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passage 3
P1
Traditionally, corporate bankruptcy law placed highest priority on the orderly discharge of debts; courts generally ordered failed businesses to pay all creditors a set percentage of the amounts owed. ███
Traditional Approach ·
Discharge of debts is top priority
Modern Approach ·
“Reorganization” allows company to continue operating
Argument for Traditional Approach ·
Bankruptcy is solely to pay back creditors
Example of traditionalist: Jackson
P2
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Critique of Traditional Approach ·
Traditionalists do not consider other interests (employees, communities)
P3
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Argument for Modern Approach ·
Fairness for all parties through (1) inclusion and (2) rational planning
P4
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Main Conclusion ·
Modern approach is more equitable but also has weaknesses
Premise 1 ·
Credit will be more expensive
Premise 2 ·
No way of assessing vulnerability to loss
Passage Style
Critique or debate
17.
The meaning of the third ████████ ██ ███ █████ █████████ █████ ██████ ████ ██████ ███ ████ ██
a
principle
b
constraint
c
law
d
system
e
government