Abstract

http://ssrn.com/abstract=1467862
 
 

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No Big Deal: The GM and Chysler Cases in Context


Stephen J. Lubben


Seton Hall University - School of Law


American Bankruptcy Law Journal, Vol. 83, 2009
Seton Hall Public Law Research Paper No. 1467862

Abstract:     
Almost every leading corporate bankruptcy academic has spoken against the automotive bankruptcy cases. And the Chrysler and GM chapter 11 cases have been vilified in every major finance-focused media outlet - by everyone from Ralph Nader to Richard Epstein. In this short paper, originally written for the TARP Congressional Oversight Panel, I address the key academic arguments against the automotive chapter 11 cases and contextualize what happened in these two cases. Stripped of their speculation and 'what ifs,' I show that these arguments are no more persuasive than the loose, unsupported arguments thrown about in the popular press. But first, I show how these cases, and particularly their structure - a quick lender-controlled §363 sale - are entirely within the mainstream of chapter 11 practice for the last decade.

Number of Pages in PDF File: 19

Keywords: Chapter 11, financial distress, GM, Chrysler, bankruptcy, 363 sales

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Date posted: September 5, 2009 ; Last revised: November 5, 2009

Suggested Citation

Lubben, Stephen J., No Big Deal: The GM and Chysler Cases in Context. American Bankruptcy Law Journal, Vol. 83, 2009; Seton Hall Public Law Research Paper No. 1467862. Available at SSRN: http://ssrn.com/abstract=1467862

Contact Information

Stephen J. Lubben (Contact Author)
Seton Hall University - School of Law ( email )
One Newark Center
Newark, NJ 07102-5210
United States
973-642-8857 (Phone)
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