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t Adolf A. Berle Professor of Law, Columbia Law School. ft Professor of Law, UCLA Law School. We are grateful for useful insights and information to Richard S. Wilson of Fitch Investors Service, Inc., to Gregory Smith of Indepth Data, Inc., and to Salomon Brothers for data on high-yield debt restructurings. We are also indebted, for their helpful comments, to Alison G. Anderson, Ronald Gilson, J. Mark Ramseyer, Mark Roe, Richard H. Sander, and William D. Warren. I See Securities and Exchange Commission, Recent Developments in the High Yield Market 14-15 (1990) (staff report) ("SEC Report"); General Accounting Office, Financial Markets: Issuers, Purchasers, and Purposes of High Yield, Non-Investment Grade Bonds (Feb, 1988). ' The rate of defaults on junk bonds is increasing rapidly. The latest data show that corporations defaulted or missed scheduled payments on $8.2 billion of debt, a record level, during the first quarter of 1991, according to Moody's Investors Services, Inc. See Constance Mitchell and Anitz Raghavan, Junk Bond Prices Hold Steady Despite Report That Defaults Hit a Record in the Latest Period, Wall St J C17 (Apr 9, 1991). In 1988, according to data assembled by Salomon Brothers, $2.5 billion in principal amount of junk bonds defaulted; in 1989, $8.8 billion defaulted; and, during the first nine months of 1990, $10.8 billion defaulted. See Anne Schwimmer, Hard Truths About the Restructuring Business, Investment Dealers' Digest 18 (Nov 26, 1990). One expert has esti-

Bondholder Coercion: The Problem of Constrained Choice in Debt Tender Offers and Recapitalizations