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Raghuram G. Rajan, a professor of finance and an economist at the University of Chicago graduate business school, draws the distinction between "liquidation values" and those of calmer times, or "going concern values".
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Separation of the parts is apt to destroy going concern value and result in greater market disruption.
In short, the exemptions destroy "going concern" value, and prefer one set of creditors over another, in violation of the general rule of equity.
It seems doubtful this is consistent with the original vision of Chapter 11 as a means to maximize the going concern value of companies, for the benefit of all stakeholders.
"The debtors' assets and going concern value are worth less today than they were worth in 2006," Thayer wrote.
You buy cash and inventory at a discount and pick up any real estate or going concern value for free.
But neither did we add for the potential from future deals not yet signed, the going concern value of the operation.
Along the way he offers glimpses into the concerns, values and politics that both bind and fracture this multigenerational crowd.
Debates concerning values of the old and the new raged during the century's middle decades, compelling both sides to initiate new critical approaches to literature.
Without such a vantage point, human beings can judge the rest of the world only in terms of their own concerns, values and civilization.
Herder's alternative, relativist, strategy is more interesting, but is not in the end satisfactory either (even concerning values, where its prospects look best).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com