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Much Ado about Nothing: Absolute Priority Deviations in Chapter 11

Author

Listed:
  • William Beranek
  • Robert Boehmer
  • Brooke Smith

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.

Suggested Citation

  • William Beranek & Robert Boehmer & Brooke Smith, 1996. "Much Ado about Nothing: Absolute Priority Deviations in Chapter 11," Financial Management, Financial Management Association, vol. 25(3), Fall.
  • 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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