French adventurer best known for the exploration of Canada and also the name of a Supreme Court decision that addressed the idea of requiring an auction or other competition for the equity in a Chapter 11 debtor, each opening a vast and uncertain wilderness to be tamed by later generations.
The Supreme Court decision ruled that a Chapter 11 plan violates the absolute priority rule, and thus cannot be confirmed, if the debtor’s equity holders are allowed to retain their equity interests in the debtor “without extending an opportunity to anyone else either to compete for that equity or to propose a competing reorganization plan.”
Bankruptcy Code § 1129(b)(2)(B)(ii). See also Absolute Priority Rule, LaSalle Auction Plan.