Lifting the Veil and Finding the Pot of Gold: Piercing the Corporate Veil and Substantive Consolidation in the United States

This article presents a hypothetical case involving a publicly traded entity and its affiliated privately held entity involved in real estate development and services. The two entities are co-borrowers and bondholders have liens on both entities' assets. The article considers application of the doctrines of "piercing the corporate veil" and "substantive consolidation" of assets in this situation.