Harvard Law School Bankruptcy Roundtable Features Article by Arvind Ravichandran
June 09, 2023
On June 6, 2023, an article written by Cravath partner Arvind Ravichandran entitled “Re‑Examining First Day Trading Orders and Tax Status in Bankruptcy After Rodriguez” was featured by the Harvard Law School Bankruptcy Roundtable, which promotes the dissemination of academic and practitioner views of current bankruptcy issues.
Arvind’s article reviews how the U.S. Supreme Court’s reasoning in Rodriguez v. FDIC, although only directly addressing the allocation of tax refunds among consolidated taxpayers in bankruptcy, in fact calls into question the analytical underpinnings of bankruptcy court efforts to protect net operating losses of a bankrupt corporation, including the very common practice of issuing first‑day trading orders restricting transfers in a corporation’s shareholdings. The article further discusses the related issue of whether the “flow‑through” status of a bankrupt entity is entitled to protection in a bankruptcy proceeding also.
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J.D., 2012, Columbia Law School
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B.A., 2009, Columbia College
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