Robert Pozen, a former chairman of MFS Investment Management, a noted author and a senior lecturer at Harvard Business School, speaks at "The 1940 Acts at 75: Reflecting on the Past, Present and Future Regulation of Investment Companies and Investment Advisers." Paul Schott Stevens ’78, president and CEO of the Investment Company Institute, offers introductory remarks. Sponsored by the Virginia Law & Business Review, the event was run in partnership with the Investment Company Institute and the John W. Glynn, Jr. Law & Business Program.  (April 10, 2015, University of Virginia School of Law) More at http://www.law.virginia.edu/html/news/2015_spr/lawbusiness.htm

Robert Pozen on Corporate Governance, with Intro by Paul Schott Stevens '78

What Might a Syrian Debt Restructuring (Eventually) Look Like?

There is little doubt that Syria needs to restructure its debt, among other reasons to pave the way for rebuilding after a long and brutal civil war. It strikes us as too early to envision what that process will look like, but we can identify some of the key issues. The country owes a lot to official creditors, especially Iran and Russia. Much of this was off-books and was used for the military or otherwise to support former President Bashar al-Assad's repressive regime. Not surprisingly, we are already hearing the term "odious debt" raised to suggest these debts need not be repaid; there may be a separate doctrine allowing repudiation of certain war-related debts. We talk about whether these (arguable) doctrines of international law have any relevance here and about the potential role of the U.S. in a debt restructuring.

Producer: Leanna Doty

Ep 154 ft. Mitu & Mark

Back by popular demand, Dean Natalie Blazer ’08 and her microphone venture outside the studio to give listeners a look inside UVA Law’s Admitted Students Open House. Through on-site interviews with admitted students, their guests, current law students, alumni and staff, this episode highlights the admissions cycle’s main event that brought hundreds of visitors to Charlottesville this spring.

Season 6, Episode 5: Inside the 2025 Admitted Students Open House

What if Trump Discovers that Unpaid UK (and French) Debt From WWI?

The current administration has tossed concepts such as “special relationships” with allies out the window. The administration seems willing to apply just about any leverage it has to obtain concessions from allies, including concessions that might reduce the US debt. Seen in that light, what will happen when Trump and the Musketeers discover that the UK and France have hundred-year old unpaid debts? With interest, that unpaid debt would now amount to a few trillion dollars.  Enforcing these debts would be near impossible, except that the UK and France own a whole bunch of US Treasuries. Could the administration try to force a swap of those Treasuries into  longer term obligations? Or try to use the US government's claims against the UK and France as a setoff, reducing payments on US debt held by those governments? Seems loony. But loony is normal these days.

Producer: Leanna Doty

Ep 155 ft. Mitu & Mark

Assistant Dean for Public Service Ryan Faulconer ’08 joins Dean Blazer to discuss how political instability creates an even bigger demand for great lawyers, and how UVA Law students in particular benefit from the customized counseling and support that his office provides. Reflecting upon his 15-year career as a federal prosecutor, which took off at the height of the Great Recession, Dean Faulconer emphasizes the need for flexibility, grit and creativity to navigate uncertain times.

Season 6, Episode 6: We Need Lawyers More Than Ever

Is There Any Law of State Succession? Syria, Ukraine and Greenland.

The law of state succession to obligations comes mostly from a different era, when war and conquest were legal and borders changed with some frequency. Today, we are faced with multiple situations where borders might change due to war. Does the law tell us what happens to the debts attributable to the acquired territory? And how do we translate legal rules that evolved in the 18th and 19th centuries into the modern era? Paul Stephan (Virginia), one of the foremost international law experts, joins us to discuss.

Producer: Leanna Doty

Ep 156 ft. Paul Stephan

Sovereign Debt Odd & Ends
 
An odds and ends podcast about unrelated sovereign debt topics. First up, Venezuela. Most investors have been sitting around waiting for an eventual restructuring and lifting of US sanctions. But a handful of funds sued early, got judgments, and have spent years trying unsuccessfully to collect. If they had succeeded, they would have recovered much more than similarly-situated creditors who waited around for a restructuring deal. But they failed and, in a bizarre twist, have asked the court to vacate their judgments, effectively returning them to the creditor queue. We cry foul. Next up, another fiscally-irresponsible and increasingly author ... well, it's the United States. We discuss the crazy (and terrifying) idea that the US might unilaterally extend the maturities of government debt. 

Producer: Leanna Doty

Ep 157 ft. Mitu & Mark

This UVA Speaks podcast features Naomi Cahn, the Justice Anthony M. Kennedy Professor of Law and Armistead M. Dobie Professor of Law at the School of Law at the University of Virginia. Cahn and two co-authors have written a book entitled, 
Hot Flash: How the Law Ignores Menopause and What We Can Do About It. The book explores the topic of menopause, which is often still considered a taboo subject, yet is a stage of life that half of the population will inevitably experience. She shares some of the cultural stereotypes that surround menopause and how it is treated in the law and medical field. Cahn calls for more medical research, better education, and legal reforms to support menopausal women, especially in the workplace. 

Transcripts of the audio broadcast can be found here. https://www.rev.com/transcript-editor/shared/gS68jJ5Nxks4BBxs5kDeIUHmD5ciG0Xbk1RGTZ-DkXRKaloqHqHYo-yrCgUCiOD2z8APZRL_RUHfJBg5LyD7i8iaEYQ?loadFrom=SharedLink

Naomi Cahn, the Justice Anthony M. Kennedy Distinguished Professor of Law, the Armistead M. Dobie Professor of Law, and Co-Director of the Family Law Center at the School of Law at the University of Virginia. Cahn is an expert in family law, trusts and estates, feminist jurisprudence, reproductive technology, and aging and the law. She is a co-author of casebooks in both family law and trusts and estates, and she has written numerous articles that have been featured in the New York Times, Washington Post, Wall Street Journal and the New Yorker.

Menopause, the Workplace, and the Law

Some Questions, Now That it's About 3 Years Since Russia’s Default
 
It has now been around 3 years since Russia’s invasion of Ukraine, which prompted EU and US sanctions and a default on Russia’s external bonds. The prescription clause in these bonds says that Russia’s obligations become void unless investors make claims within three years of the date payment is due. What does it mean to “make” a “claim”? Filing a lawsuit would do the trick. What about an email requesting payment? An automated message, which the depository sends out every payment date? Should bondholders have sought an agreement tolling the prescription period? Since they didn't, does Russia now have what amounts to an option to pay past due amounts? And what about interest on unpaid amounts? Does Russia owe interest on payments that were impossible to make due to sanctions? 

Producer: Leanna Doty

Ep 158 ft. Mitu & Mark

The Greek GDP Warrant Drama

Greece’s debt situation has improved remarkably, from default status in 2012 to investment grade in 2025. A few weeks ago though, Bloomberg reported on a brewing drama with the GDP warrants that were offered to investors in the brutal 2012 restructuring. Apparently, Greece has elected to exercise its right to call the warrants, and holders are yelling bloody murder at the low price at which Greece says it is entitled to buy. Every side has lawyered up and claims the other side is acting unreasonably. We speculate wildly on what might actually be going on and what is likely to happen.

Producer: Leanna Doty

Ep 159 ft. Mitu & Mark

Ukraine's Expansive "Fiscal Laws" Clause
 
International sovereign bonds, and particularly those issued under English law, often include a clause providing that payments are subject to the applicable "fiscal and other laws." Usually, the clause makes clear this refers to fiscal laws in the “place of payment” (e.g., Luxembourg). Separately, international bonds also provide that, if the issuer imposes any taxes on bond payments, it must "gross up" payments to foreign investors, so the tax does not reduce their payments. Together, the two clauses usually immunize foreign investors from taxes imposed by the issuer but leave room for taxes imposed by the place of payment. Ukraine's bonds are different. They seem to leave room for Ukraine to impose its own "fiscal" law on payments. Arguably, they leave investors subject even to local laws that aren't fiscal in nature. Might this be a source of leverage for the country in its negotiations with GDP warrant holders, who have so far refused to make concessions in restructuring talks?

Producer: Leanna Doty

Ep 160 ft. Mitu & Mark

To request an audio transcript that is not at law.virginia.edu/news/videos-podcasts, please contact comm@law.virginia.edu. Founded in 1819, the University of Virginia School of Law is the second-oldest continuously operating law school in the nation. Consistently ranked among the top law schools, Virginia is a world-renowned training ground for distinguished lawyers and public servants, instilling in them a commitment to leadership, integrity and community service.

Robert Pozen on Corporate Governance, with Intro by Paul Schott Stevens '78

University of Virginia School of Law

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