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71 Tex. L. Rev. 51 (1992-1993)
Debtor's Choice: A Menu Approach to Corporate Bankruptcy

handle is hein.journals/tlr71 and id is 71 raw text is: Debtor's Choice: A Menu Approach to Corporate Bankruptcy Robert K. Rasmussen A Default Rule Approach to Corporate Reorganization .... The Theories of Corporate Reorganization: A Reappraisal A. The Extant Provisions of Corporate Bankruptcy Law................................. B. The Traditional Explanation for Chapter 11 ....... C. Alternative Justifications for Corporate Reorganization ......................... 1. The Arguments for Full Availability of Chapter 1 .............................. 2. The Argument for Limited Availability of Chapter 11 ........................ 3. The Argument for Eliminating Chapter 11 .... m . The Menu ............................... A. The Selections on the Menu ................ B. The Treatment of Secured Creditors and Equity Holders Under the Menu .................. C. Strategic Considerations ................... IV. Conclusion ............................ ill 121 * Associate Professor of Law, Vanderbilt Law School. B.A. 1982, Loyola University of Chicago; J.D. 1985, University of Chicago Law School. I am grateful to the Deansa Fund at Vanderbilt Law School for financial support. I would like to thank Barry Adler, Doug Baird, James Bowers, David Gray Carlson, Dick Craswell, Rob Gertner, Jason Johnston, Dan Keating, Alan Schwartz, David Skeel, Bob Thompson, George Triantis, and the participants at the George Mason Law and Economics Workshop, the Vanderbilt Legal Theory Workshop, and the Washington University Work in Progress Workshop for helpful comments on an earlier version of this paper. An earlier version of this paper was presented at the annual meeting of the American Law and Economics Association. None of the above parties has agreed to modify the general default rule absolving the commentator from any remaining errors. e • Q •

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