Ethics, bankruptcy and greed: the unintended consequences for landlords of the 2005 bankruptcy amendments
by Harlan D. Platt; Christopher R. Mirick; Marjorie B. Platt
International Journal of Business Governance and Ethics (IJBGE), Vol. 6, No. 3, 2011

Abstract: The 2005 amendments to the United States Bankruptcy Code dramatically shifted the relative power of commercial landlords vis-à-vis their tenants. Landlords lobbied Congress for these amendments to capture the option value of unexpired commercial leases. The result has been a decrease in the number of successful retail reorganisations. Viewed purely from a profit making perspective, the landlords' actions are hard to criticise. However, ethical theories, such as Integrated Social Contracts Theory (ISCT) and Corporate Social Responsibility (CSR), envision a broader set of responsibilities in a business context, to which the landlords did not adhere in their quest for higher profits.

Online publication date: Thu, 20-Oct-2011

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