{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
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 "identifier": "kaal:entity:reorganization",
 "name": "Reorganization",
 "termCode": "reorganization",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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   "value": [
    "2011",
    "2011"
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1908473-007",
   "identifier": "kaal:claim:1908473-007",
   "text": "Beyond super-voting rights and dilution, the second trigger functions as a reorganization tool that operates independently of management decisions and of corrective action by regulators.",
   "abstract": "Besides providing for super-voting rights and increasing dilution, the second trigger would also be a reorganization tool independent of management decisions or corrective action by regulators.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "mechanism",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [],
   "source_pdf_sha256": "9d578dac663357529edd1f6453fcfe69bdc59ac882408d9edfde5a4c2916befa",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1908473-035",
   "identifier": "kaal:claim:1908473-035",
   "text": "Contingent capital holders, as former creditors whose main interest is realizing their claims, have a natural interest in continuity and are therefore likely to support incumbent management after conversion.",
   "abstract": "CCS holders as former creditors will have a natural interest in consistency. It is their main interest to realize their claims. CCS holders are therefore likely to support incumbent management.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "Analogy to the debtor in possession concept under Chapter 11"
   ],
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1908473-036",
   "identifier": "kaal:claim:1908473-036",
   "text": "Contingent capital with increased voting rights delivers a more flexible and efficient outcome than Chapter 11, because it requires neither court involvement nor a threshold of creditor approval.",
   "abstract": "The proposal in this Article would, however, create a far more flexible and efficient solution than Chapter 11. Neither court involvement nor a threshold of creditor approval would be required.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "Contingent capital holders with increased voting rights hold powers comparable to a creditors' committee"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1908473-037",
   "identifier": "kaal:claim:1908473-037",
   "text": "Reorganization through contingent capital eliminates the holdout problem, because the majority of contingent capital holders, or those holders together with shareholders, determine governance after conversion, so a lone dissenter cannot collect more than other creditors.",
   "abstract": "The majority of CCS holders, or CCS holders and shareholders combined, determine corporate governance after conversion and prior to resolution. A sole holdout of consent will therefore not enable any creditor to collect more than any other creditor.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "Applies after conversion and before resolution",
    "The holdout who becomes a shareholder shares losses proportionate to equity ownership"
   ],
   "source_pdf_sha256": "9d578dac663357529edd1f6453fcfe69bdc59ac882408d9edfde5a4c2916befa",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1908473-040",
   "identifier": "kaal:claim:1908473-040",
   "text": "Strategic maneuvering by creditors before a bankruptcy filing or during plan negotiations could distort the incentive structure the sequential trigger proposal depends on.",
   "abstract": "Strategic maneuvering of creditors prior to filing for bankruptcy protection or during the negotiations leading up to plan confirmation could distort the herein-proposed incentives for constituents.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "Strategic behavior can arise equally at the conversion stage and at the voting rights increase"
   ],
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   "status": "current"
  }
 ],
 "description": "5 claims in the published works of Wulf A. Kaal carry the concept tag 'reorganization'. Derived node: a roster, not an adjudicated definition."
}