Professor David Skeel opines that Professor Baird’s story is highly persuasive and captures a key dimension of bankruptcy practice that has not been fully appreciated but argues that the story covers a great deal of ground very quickly, and as a result oversimplifies the concepts. Skeel comments on Professor Baird’s piece and puts his insights into a larger context by making two simple points. First, he argues that what’s good for bankruptcy insiders is not always good for everyone, pointing out the dangers of unwritten rules. Second, he argues that bankruptcy’s written rules—both statutory provisions and the parties’ contracts—still matter, and they matter a lot.
Unwritten Rules and the New Contract Paradigm,
Emory Bankr. Dev. J.
Available at: https://scholarlycommons.law.emory.edu/ebdj/vol36/iss2/18