ISBN: 9781333749040 - recent evidence on the distribution patterns in chapter 11 reorganizations (classic reprint) (3 Ergebnisse)

PAP. Zustand: New. New Book. Shipped from UK. Established seller since 2000.

PAP. Zustand: New. New Book. Shipped from UK. Established seller since 2000.

Paperback. Zustand: New. Print on Demand. This book investigates the distribution of assets, specifically in firms emerging from Chapter 11 bankruptcy reorganization. It concerns the often-violated 'absolute priority rule', which states that, during liquidation, senior creditors must be paid in full before junior creditors receive any distribution. However, in practice, the authors find that this rule is often breached; creditors' incentives to reduce bankruptcy costs, and the influence of stockholders on reorganization plans, among other reasons, result in secured creditors, unsecured creditors, and equity holders receiving a distribution that diverges from legal entitlement. Such violations raise questions about the true entitlements of different asset classes and also about the relative importance of different hypotheses explaining the phenomenon. The authors conclude that no single hypothesis is correct for all firms, but that the relative importance of different hypotheses depends on the specifics of each reorganization. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item.…