This article examines whether a debtor in possession (DIP) may unilaterally settle estate causes of action brought by a creditors’ committee where the committee was previously granted s...

The swift and unexpected collapse of Lehman Brothers revealed serious shortcomings in the traditional prime brokerage model. Lehman Brothers’ prime brokerage clients faced considerable ...

A “break – up fee” is a very common deal - protection mechanism, both inside and outside of chapter 11, designed to compensate an initial bidder in an auction for its efforts in con...

The SEC has now addressed the contentious issue of short-selling in the wake of the financial crisis. While it did not adopt a full-time restriction on short sales, it instituted what tha...

The ability of creditors in bankruptcy to seek the “substantive consolidation” of the assets and liabilities of affiliated entities has been recognized for more than sixty years, even...

In a highly anticipated decision, on March 22 a split panel of the 3rd U.S. Court of Appeals affirmed the District Court by holding in In re Philadelphia Newspapers, LLC that a debtor may...

This report explores the history of the taxation of derivative gains and losses, in the hope of making some sense of where we are now, as well as some suggestions about improving the stat...

Corporate governance is in a state of unprecedented ferment. In response to pressures from shareholders and advisory groups, the governance practices of large companies have been steadily...

Fill in the blank: “The last 18 months have been a time of testing for ____.” Your answer says a lot about you: “Those who lost their jobs” shows your compassion; “the economy,?...

RiskMetrics Group has recently overhauled its core corporate governance yardstick (announced here).