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The more creditors can determine terms, the less likely it is that Greece's debt burden will be materially diminished.
But lawyers for creditors argued that many more creditors in terms of numbers were in Texas rather than New York.
Losing control of those mills they held separate from American Tissue under the banner of American Paper and leaving even more creditors in the lurch.
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The referendum is to answer the question as to whether the Greeks accept more creditor-imposed austerity as the price of staying in the euro.
Creditors – including UK banks such as RBS and Standard Chartered, as well as hedge funds – may be in a weaker position than they would be in the UK, which has a more creditor-friendly legal environment.
In contrast, if the judges' ability to identify viable firms is low, a more creditor-friendly bankruptcy law will be optimal.
(Typically, in such a proceeding, there's little to nothing left for shareholders once more senior creditors are paid. In this case, BrightEdge would be considered a creditor, though Searchmetrics is hoping to pay it a whole lot less than BrightEdge might win in a patent suit).
More orthodox creditors remain wary: splitting a country creates uncertainties.
But this key man clause seems to benefit Mr. Corzine's image more than creditors.
More senior creditors will also give up some of what they are owed.
Next, the more junior creditors and investors, starting with shareholders, could buy the reorganization rights at auction.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com