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published: June 2016
ISBN:9781442611016

Back from the Brink

Lessons from the Canadian Asset-Backed Commercial Paper Crisis

by Paul Halpern; Christopher C. Nicholls; Poonam Puri & Caroline Cakebread

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theory, public affairs & administration
0 of 5
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rated!
rated!
list price: $37.95
edition:eBook
also available: Hardcover eBook
published: June 2016
ISBN:9781442611016
Description

As global markets toppled during the 2008 financial crisis, the Canadian market for non-bank asset-backed commercial paper (ABCP) seemed on the verge of collapsing. Fueled by a top rating from DBRS, ABCP had found its way into the portfolios of some of Canada’s most sophisticated investors as well as vulnerable retail investors who didn’t know what they were holding.

The failure of the $32 billion market could have tipped Canadian and foreign credit default swap markets into chaos if it weren’t for the swift actions of a few powerful asset holders. Collectively, through the Montreal Accord and led by veteran Canadian lawyer Purdy Crawford, they managed to hold the Canadian ABCP market back from the brink of collapse by crafting a complex and innovative solution.

Back from the Brink goes behind the scenes of the ABCP crisis to examine how a solution was reached and lessons learned that could prevent or mitigate future crises. The authors also examine the imaginative use of the Companies' Creditors Arrangement Act and describe the roles played by the banks, the major investors, rating agencies, and the financial regulators in the crisis’s origins and conclusions. Back from the Brink holds important lessons for anyone interested in Canadian law, the future of complex investments, and Canada’s capital markets.

About the Authors
Paul Halpern is a professor emeritus of finance at the Rotman School of Management at the University of Toronto.
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Christopher C. Nicholls holds the Stephen Dattels Chair in Corporate Finance Law at the University of Western Ontario. He is a graduate of the University of Ottawa, Osgoode Hall Law School, and Harvard University. Before coming to Western in 2006, Professor Nicholls was a member of the Dalhousie University Faculty of Law (now the Schulich School of Law at Dalhousie University) where he was the inaugural holder of the Purdy Crawford Chair in Business Law. Prior to joining the faculty of Dalhousie, he practised corporate and securities law in Toronto and in Hamilton, Bermuda. Professor Nicholls has been a visiting (adjunct) professor at the University of Toronto Faculty of Law, a visiting professor at Queen’s University Faculty of Law, a visiting scholar at the Centre for Corporate and Commercial Law at the University of Cambridge, the Falconbridge Professor of Commercial Law at Osgoode Hall Law School, and a Herbert Smith Visitor to the University of Cambridge Faculty of Law. He has served as a member (Commissioner) of the Nova Scotia Securities Commission, as associate editor and corporate finance law specialist editor for the Canadian Business Law Journal, and as a member of the editorial board of the Canadian Journal of Law and Technology. He is the author of numerous articles and monographs, as well as four other books including Securities Law (with Jeffrey MacIntosh, Irwin Law, 2002) and Mergers, Acquisitions and Other Changes of Corporate Control, 2d ed. (Irwin Law, 2012).
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Poonam Puri is a professor at Osgoode Hall Law School at York University.
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Caroline Cakebread is the editor of Canadian Investment Review, writes widely on institutional and personal finance, and provides strategic and educational consulting services to institutional investors. She holds a PhD in English and writes and lectures on Shakespeare and contemporary women’s writing.
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