Courts have developed a series of controversial doctrines that allow a debtor to depart from bankruptcy’s standard priority rules. In a recent decision, the Supreme Court signaled tolerance of one type of departure, the critical vendor payment, as long as it occurs early in the case and is what an economist would call a strict Pareto improvement: a payment that makes all creditors better off. This essay demonstrates that Pareto improvements appear in the stated tests governing other departures, including roll-ups and substantive consolidations. Some scholars, and a few courts, would apply much more permissive tests similar to economists’ Kaldor-Hicks standard and allow deviations as long as the winners gain more than the losers lose. Still other courts would do away with these doctrines entirely and allow departures only with the consent of the disfavored. Defending the judicial use of the Pareto standard in reorganizations, the essay further discusses some of the normative considerations in the choice between a Pareto standard, a Kaldor-Hicks standard, and an absolute prohibition.
{"title":",,,Inequality and Equity in Bankruptcy Reorganization","authors":"Richard M. Hynes, S. Walt","doi":"10.17161/1808.26695","DOIUrl":"https://doi.org/10.17161/1808.26695","url":null,"abstract":"Courts have developed a series of controversial doctrines that allow a debtor to depart from bankruptcy’s standard priority rules. In a recent decision, the Supreme Court signaled tolerance of one type of departure, the critical vendor payment, as long as it occurs early in the case and is what an economist would call a strict Pareto improvement: a payment that makes all creditors better off. This essay demonstrates that Pareto improvements appear in the stated tests governing other departures, including roll-ups and substantive consolidations. Some scholars, and a few courts, would apply much more permissive tests similar to economists’ Kaldor-Hicks standard and allow deviations as long as the winners gain more than the losers lose. Still other courts would do away with these doctrines entirely and allow departures only with the consent of the disfavored. Defending the judicial use of the Pareto standard in reorganizations, the essay further discusses some of the normative considerations in the choice between a Pareto standard, a Kaldor-Hicks standard, and an absolute prohibition.","PeriodicalId":83417,"journal":{"name":"University of Kansas law review. University of Kansas. School of Law","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49208289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A new website has just been launched with the URL of www.celebritygenetics.com (“Celebrity Genetics”). 1 Designed to appeal to the public’s seemingly insatiable appetite for information about celebrities, 2 Celebrity Genetics sells genetic information about hundreds of entertainers, politicians, athletes, and other public figures. For a fee ranging from twenty dollars to several hundred dollars, individuals and commercial publishers (such as blogs and tabloids) can purchase genetic information about selected celebrities, such as relatedness to other celebrities (e.g., paternity); ancestral place of origin; cognitive ability; behavioral genetic profile (e.g., genetic contribution to sexual orientation, propensity to addiction, and degree of risk-seeking behavior); and predisposition to various illnesses.
{"title":"Genetic Stalking and Voyeurism: A New Challenge to Privacy.","authors":"M. Rothstein","doi":"10.17161/1808.20088","DOIUrl":"https://doi.org/10.17161/1808.20088","url":null,"abstract":"A new website has just been launched with the URL of www.celebritygenetics.com (“Celebrity Genetics”). 1 Designed to appeal to the public’s seemingly insatiable appetite for information about celebrities, 2 Celebrity Genetics sells genetic information about hundreds of entertainers, politicians, athletes, and other public figures. For a fee ranging from twenty dollars to several hundred dollars, individuals and commercial publishers (such as blogs and tabloids) can purchase genetic information about selected celebrities, such as relatedness to other celebrities (e.g., paternity); ancestral place of origin; cognitive ability; behavioral genetic profile (e.g., genetic contribution to sexual orientation, propensity to addiction, and degree of risk-seeking behavior); and predisposition to various illnesses.","PeriodicalId":83417,"journal":{"name":"University of Kansas law review. University of Kansas. School of Law","volume":"73 1","pages":"539-578"},"PeriodicalIF":0.0,"publicationDate":"2009-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75196891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Genetic Stalking and Voyeurism: A New Challenge to Privacy.","authors":"Mark A Rothstein","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":83417,"journal":{"name":"University of Kansas law review. University of Kansas. School of Law","volume":"57 3","pages":"539-578"},"PeriodicalIF":0.0,"publicationDate":"2009-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3034141/pdf/nihms264770.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"29658135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"When the surgeon has HIV: what to tell patients about the risk of exposure and the risk of transmission.","authors":"P L McIntosh","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":83417,"journal":{"name":"University of Kansas law review. University of Kansas. School of Law","volume":"44 2","pages":"315-64"},"PeriodicalIF":0.0,"publicationDate":"1996-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"25235192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Why is health care special?","authors":"R A Epstein","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":83417,"journal":{"name":"University of Kansas law review. University of Kansas. School of Law","volume":"40 2","pages":"307-24"},"PeriodicalIF":0.0,"publicationDate":"1992-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"25215519","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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