debt instrument, without transferring legal title. These transactions have several benefits outside of bankruptcy. But once a corporate debtor enters bankruptcy - in particular, chapter 11 - it enters a bargaining process that was...