Enhancing Rescue in Chapter 11: Lessons from Reform Efforts in the United Kingdom

This is a dynamic time for insolvency law. Many jurisdictions have made or are considering reforms to their insolvency regimes. The United Kingdom has proposed a new standalone restructuring mechanism that incorporates many attributes of Chapter 11, including a cross-class cram down and the absolute priority rule. A distinctive feature of the UK proposal is the infusion of judicial discretion permitting courts to deviate from the absolute priority rule. This discretion is not permitted in the United States. This judicial discretion addresses a key problem with the application of the absolute priority rule in the United States—it may serve as an impediment to reorganization. This impediment is exacerbated by the recent U.S. Supreme Court decision, Czyzewski v. Jevic Holding Corp., which impacts the effective use of Chapter 11 rescue tools. This article explores the absolute priority rule, the problems associated with it, and the effect of Jevic in the United States. Drawing on the UK reform proposal, I argue that the United States should implement reforms that infuse judicial discretion into the application of the absolute priority rule. Doing so will facilitate the underlying policy goal of rescuing the company in Chapter 11 and also promote a broader policy goal of rescuing the business.     

Invisible Populations and the #MeToo Movement

The #MeToo movement has done a great deal to address sexual abuse and violence. There is no doubt that justice may occur when the right person speaks out. However, what happens when the wrong people—that is, people of color, the working class women, and transgender people— speak out on the same issue? When these “wrong people” do speak out, they are discredited, marginalized, and silenced by being ignored. This Viewpoint essay addresses two populations that have been overlooked by the #MeToo movement: women of color and transgender people. The essay concludes with recommendations for how the movement can move forward given the criticisms around the absence of diversity and transparency.     

Multi- and interdisciplinary research—Problems of initiation,control, integration and reward

This paper reviews some of the difficulties of initiating and completing interdisciplinary research involving both bio-physical and social systems. Drawing on the author's experience as project director of a large interdisciplinary project concerned with man's effects on Lake Tahoe, it includes a structural analysis of the organization of universities which has the effect of inhibiting interdisciplinary research. Specific suggestions for the conduct and design of such projects are made. The political implications of recent changes in national science policy are also reviewed.The author wishes to acknowledge the valuable assistance of Prof. Robert Johnston, Division of Environmental Studies, U. C. Davis.     

The World Wide Web and the U.S. Political News Market

We propose a framework for understanding how the Internet has affected the U.S. political news market. The framework is driven by the lower cost of production for online news and consumers' tendency to seek out media that conform to their own beliefs. The framework predicts that consumers of Internet news sources should hold more extreme political views and be interested in more diverse political issues than those who solely consume mainstream television news. We test these predictions using two large datasets with questions about news exposure and political views. Generally speaking, we find that consumers of generally left‐of‐center (right‐of‐center) cable news sources who combine their cable news viewing with online sources are more liberal (conservative) than those who do not. We also find that those who use online news content are more likely than those who consume only television news content to be interested in niche political issues.     

Value of stealing bases in Major League Baseball

This paper asks whether stealing bases contributes to scoring runs and winning games in Major League Baseball. A successful attempt advances the runner to the next base, which raises his chances of scoring a run; being caught stealing results in an out. Exploiting a dataset that includes all professional MLB teams and 15 regular seasons of play (1990–2004), the empirical results suggest that players attempting to steal bases are successful two out of three times. On the average and other things being the same, a one-standard deviation increase in the number of stolen base attempts results in 3.65 more games won per season.