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Deviation From Statutory Scheme In Sale Of Receivership Property

The sale of real and personal property in a receivership estate is governed by 28 U.S.C. §§ 2001 and 2004, and both contain procedures for both a public and private auction of property. Regarding personal property, § 2004...more

Assignment of Rents May Not Allow Golf Course Lenders to See The Green

Much to the chagrin of golf course lenders, bankruptcy and appellate courts around the country have consistently held that a properly-perfected mortgage or security interest in golf course revenues, including cart rentals and...more

West Virginia Bankruptcy Courts Split on When Foreclosure Sale is Final

Lenders that exercise their rights to foreclose upon collateral are often met with a bankruptcy filing near or shortly after the date of sale. Obviously, if a lender learns of a bankruptcy prior to the foreclosure, the sale...more

Administration Rents: Goldacre Overruled

An important recent Court of Appeal decision, Pillar Denton Ltd and others v Jervis and others; re Games Station [2014] EWCA Civ 180, has overruled the controversial “Goldacre Ruling” and significantly changed the law on how...more

Landlords Welcome Landmark Decision In Re Game Station

LONDON - The Court of Appeal in the case of Re Game Station has held that rent payable by a tenant that enters administration is a priority expense of the administration while the leasehold premises are being used for the...more

Appeal Court Re-Writes Rules Relating to Insolvent Tenants

Landlords' set to obtain "full value" as a result of re-statement of ancient equitable principle - Pillar Denton Limited and others v Jervis and others - Outline - In a ruling relating to the stricken...more

Dirt-for-Debt Buries Creditor with Risk and Uncertainty

In order to confirm a chapter 11 plan of reorganization, a debtor must satisfy all the provisions of §1129(a) of the Bankruptcy Code, except for §1129(a)(8). Section (a)(8) requires that each class of creditors either (i)...more

Northern District of New York Bankruptcy Court Rules On Issue of First Impression Concerning Lien Stripping in A Chapter 7 Case

“Lien stripping” often takes two forms. A debtor’s attempt to void the unsecured portion of a lien when there is some but not enough equity in collateral to fully cover a lienholder’s entire debt is commonly referred to as a...more

E.D.N.C. Bankruptcy Court Rules that Borrower Can Raise Unfair and Deceptive Trade Practices Claims Against Lender Based on...

Does a lender have a duty to act in good faith when negotiating with a borrower during a commercial loan modification? In an order issued recently by the United States Bankruptcy Court for the Eastern District of North...more

High Court Decides on Disclaimer of Leases

While it is common for a liquidator of corporate tenants to disclaim a lease, the case of Willmott Growers Group Inc v Willmott Forests Limited (Receivers and Managers Appointed) (In Liquidation)[2013] HCA 51 explores the...more

Can a Defendant Sue a Receiver’s Property Management Company, or Are They Protected from a Lawsuit Like a Receiver?

I hired a property management company to aid me in managing a receivership property. A defendant in the case has threatened to sue the management company for action taken at my request. Can the defendant sue the management...more

Former Directors and Officers of Bankrupt Company Reach $4.75 Million Settlement with the Ministry of Environment over Cleanup...

On October 28, 2013, the Ontario Ministry of the Environment (MOE) announced that it had reached a settlement with the former directors and officers of Northstar Aerospace whereby those former directors and officers agreed to...more

DIA Urges Detroit to Stay Away from Art Collection

DIA Urges Detroit to Stay Away from Art Collection by Joel R. Glucksman on September 6, 2013 Several creditors and pension groups have teamed up to challenge the constitutionality of the Detroit bankruptcy filing....more

Creditors File Objections to Detroit Bankruptcy

Creditors File Objections to Detroit Bankruptcy by Joel R. Glucksman on August 30, 2013 More than 100 objections have been filed by creditors, opposing the eligibility of Detroit to file Chapter 9 municipal bankruptcy...more

Railroad Company Involved in Deadly Explosion Seeking Bankruptcy Protection

Railroad Company Involved in Deadly Explosion Seeking Bankruptcy Protection by Joel R. Glucksman on August 20, 2013 Railroad company Montreal, Maine & Atlantic Ltd., which has recently been in the media spotlight for...more

American Airlines Nears Bankruptcy Exit, Merger

American Airlines Nears Bankruptcy Exit, Merger by Joel R. Glucksman on August 15, 2013 American Airlines parent AMR Corporation is gearing up to make its formal exit from bankruptcy proceedings, and to enter into a...more

United States v. Susquehanna Bank

Memorandum Opinion

Maryland's federal district court rejected the IRS contention that internal IRS regulations wipe out state recording statutes and the "relation back" principle that gives deeds an effective date prior to actual recording. The...more

Mechanics Lien Rights: Use ‘Em or Lose ‘Em

An important new case regarding New Hampshire Mechanics Lien Law has application for contractors in all states and reminds the industry of how painful uncollectible debts can be. In Moultonborough Hotel Group decided on July...more

Chapter 11 Bankruptcy Basics: Debtor In Possession

Many companies that file for Chapter 11 bankruptcy protection do not end up in a rapid liquidation. Some, after a successful reorganization period, emerge from the bankruptcy process still viable and financially healthy. ...more

Litigation News -- Summer 2013

In This Issue: "Can Bankruptcy Be A Tool To Combat Eminent Domain? Probably Not" and "Finding the Facts Before the Lawsuit Begins: Pre-Complaint Discovery in Pennsylvania" Excerpt from Can Bankruptcy Be A Tool...more

In re Swift

Chief Bankruptcy Judge Avoids Post-Petition Transfer 19 Years After Bankruptcy Filing

The Debtor failed to disclose, among other things, the existence of certain real estate interests in his schedules in a Chapter 7 case filed in 1994. The Chapter 7 Trustee objected to discharge for failing to disclose all...more

Endicott Interconnect Technologies Seeks Bankruptcy Protection

Endicott Interconnect Technologies Seeks Bankruptcy Protection by Joel R. Glucksman on August 2, 2013 Endicott Interconnect Technologies has filed for bankruptcy protection with the U.S. Bankruptcy Court in Utica, and...more

Real Estate Tip – Ground Leasing Part 3: Default May Lead to Tenant Losing Building

In parts 1 and 2 of our ground lease series, we discussed the basics of ground leases, including by-agreement and sales-based rent adjustments. Today, we look at another lease issue that becomes more critical in the ground...more

Administration Rents: Next Stop - Court of Appeal

A key legal High Court hearing on the “Goldacre Ruling”, which deals with how rent is paid during an administration (and often leaves landlords out of pocket), means that the Court of Appeal will now consider whether “rents...more

Emerging Statutory Threats to Recourse Triggers

A new type of threat is emerging that may thwart special servicer collections: retroactive state legislation. For most CMBS collection actions involving nonrecourse loans, the issue of springing recourse triggers (so-called...more

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