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.
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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.