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Bond Defaults and the Dilemma of the Indenture Trustee Steven L. Schwarcz, Duke University Law School Gregory Sergi, Duke University School of Law Download the Paper (PDF format) - June 1, 2007 Tell a colleague about it. Printing Tips: Select 'print as image' in the Acrobat print dialog if you have trouble printing. ABSTRACT: The standard of care for indenture trustees after default is intolerably vague, generating cost and inefficiency in the public bond markets. Yet public bondholder governance is increasingly recognized as a critical component of the larger realm of corporate governance, and indeed more than eighty percent of capital market financing raised by U.S. corporations now occurs through public bond offerings. This article examines how that standard of care should be modified to make indenture trustees more effective. SUGGESTED CITATION: Steven L. Schwarcz and Gregory Sergi, "Bond Defaults and the Dilemma of the Indenture Trustee" (June 1, 2007). Duke Law School Working Paper Series. Duke Law School Faculty Scholarship Series. Paper 97. http://lsr.nellco.org/duke/fs/papers/97 | REPOSITORY HOME  | SEARCH  | MY ACCOUNT  | NELLCO HOME | Powered by bepress.