The Yale Law Journal

Douglas G. Baird



Douglas G. Baird & Robert K. Rasmussen

119 Yale L.J. 648 (2010). 

In large Chapter 11 cases, the prototypical creditor is no longer a small player holding a claim much like everyone else’s, but rather a distressed debt professional advancing her own agenda. Secured creditors are more pervasive and enjoy much more control than they had e…


Absolute Priority, Valuation Uncertainty, and the Reorganization Bargain

Douglas G. Baird & Donald S. Bernstein

115 Yale L.J. 1930 (2006)

In a Chapter 11 reorganization, senior creditors can insist on being paid in full before anyone junior to them receives anything. In practice, however, departures from "absolute priority" treatment are commonplace. Explaining these deviations has been a central preoccupation…