Recent Evidence on the Distribution Patterns in Chapter 11 Reorganizations (Classic Reprint)

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Excerpt from Recent Evidence on the Distribution Patterns in Chapter 11 ReorganizationsIn this paper we continue with this investigation of the extent of violation of absolute priority for publicly-traded firms that emerged from Chapter 11 between September 1, 1988 and April 1, 1990. We also determine which asset class bears the cost of violations of absolute priority and derive an initial estimate of total distributed value relative to liquidation value.Before we discuss our sample and empirical evidence, we review the five hypotheses suggested in the literature to explain why one might expect a violation of absolute priority in reorganizations.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.