I'm largely mirroring a comment I made below. Re-organization under Chapter 11 is so costly and disruptive that threatening it has been used to extract public

I'm largely mirroring a comment I made below. Re-organization under Chapter 11 is so costly and disruptive that threatening it has been used to extract public bailouts [1]. This is one of the reasons that Dodd-Frank included a TLAC provision, which was heavily watered down throughout the Fed's implementation process. The bankruptcy code is really boring, but a lot of high-stakes politics plays out there. Like the tax code. [1] https://www.latimes.com/archives/la-xpm-2001-jan-16-mn-12864-story.html https://www.latimes.com/archives/la-xpm-2001-jan-16-mn-12864...