Tai Zhang

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87.8
The Myth of Creditor Sabotage
Vincent S.J. Buccola
Assistant Professor, The Wharton School of the University of Pennsylvania.

This Article was substantially written while Mah and Zhang were undergraduates, and it reflects neither the opinions of nor nonpublic information about their employers. The authors thank Ken Ayotte, Allison Buccola, Saul Levmore, Josh Macey, Adriana Robertson, Mike Simkovic, David Skeel, Matt Turk, and participants at a Wharton faculty workshop for criticism of defunct drafts.

Jameson K. Mah
Investment Analyst, Cyrus Capital Partners. BS (Economics), The Wharton School of the University of Pennsylvania.
Tai Zhang
Analyst. BS (Economics), The Wharton School of the University of Pennsylvania.

A basic assumption in the standard paradigm of corporate finance is that a company’s investors want the company to succeed. To be sure, investors of different classes—stockholders and bondholders, for example—bear risk and reward unequally.