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1 results

  • 8 - Looking for Runway

  • Douglas G. Baird, University of Chicago
  • Book:
    The Unwritten Law of Corporate Reorganizations
    Published online:
    05 May 2022
    Print publication:
    26 May 2022, pp 165-183

  • Summary

    The final chapter examines the challenges that have appeared over the last decade. New players and new capital structures make negotiations harder to manage. Applying old norms to novel practices is never easy. That said, today’s bankruptcy judge continues to call upon the same core ideas that have been with us from the start. Side deals that corrupt or even cloud the process are forbidden. The judge is not a dispenser of Solomonic wisdom, but a referee who ensures a level playing field. She insists that the parties follow the rules, but she does not enforce rules for their own sake nor does she allow her oversight to interfere with the flow of play. In the end, she leaves it to the parties to find a path forward. If they cannot find a future for the firm, she will not do it for them.