Preserving Value in the Post-BAPCPA Era — An Empirical Study

Through the use of a multivariate regression model, this article studies the effect on debtor reorganization values of the shortened reorganization timeframe imposed by the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”). The study shows that BAPCPA is positively correlated at a statistically significant level with higher reorganization recoveries. This result is attributed to the increased proportion of prepackaged and prenegotiated bankruptcies observed in the post-2005 era, as these “fast-track” bankruptcy cases entail lower costs and better preserve the firm’s value

Tracing wedge-internal deformation by means of strontium isotope systematics of vein carbonates

Radiogenic strontium isotopes (87Sr/86Sr) of vein carbonates play a central role in the tectonometamorphic study of fold-and-thrust belts and accretionary wedges and have been used to document fluid sources and fluxes, for example, along major fault zones. In addition, the 87Sr/86Sr ratios of vein carbonates can trace the diagenetic to metamorphic evolution of pore fluids in accreted sediments. Here we present 87Sr/86Sr ratios of vein carbonates from the Infrahelvetic flysch units of the central European Alps (Glarus Alps, Switzerland), which were accreted to the North Alpine fold-and-thrust belt during the early stages of continental collision. We show that the vein carbonates trace the Sr isotopic evolution of pore fluids from an initial seawater-like signature towards the Sr isotopic composition of the host rock with increasing metamorphic grade. This relationship reflects the progressive equilibration of the pore fluid with the host rock and allows us to constrain the diagenetic to low-grade metamorphic conditions of deformation events, including bedding-parallel shearing, imbricate thrusting, folding, cleavage development, tectonic mélange formation and extension. The strontium isotope systematics of vein carbonates provides new insights into the prograde to early retrograde tectonic evolution of the Alpine fold-and-thrust belt and helps to understand the relative timing of deformation events. © The Author(s), 2022. Published by Cambridge University Press

Tracing wedge-internal deformation by means of strontium isotope systematics of vein carbonates

Radiogenic strontium isotopes (87Sr/86Sr) of vein carbonates play a central role in the tectonometamorphic study of fold-and-thrust belts and accretionary wedges and have been used to document fluid sources and fluxes, for example, along major fault zones. In addition, the 87Sr/86Sr ratios of vein carbonates can trace the diagenetic to metamorphic evolution of pore fluids in accreted sediments. Here we present 87Sr/86Sr ratios of vein carbonates from the Infrahelvetic flysch units of the central European Alps (Glarus Alps, Switzerland), which were accreted to the North Alpine fold-and-thrust belt during the early stages of continental collision. We show that the vein carbonates trace the Sr isotopic evolution of pore fluids from an initial seawater-like signature towards the Sr isotopic composition of the host rock with increasing metamorphic grade. This relationship reflects the progressive equilibration of the pore fluid with the host rock and allows us to constrain the diagenetic to low-grade metamorphic conditions of deformation events, including bedding-parallel shearing, imbricate thrusting, folding, cleavage development, tectonic mélange formation and extension. The strontium isotope systematics of vein carbonates provides new insights into the prograde to early retrograde tectonic evolution of the Alpine fold-and-thrust belt and helps to understand the relative timing of deformation events

The evolution of slate microfabrics during progressive accretion of foreland basin sediments

Here, we study slate microfabrics from the exhumed accretionary wedge of the central European Alps and focus on the development of foliation. High-resolution micrographs from novel BIB-SEM imaging and Synchrotron X-ray Fluorescence Microscopy are analysed with 2D auto-correlation functions to quantify the geometry and spacing of slate microfabrics along a metamorphic gradient covering the outer and inner wedge (200–330 °C). The sedimentary layering primarily controls the morphology of the slate microfabrics. However, from outer to inner wedge, a fabric evolution is observed where diagenetic foliations gradually transform to secondary continuous and spaced foliations. With increasing metamorphic grade, the amount of recrystallized phyllosilicate grains and their interconnectivity increase, as does clast/microlithon elongation (aspect ratios up to 11), while foliation spacing decreases to 230 °C and accommodates background strain in the inner wedge. The evolving microstructural anisotropy is interpreted to lead to strain weakening by structural softening and may provide preferential fluid pathways parallel to the foliation, enabling the dehydration of large rock volumes in accretionary sediment wedges undergoing prograde metamorphism

Linking Alpine deformation in the Aar Massif basement and its cover units – the case of the Jungfrau–Eiger mountains (Central Alps, Switzerland)

The northwest (NW) rim of the external Aar Massif was exhumed from  ∼ 10&thinsp;km depth to its present position at 4&thinsp;km elevation above sea level during several Alpine deformation stages. Different models have been proposed for the timing and nature of these stages. Recently proposed exhumation models for the central, internal Aar Massif differ from the ones established in the covering Helvetic sedimentary units. By updating pre-existing maps and collecting structural data, a structural map and tectonic section were reconstructed. Those were interpreted together with microstructural data and peak metamorphic temperature estimates from collected samples to establish a framework suitable for both basement and cover. Deformation temperatures range between 250 and 330&thinsp;°C, allowing for semi-brittle deformation in the basement rocks, while the calcite-dominated sedimentary rocks deform in a ductile manner at these conditions. Although field data allow to distinguish multiple deformation stages before and during Aar Massif's exhumation, all related structures formed under similar P, T conditions at the investigated NW rim. In particular, we find that the exhumation occurred during two stages of shearing in Aar Massif's basement, which induced in the sedimentary rocks first a phase of folding and then a period of thrusting, accompanied by the formation of a new foliation.</p

Active Faulting in Lake Constance (Austria, Germany, Switzerland) Unraveled by Multi-Vintage Reflection Seismic Data

Probabilistic seismic hazard assessments are primarily based on instrumentally recorded and historically documented earthquakes. For the northern part of the European Alpine Arc, slow crustal deformation results in low earthquake recurrence rates and brings up the necessity to extend our perspective beyond the existing earthquake catalog. The overdeepened basin of Lake Constance (Austria, Germany, and Switzerland), located within the North-Alpine Molasse Basin, is investigated as an ideal (neo-) tectonic archive. The lake is surrounded by major tectonic structures and constrained via the North Alpine Front in the South, the Jura fold-and-thrust belt in the West, and the Hegau-Lake Constance Graben System in the North. Several fault zones reach Lake Constance such as the St. Gallen Fault Zone, a reactivated basement-rooted normal fault, active during several phases from the Permo-Carboniferous to the Mesozoic. To extend the catalog of potentially active fault zones, we compiled an extensive 445 km of multi-channel reflection seismic data in 2017, complementing a moderate-size GI-airgun survey from 2016. The two datasets reveal the complete overdeepened Quaternary trough and its sedimentary infill and the upper part of the Miocene Molasse bedrock. They additionally complement existing seismic vintages that investigated the mass-transport deposit chronology and Mesozoic fault structures. The compilation of 2D seismic data allowed investigating the seismic stratigraphy of the Quaternary infill and its underlying bedrock of Lake Constance, shaped by multiple glaciations. The 2D seismic sections revealed 154 fault indications in the Obersee Basin and 39 fault indications in the Untersee Basin. Their interpretative linkage results in 23 and five major fault planes, respectively. One of the major fault planes, traceable to Cenozoic bedrock, is associated with a prominent offset of the lake bottom on the multibeam bathymetric map. Across this area, high-resolution single channel data was acquired and a transect of five short cores was retrieved displaying significant sediment thickness changes across the seismically mapped fault trace with a surface-rupture related turbidite, all indicating repeated activity of a likely seismogenic strike-slip fault with a normal faulting component. We interpret this fault as northward continuation of the St. Gallen Fault Zone, previously described onshore on 3D seismic data

Microstructural characterization of natural fractures and faults in the Opalinus Clay: insights from a deep drilling campaign across central northern Switzerland

Abstract The Middle-Jurassic Opalinus Clay is the foreseen host rock for radioactive waste disposal in central northern Switzerland. An extensive drilling campaign aiming to characterize the argillaceous formation resulted in a comprehensive drill core data set. The rheologically weak Opalinus Clay is only mildly deformed compared to the over- and underlying rock units but shows a variety of natural fractures. While these structures are hydraulically indistinguishable from macroscopically non-deformed Opalinus Clay today, their analysis allows for a better understanding of the deformation behaviour in the geological past. Here, we present an overview of the different fracture and fault types recorded in the Opalinus Clay and a detailed microstructural characterization of veins—natural dilational fractures healed by secondary calcite and celestite mineralizations. Macroscopic drill core analysis revealed five different natural fracture types that encompass tension gashes of various orientations with respect to bedding and small-scale faults with displacements typically not exceeding the drill core diameter. The occurrence of different fault types generally fits well with the local tectonic setting of the different drilling sites and with respect to the neighbouring regional fault zones. The microstructural investigations of the various vein types revealed their often polyphase character. Fibrous bedding-parallel veins of presumable early age were found to be overprinted by secondary slickenfibres. The polyphase nature of fibrous bedding parallel veins and slickenfibres is supported by differing elemental compositions, pointing towards repeated fracturing and mineralization events. Direct dating of vein calcites with U–Pb was unsuccessful. Nevertheless, age constraints can be inferred from structural orientations and fault slip kinematics. Accordingly, some of the veins already formed during sediment compaction in Mesozoic times, others possibly relate to Early Cenozoic foreland uplift. The youngest veins are most likely related to Late Cenozoic regional tectonic events, such as the Jura fold-and-thrust belt to the south and the Hegau-Lake Constance Graben to the northeast of the study area. During these latest tectonic events, previously formed veins acted as rheologically stiff discontinuities in the otherwise comparably weak Opalinus Clay along which deformation of the rock formation was re-localized