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Focuses on the advantages of using exit amendments in sovereign bond exchanges in the United States to address the so called creditor problem. Overview of the problem; Validity of exit consents; Position of the bond issuer; Position of the exiting bondholders; Justification for using exit amendments in sovereign bond exchanges.

Proposes the metaphor of connected contracts for understanding collaborative economic activity. Hypotheticals used to develop observations about the meaning of ownership, types of risk and relationship between risk and control; Description of a standard model of a corporation or firm; Formula for valuing an option.