* Kenneth N. Klee is an Acting Professor of Law at UCLA School of Law and a Founding Member of Klee, Tuchin Bogdanoff & Stern LLP. Brendt C. Butler is an attorney with Klee, Tuchin, Bogdanoff & Stern LLP. 1
This article relies on and abstracts from, among others, the following legal scholarship: Jonathan C. Lipson, Enron, Asset Securitization and Bankruptcy Reform: Dead or Dormant?, 11 J. Bankr. L. & Prac. 1 (2002) (hereafter “Enron, Asset Securitization and Bankruptcy Reform”) Harold S. Novikoff, Bankruptcy Remote Vehicles and Bankruptcy Waivers, SG001 ALI-ABA 97 (2001) (materials used by permission) (hereafter “Bankruptcy Remote Vehicles”); Peter J. Lahny IV, Asset Securitization: A Discussion of the Traditional Bankrupt Attacks and an Analysis of the Next Potential Attack, Substantive Consolidation, 9 Am. Bankr. Inst. L. Rev. 815 (2001) (hereafter “Traditional Bankruptcy Attacks”); Lois R. Lupica, Revised Article 9, Securitization Transactions and the Bankruptcy Dynamic, 9 Am. Bankr. Inst. L. Rev. 287 (2001) (hereafter “Bankruptcy Dynamic”); Report by the Committee on Bankruptcy and Corporate Reorganization of the Association of the Bar of the City of New York, New Developments in Structured Finance, 56 Bus. Law 95 (2000) (hereafter “New Developments”); Lois R. Lupica, Circumvention of the Bankruptcy Process: The Statutory Institutionalization of Securitization, 33 Conn. L. Rev. 199 (2000) (hereafter “Circumvention of the Bankruptcy Process”); Lois R. Lupica, Asset Securitization: The Unsecured Creditors Perspective, 76 Tex. L. Rev. 595 (1998) (hereafter “Unsecured Creditors Perspective”); The Committee on Bankruptcy and Corporate Reorganization of the Association of the Bar of the City of New York, Structured Financing Techniques, 50 Bus. Law 527 (1995) (hereafter “Structured Financing Techniques”); Steven L. Schwarcz, The Alchemy of Asset Securitization, 1 Stan. J. L. Bus. & Fin. 133 (1994) (hereafter “Alchemy of Asset Securitization”); Stephen I. Glover, Structured Finance Goes Chapter 11: Asset Securitization by the Reorganizing Companies, 47 Bus. Law 611, 627 (1992) (hereafter “Structured Finance Goes Chapter 11”); Steven L. Schwarcz, Structured Finance: The New Way to Securitize Assets, 11 Cardozo L. Rev. 607 (1990) (hereafter “Structured Finance”)
See generally Donald C. Langevoort, Angels on the Internet: The Elusive Promise of “Technological Disintermediation” for Unregistered Offerings of Securities, 2 J. Small & Emerging Bus. L. 1 (1998).