For several years, bankruptcy and corporate governance scholars have discussed “control rights” in bankruptcy cases and have debated how those rights should be allocated. Data indicate that, as a positive matter, creditors effectively have the ability to decide the fate of an insolvent firm. The scholarship does not, however, adequately address which ethical duties should be imposed on the people who exercise those control rights. This Article fills that void by documenting the increased presence and influence of creditor-controlled managers who have the powers, but not the ethical duties, of public trustees. The Article argues that a firm’s principal creditors or investors should not be allowed to shift control of the firm to managers hired at their request unless those privatized trustees are forced to comply with the same ethical obligations that the Bankruptcy Code and applicable state laws impose on the public trustees of insolvent firms.
News & Events
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Volume 97 Lead Piece Profiled in New York Times
The Volume 97 Lead Piece, a study of how the Supreme Court treats business interests by distinguished legal scholars Lee Epstein, William M. Landes, and Richard A. Posner, was profiled in the May 5, 2013 edition of the New York Times. The story, titled Corporations Find a Friend in the Supreme Court, [...]
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Volume 98 Spring Submissions Closed
The Minnesota Law Review has closed the spring submissions period for Volume 98. Submissions for Volume 98 will reopen on Thursday, August 1. Please see the submissions page for more details.
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Volume 98 Submissions Will Open Feb. 15
The Minnesota Law Review will begin accepting submissions for Volume 98 on Friday, February 15, 2013. Please see this page for more details.
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Minnesota Law Review Announces Volume 98 Editorial Board
The Minnesota Law Review is pleased to announce its Volume 98 editorial board, headed by Editor in Chief Jake Vandelist.
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Minnesota Law Review Announces 2013 Symposium Topic
The Minnesota Law Review is pleased to announce that its 2013 symposium will address the legal and political issues facing organized labor in the United States. The symposium will be held at the University of Minnesota Law School on October 25, 2013.
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