# kaal:claim:2348463-025

**Claim.** Revised Rule 2019 may in effect produce less overall disclosure of creditor activities in the bankruptcy process and push bankruptcy creditors into the shadows, the opposite of the transparency the revision sought.

**Type.** failure  **Support.** argued

**Holds when.**

- if the rule reaches only parties who appear publicly in court or serve on official committees
- groups that negotiate a plan without appearing in court

**Source quote.**

> Revised Rule 2019 may in effect result in less overall disclosure of creditor activities in the bankruptcy process and may push bankruptcy creditors into the shadows

**From.** Wulf A. Kaal, *Hedge Funds’ Systemic Risk Disclosures in Bankruptcy* (2013), IV. SYSTEMIC RISK DISCLOSURES IN BANKRUPTCY, page 31

**Cite as.** Wulf A. Kaal, Hedge Funds’ Systemic Risk Disclosures in Bankruptcy (2013). SSRN: https://ssrn.com/abstract=2348463

**Verify.** sha256 of source PDF `b3682f24c0b277b3307fb9f54cd17a4e0a87b48eecba34b40e189212f20c9a22` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Hedge%20Funds%E2%80%99%20Systemic%20Risk%20Disclosures%20in%20Bankruptcy.pdf

**Failure mode.** disclosure rule drives parties into the shadows  (family: disclosure-ineffectiveness)

**Topics.** systemic-risk, disclosure

**Keywords.** bankruptcy-rule-2019, shadow-bankruptcy, disclosure-avoidance, unintended-consequences

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