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CMLJ Express

CMLJ Express Capital Markets Law Journal, Vol. 1, No. 1 3 A rapid-read overview of the main items in this issue at an undervalue. However, in the case of an g The public responsibility of structured arm’s length transaction, these are unlikely to finance lawyers (see p. 6) be relevant. A transaction may also be attacked Steven L. Schwarcz at common law if it involves a company Structured finance lawyers increasingly are agreeing to forfeit assets, or transfer them to being scrutinized when companies fail, but another person, in the event of the company’s there is confusion as to the standards by which insolvency. they should be judged. This article argues that self-referenced credit Society benefits where such lawyers derivatives are simply contracts under which are permitted to help facilitate matters in the company has a right to receive an amount which neither the lawyer’s actions nor the which will vary depending on the circum- underlying transaction is, at the time, illegal as stances and that the forfeiture principles a matter of positive law. In these matters, the therefore have no application. company’s managers, not its structured finance counsel, should be responsible for ensuring g Obligations of issuers with full that http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Capital Markets Law Journal Oxford University Press

CMLJ Express

Capital Markets Law Journal , Volume 1 (1) – Jul 1, 2006
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Publisher
Oxford University Press
Copyright
© Published by Oxford University Press.
ISSN
1750-7219
eISSN
1750-7227
DOI
10.1093/cmlj/kml011
Publisher site
See Article on Publisher Site

Abstract

Capital Markets Law Journal, Vol. 1, No. 1 3 A rapid-read overview of the main items in this issue at an undervalue. However, in the case of an g The public responsibility of structured arm’s length transaction, these are unlikely to finance lawyers (see p. 6) be relevant. A transaction may also be attacked Steven L. Schwarcz at common law if it involves a company Structured finance lawyers increasingly are agreeing to forfeit assets, or transfer them to being scrutinized when companies fail, but another person, in the event of the company’s there is confusion as to the standards by which insolvency. they should be judged. This article argues that self-referenced credit Society benefits where such lawyers derivatives are simply contracts under which are permitted to help facilitate matters in the company has a right to receive an amount which neither the lawyer’s actions nor the which will vary depending on the circum- underlying transaction is, at the time, illegal as stances and that the forfeiture principles a matter of positive law. In these matters, the therefore have no application. company’s managers, not its structured finance counsel, should be responsible for ensuring g Obligations of issuers with full that

Journal

Capital Markets Law Journal – Oxford University Press

Published: Jul 1, 2006

There are no references for this article.