Be aware that state and federal laws against fraudulent conveyance prohibit transfers intended to hinder, delay or defraud creditors.
The sale order that the New York bankruptcy judge Robert Gerber approved in 2009 provided that all of old G.M.'s creditors were prohibited from going after the new G.M. for claims, save for certain express exceptions.
And they prohibit abortions.
Many states, therefore, prohibit them.
Some even prohibit nicotine patches.
Child labor laws prohibit–".
Accounting rules prohibit the change.
Some schools prohibit this trend.
But it also prohibits bail-outs: shareholders and creditors must bear losses.The Economist simulated the failure of a global bank at its Buttonwood Gathering on October 27th in New York (a video can be seen here).
Jay Powell of the Bipartisan Policy Centre, a think-tank, who developed much of the simulation, said remarkably few market participants know that the law prohibits bail-outs, virtually guaranteeing that some creditors will take losses.
