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Appellate Court Notes

Appellate Court Advance Release Opinions - AC36506 - Sidorova v. East Lyme Board of Education - Due to budget cuts, the Board of Education laid off the plaintiff who was a tenured French teacher. She sued for...more

Trespass And Other Claims: Ever Wonder If Litigation Is Worth It?

Flyboy Aviation Properties, LLC v. Franck (In re Flyboy Aviation Properties, LLC), 525 B.R. 510 (Bankr. N.D. Ga. 2015) – A chapter 11 debtor operated a small private airport. The debtor and an adjacent landowner had a...more

Safe Harbors and Securitizations: Loan Payments in Connection with a Commercial Mortgage-Backed Securitization Protected from...

Krol v. Key Bank National Association, et al. (In re MCK Millenium Centre Parking, LLC), Adv. No. 14-00392 (N.D. Ill. Apr. 24, 2015) - Case Snapshot In Krol v. Key Bank National Association, et al. (In re MCK Millenium...more

Is Your ORRI What You Think It Is?

Bankruptcy Court reinforces importance of parties’ intent in determining the nature of overriding royalty interests under state law. On April 2, 2015, the United States Bankruptcy Court for the District of Delaware...more

Transferee Liability: The Lottery Ticket/Uranium Contract Rule

Mano-Y&M Ltd. v. Field (In re Mortgage Store, Inc.), 773 F.3d 990 (9th Cir. 2014) – A chapter 7 trustee sought to avoid a transfer by the debtor as a fraudulent conveyance and then to recover funds disbursed by the...more

Mortgage Claims: Sometimes the Debtor Wins, and Sometimes the Lender Wins

Brandywine Townhouses, Inc. v. Fed. Nat’l Mortgage Ass’n (In re Brandywine Townhouses, Inc.), 518 B.R. 671 (Bankr. N.D. Ga. 2014) – The debtor objected to a secured creditor’s claim on a number of grounds: it did not...more

Does Non-Recourse Liability Still Exist?

Several years ago, the real estate financing market took an unexpected turn. In 2011, a court in Michigan rendered a decision which called into question whether a non-recourse loan was truly “non-recourse” (liability limited...more

Terminating a Lease Prior to Bankruptcy: Tricks and Traps

As many commercial landlords can attest based on experience, a tenant that files bankruptcy receives the benefit of rights and protections under the Bankruptcy Code that it would not have outside of bankruptcy. Among other...more

Blog: The Ninth Circuit Rejects the “Dominion and Control Test” for Determining the Initial Transferee in Fraudulent Conveyance...

Under section 550(a) of the Bankruptcy Code, a trustee or debtor in possession may recover property (or its value) that has been fraudulently transferred “from the initial transferee or the entity for whose benefit the...more

Lease Damage Claim: Federal or State Law – Flip A Coin?

Broadfoot v. Jamestown Mgmt. Corp. (In re Int’l BioChemical Indus., Inc.), 521 B.R. 395 (Bankr. N.D. Ga. 2014) – A chapter 7 trustee objected to the claim of a creditor/lessor on the basis that it should be disallowed...more

Proof of Claim: Foreign Qualification Requirements May Be More Important Than You Thought

In re Flex Fin. Holding Co., 518 B.R. 891 (Bankr. D. Kan. 2014) – A landlord filed a proof of claim for ~$1.34 million for a debtor’s prepetition breach of its lease. The debtor objected based on the landlord’s...more

Bankruptcy Beat: Connecticut Bankruptcy Court Approves Settlement In Two Related Cases with a Torturous Twelve Year History

The Chapter 7 case of First Connecticut Consulting Group, Inc. and James J. Licata (the “Cases”) began as Chapter 11 cases over twelve years ago. The cases were consolidated and remained in Chapter 11 for four years as...more

Sale Proceeds: Better Get the Carve-Out Right the First Time

In re Stacy’s, Inc., 508 B.R. 370 (Bankr. D. S.C. 2014) – A debtor sold substantially all of its assets after negotiating with its primary secured creditor for carve-outs from the sale proceeds for administrative...more

Loan to Own Variation: Bankruptcy May Not Provide The Answers

In re SR Real Estate Holdings, LLC, 506 B.R. 121 (Bankr. S.D. Cal. 2014) – A group of lenders moved to dismiss the debtor’s bankruptcy case on the basis that it was filed in bad faith, or in the alternative asked the...more

Bankruptcy by the Developer/Owner: Mechanics Lien Rights May Still Prevail!

The rate of bankruptcies among construction industry participants is higher than some think. The bankruptcy of a developer creates an “automatic stay” under federal law preventing almost all collection activities, including...more

Stay Relief: What Happens to “Unreasonable” Fees?

Wells Fargo Bank, N.A. v. 804 Congress, L.L.C. (In re 804 Congress, L.L.C.), 756 F.3d 358 (5th Cir. 2014) – After an oversecured creditor obtained relief from the automatic stay and foreclosed on some property, the...more

Credit Bid (Round 2): What Does It Take to Show “Cause”?

In re Charles Street African Methodist Episcopal Church of Boston, 510 B.R. 453 (Bankr. D. Mass. 2014) – In connection with a proposed sale of real property, a chapter 11 debtor sought to prohibit the mortgagee from...more

Lease Termination: Do You Really Mean It?

A commercial landlord sought relief from the automatic stay so that it could complete prepetition eviction proceedings against the debtor. The debtor objected, arguing that it had a right to assume the lease. The case turned...more

Post-Petition Interest: Not Very Predictable

A senior mortgagee battled the debtor and a junior mortgagee over its entitlement to post-petition interest: If and when did it become oversecured and thus entitled to interest? Was it entitled to interest at the default...more

Delaware Bankruptcy Court Faces Split Among the Courts Concerning Scope of a Landlord’s Claim Against a Tenant in Bankruptcy

The Delaware bankruptcy court will soon be forced to rule on the scope of a landlord's claim in bankruptcy, an issue on which courts around the country have been split for many years. In the case of In re Masonite Corp. (Case...more

The Meridian Sunrise Village Opinion Redux

In my last post I discussed the Meridian Sunrise Village v. NB Distressed Debt Investment Fund Ltd. opinion handed down by the United States District Court for the Western District of Washington in March of this year. The...more

Global Insight: News, Views and Analysis from DLA Piper’s Global Restructuring Group - Issue 10, Q2 2014

In This Issue: - WHAT DOES THE DELAWARE CHANCERY COURT’S RURAL/METRO RULING MEAN FOR ADVISORS TO DISTRESSED COMPANIES? - US: OUTLOOK FOR CORPORATE RESTRUCTURING - RABOBANK DECISION — SPECIAL DUTY OF...more

Waiving Statutory Foreclosure Provisions

The recently issued opinion of the Colorado Court of Appeals, in Armed Forces Bank v. Hicks, 2014 COA 74. No. 13CA0875 (June 5, 2014), is significant for commercial real estate lenders. In Hicks, the Bank was the...more

Potpourri Of Issues In Foremost Building Bankruptcy Sale

In In re Scimeca Foundation Inc., 497 B.R. 783 (Bankr. E.D. Pa. 2013), a Chapter 7 trustee sought court approval for a sale of the debtor’s property and resolution of related issues over the objections of the debtor. In...more

District Court Denies Distressed Funds the Right to Vote on Bankruptcy Plan

The US District Court for the Western District of Washington (the "District Court") recently affirmed a bankruptcy court decision that prohibited a transferee of a secured lender's interest in a loan from voting on a debtor's...more

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