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Much Ado about Nothing: Absolute Priority Deviations in Chapter 11

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  • William Beranek
  • Robert Boehmer
  • Brooke Smith
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    Abstract

    Some of the authors of empirical bankruptcy studies have misinterpreted the "absolute priority rule" (APR) and erroneously concluded that at least some bankruptcy courts are failing to enforce the law. This paper clarifies the APR and explains why departures from it are permitted by the US bankruptcy code in certain circumstances.

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    Bibliographic Info

    Article provided by Financial Management Association in its journal Financial Management.

    Volume (Year): 25 (1996)
    Issue (Month): 3 (Fall)
    Pages:

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    Handle: RePEc:fma:fmanag:beranek96

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    Cited by:
    1. Longhofer, Stanley D., 1997. "Absolute Priority Rule Violations, Credit Rationing, and Efficiency," Journal of Financial Intermediation, Elsevier, vol. 6(3), pages 249-267, July.
    2. Maria Brouwer, 2006. "Reorganization in US and European Bankruptcy law," European Journal of Law and Economics, Springer, vol. 22(1), pages 5-20, July.
    3. Stanley D. Longhofer, 1997. "Absolute priority rule violations, credit rationing, and efficiency," Working Paper 9710, Federal Reserve Bank of Cleveland.

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