Thursday, February 2, 2017
This is classic:
Courts of equity have a tradition of aiding the helpless, such as infants, idiots and drunkards. The average security holder in a corporate reorganization is of like kind.
This comes from "Some Realistic Reflections on Some Aspects of Corporate Reorganization," 19 Virginia Law Review 541, 569 (1933). (I owe the reference to a working paper by my colleagues Douglas Baird, Anthony Casey, and Randy Picker.)