Investment without Return Governmental Concessions for Financially Distressed Firms

This book is about protecting the interests of the public in the highly complex environment of corporate financial distress. The purpose of the book is to study systematically the subject of governmental concessions for financially distressed firms. Examples of such concessions are abundant, and they are pursued by financially distressed firms in both bankruptcy and non-bankruptcy contexts. The work examines how a government can balance the interests of the firm and its stakeholders with the interests of the general public. It discusses key questions such as: How does the government strike such a balance? What are the problems that arise when financially distressed firms petition the government for a concession, and what should be done to correct them? These questions are of significant importance as the social costs of governmental concessions may be higher than the costs associated with any other form of governmental aid to the private sector. At a time of heightened interest in sound financial regulation, the book will be a valuable guide for students, researchers and policy-makers in this and related areas such as public policy and governance.

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Yaad Rotem is an assistant professor at the Law School of the Center of Law & Business in Ramat Gan, Israel, and serves as the Academic Director of the Center's Business Law Program. He holds an LL.B. (1998, magna cum laude) and a B.A. in economics (1998) from the University of Haifa and an LL.M. (2000) and LL.D. (2005) from the Hebrew University of Jerusalem. He served as a law clerk for Justice Dalia Dorner of the Supreme Court of Israel in 1999 and as a senior law clerk for the Justice from 2000 to 2002. Dr. Rotem was also a special consultant to the Israeli State Commission of Inquiry into the Government's Treatment of Holocaust Survivors (2008). His areas of research include corporate bankruptcy and reorganization law and private international law. Dr. Rotem is currently a visiting scholar at the Center for the Study of Law & Society at the University of California, Berkeley, School of Law.