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Table of Contents

• ↓ Randy Picker – An Inspiration
• ↓ A Light Tap on the Wrist for AI Use Misuse?
• ↓ The New Yorker and the Uniform Commercial Code – Together at Last?
• ↓ New Swiss Personal Insolvency Law At Last!
• ↓ OCC Interchange Preemption Rule
• ↓ Would Anti-Weaponization Fund Payments Be False Claims Act Violations?
• ↓ Top Alternatives to creditslips.org

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"Randy Picker died on August 15, 2026. Randy will forever be a University of Chicago legend, a three-time alum, beloved professor, and, this summer, named to one of the most challenging roles a modern university offers: Vice Provost for Academic Affairs. Randy has been an academic superstar in multiple doctrinal fields, including competition policy/antitrust and intellectual property, as well as in methodologies such as game theory. This Credit Slips tribute emphasizes his contributions to the fields of bankruptcy and commercial law."

"I met Randy in the 1990s as Congress expanded and intensified its aspirations for bankruptcy reform, and got to watch him testify before Congress several times on behalf of the National Bankruptcy Conference. Randy had been the reporter for the National Bankruptcy Conference’s exhaustive review of the Bankruptcy Code published in 1994 and again in 1997 – a monumental undertaking on many metrics, and one that has influenced policy discussions in the intervening decades. By the time I met him, Randy was well-recognized for his bankruptcy scholarship, including co-authoring one of the best known articles on municipal bankruptcy. At a March 1999 House Judiciary Committee hearing, he was given a tough assignment: to explain why a securitization provision in the bill, touted as a no-brainer by its advocates, was problematic. Here is an excerpt of his testimony at the March 1999 hearing:"

"The problem is that with regard to securitizations, understanding when you have a true sale and when you don’t turns out to be really hard…. The statute has taken what I would regard as what I think of as a deemed-tiger approach to solving this problem, and what I mean by that is as follows: I think of my 5-year-old son, Adam, walking into the room with his pink stuffed elephant and saying, here’s my tiger. I assume that would get some quizzical looks, right? We’d all look at Adam and say, you know, that’s an elephant, not a tiger. He would say, no, I’ve deemed it to be a tiger, and because I’ve deemed it to be a tiger, it’s therefore a tiger. Well, that’s exactly what this legislation does. If you look at the approach to a definition of transfer on page 286 of H.R. 833, and in particular line 10, a debtor who represents and warrants that a sale is a sale makes it a sale. All you have to do is say it’s a sale. You represent and warrant it’s a sale and you’re done. Well we have never in the history of commercial transactions law relied on the characterization of the parties to the transaction to determine what that transaction is, when it will have third party consequences. Do understand that asset securitization will have third party consequences."

Key Topics & Focus Areas for creditslips.org:

Randy Picker – An Inspiration

A Light Tap on the Wrist for AI Use Misuse?

The New Yorker and the Uniform Commercial Code – Together at Last?

New Swiss Personal Insolvency Law At Last!

OCC Interchange Preemption Rule

Would Anti-Weaponization Fund Payments Be False Claims Act Violations?