About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

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 •

What Is HeinOnline?

HeinOnline is a subscription-based resource containing nearly 3,000 academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline with pricing starting as low as $29.95

Contact us for annual subscription options:

Already a HeinOnline Subscriber?

profiles profiles most