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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Minnesota Law Review Ranked Among Ten Most Cited Law Journals in America
The Minnesota Law Review is proud to report that it is the tenth most-cited law journal in the United States, according Washington & Lee’s recently-released 2011 law journal rankings. For more information on the announcement and the rankings, visit this link.
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2012 Symposium Announcement
The Minnesota Law Review is pleased to announce that the 2012 Law Review Symposium will focus on direct democracy and the Minnesota Marriage amendment and will be held at the University of Minnesota Law School on October 26, 2012.
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2011 Symposium Webstreaming
Live webstreaming for the 2011 Minnesota Law Review Symposium, Citizens United: Democracy Realized—or Defeated?, will be available at: http://www.ustream.tv/channel/minnesota-law-review-symposium-citizens-united-democracy-realized–or-defeated. Be sure to check it out!
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Article Submission Policy Announcement
On April 19, 2011, the Minnesota Law Review and several peer journals released a joint letter committing to give every author at least seven days to decide whether to accept any offer of publication. Eliminating “exploding offers” will improve the quality of our deliberations and the scholarship that we publish, [...]
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Congratulations!
Class of 2011 Excellence in Public Service Award recipient: Steve Schmidt (vol. 95 Note & Comment Editor); and Class of 2011 Most Outstanding Contribution Award recipient: Chelsea Brennan (vol. 95 Lead Managing Editor). Congratulations Steve and Chelsea!
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