Business Failure, Judicial Intervention, and Financial Innovation: Restructuring U.S. Railroads in the Nineteenth Century
A paper describes the problems faced by reorganizers of distressed railroads in the late 19th century and how they were addressed by a combination of judicial intervention and financial innovations. In particular, the judicial innovations of supersenior financing, the equity receivership process, an...
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| Format: | Journal article |
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1997
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