Rafael I. Pardo


In this sur-reply, Professor Pardo seeks to clarify the misperceptions and mischaracterizations of his commentary by Professors Lawless et al. and to demonstrate that his arguments not only are grounded in a compelling theory of the operation of the bankruptcy system and an understanding of the First Report’s data, but also offer useful ideas for exploring available empirical data. The sur-reply will identify three of the main substantive points made in his original critique that Professors Lawless et al. misinterpret and/or mischaracterize and will clarify why these original points are valid.