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23 Am. Bankr. Inst. L. Rev. 1 (2015)

handle is hein.journals/abilr23 and id is 1 raw text is: TABLE OF CONTENTS INTRODUCTION 4 I. EXECUTIVE SUMMARY OF PROPOSED PRINCIPLES 6 II. BACKGROUND ON THE COMMISSION AND THE STUDY PROJECT 7 A. Brief History of U.S. Business Reogranization Laws -------------------7 B. The Need for Reforn ----------------------------------------- 12 C. The Commission's Study ---------------------------------------13 D. The Commission's Deliberations 17 III. PROPOSED RECOMMENDATIONS: COMMENCING THE CASE 19 A. Oversight of the Case ---------------------------------------- 20 1. The Debtor in Possession Model 20 2. The Chapter 11 Trustee ----------------------------------- 26 3. The Estate Neutral 32 4. Statutory Committees ------------------------------------ 40 5. Estate Fiduciaries 45 6. Valuation Information Packages ----------------------------- 47 7. Professionals and Compensation Issues ------------------------ 50 8. Costs in Chapter 11 Cases ----------------------------------58 B. Financing the Case ------------------------------------------ 72 1. Adequate Protection 72 2. Terms of Postpetition Financing ----------------------------- 79 C. Breathing Spell for Debtor upon Filing --------------------------- 86 1. Timing of Approval of Certain Postpetition Financing Provisions - 86 2. Timing of Section 363x Sales 90 D. Payment of Certain Claims upon Filing. 95 1. Prepetition Claims and the Doctrine of Necessity -----------------96 2. Wage and Benefits Priorities ------------------------------- 100 E. Financial Contracts, Derivatives and Safe Harbor Provisions ----------102 1. Scope of Section 546(e) Safe Harbors ------------------------ 104 2. Treatment of Repurchase Agreements Under Safe Harbors ---------108 3. Assumption of Financial Contracts -------------------------- 112 4. Section 562 and Commercially Reasonable Determinants of Value--- 114 5. Walkaway Clauses 116 6. Exclusion of Ordinary Supply Contracts from Safe Harbors -------118 IV. PROPOSED RECOMMENDATIONS: ADMINISTERING THE CASE 121 A. Executory Contracts and Leases --------------------------------121 1. Definition of Executory Contract ---------------------------- 121 2. General Rights of Private Parties to Executory Contracts and Unexpired Leases 125 3. Rejection of Executory Contracts and Unexpired Leases -----------129 4. Intellectual Property Licenses ------------------------------ 132 5. Trademark Licenses 136 6. Real Property Leases -------------------------------------140

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