Much Ado about Nothing: Absolute Priority Deviations in Chapter 11

William Beranek, Robert Boehmer and Brooke Smith

Financial Management, 1996, vol. 25, issue 3

Abstract: Some of the authors of empirical bankruptcy studies have misinterpreted the "absolute priority rule" (APR) and erroneously concluded that at least some bankruptcy courts are failing to enforce the law. This paper clarifies the APR and explains why departures from it are permitted by the US bankruptcy code in certain circumstances.

Date: 1996
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