Critics scoffed when Hertz tried to finance its bankruptcy by issuing new stock. Anthony J. Casey & Joshua C. Macey argue that the "Hertz maneuver" highlights distortions created by bankruptcy law's "absolute priority" rule.
Critics scoffed when Hertz tried to finance its bankruptcy by issuing new stock. Anthony J. Casey & Joshua C. Macey argue that the "Hertz maneuver" highlights distortions created by bankruptcy law's "absolute priority" rule.