Breaking News: Insurance Coverage for "Hidden" Mechanics' and Materialmen's Lien Claims in North Carolina is Disappearing by Poyner Spruill LLP on 5/14/2012 Even in good economic times, lien claims asserted by subcontractors and material suppliers abound and lead to costly disputes. As in many states, North Carolina’s materialmen’s lien statutes create a system where “hidden” or...more
Mezzanine Borrower’s Chapter 11 Case Filed on Eve of Foreclosure Sale Dismissed as a Bad Faith Filing by Cadwalader, Wickersham & Taft LLP on 4/24/2012 On December 22, 2011, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware dismissed with prejudice a mezzanine borrower’s chapter 11 case. See In re JER/ Jameson Mezz Borrower II LLC, 461 B.R. 293...more
With Great Power Comes Great Responsibility: Delaware Bankruptcy Court Holds Debtor-Lessee Cannot Reject Lease Until It Surrenders... by Cadwalader, Wickersham & Taft LLP on 4/9/2012 On February 24, 2012, Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware held that the debtor-lessee’s rejection of a lease cannot become effective so long as a non-debtor sublessee maintained...more
Commercial Property Owners May Be Held Personally Liable For Sour Investments by Joel Glucksman on 4/6/2012 Commercial Property Owners May Be Held Personally Liable For Sour Investments A new ruling in Michigan may give creditors more legal backing to go after the personal assets of commercial real estate landlords whose...more
If It Looks Like a Duck, err, a SARE Debtor... by Dechert LLP on 3/16/2012 Recently, the Ninth Circuit Court of Appeals brought smiles to the faces of many lenders (especially Bank of America, the appellee and secured lender) when it refused to combine the assets of related debtors without a...more
April 2nd is Approaching. Are You Overassessed? by Joel Glucksman on 3/13/2012 Today, Scarinci Hollenbeck’s Tuesday YouTube video post is of Partner Mark K. Follender, Chair of the Tax Appeal Group. In this video, Mr. Follender discusses the important question, “Are you Overassessed?” With the April...more
Seventh Circuit Affirms Secured Creditors’ Cramdown Rights by Cadwalader, Wickersham & Taft LLP on 3/8/2012 On January 19, 2012, the United States Court of Appeals for the Seventh Circuit in an opinion penned by Judge Richard Posner affirmed a bankruptcy court’s dismissal of In re River East Plaza, LLC, a single asset real estate...more
NINTH CIRCUIT REJECTS “WHOLE BUSINESS ENTERPRISE” EXCEPTION by Joel Glucksman on 2/22/2012 A late January ruling by the Ninth Circuit Court of Appeals has gladdened real estate lenders and struck terror into the hearts of developers. Essentially, the court prevented a major real estate developer from using the...more
Ninth Circuit Issues a Bankruptcy Opinion Favorable to Lenders to SPEs by Dechert LLP on 2/8/2012 In its recent decision in Meruelo Maddux Properties, Inc., the Court of Appeals for the Ninth Circuit held that an entity that meets the definition of a “single real estate” debtor under the Bankruptcy Code...more
Real Estate Lenders Rejoice: Ninth Circuit Holds that the Property Held by One Debtor in a Bankruptcy Case Involving a... by Cadwalader, Wickersham & Taft LLP on 2/7/2012 On January 27, 2012, the Ninth Circuit Court of Appeals held that a property level debtor was subject to the single asset real estate provisions of the Bankruptcy Code even though the debtor was one of fifty-three debtor...more
An [In]Subordinate Lender: Delaware Bankruptcy Court Dismisses Mezzanine Borrower's Chapter 11 Case for Bad Faith by Cole Schotz on 1/25/2012 In an opinion that has wide-ranging implications for the structured finance industry, the Delaware bankruptcy court recently dismissed a mezzanine borrower’s chapter 11 case as a bad faith filing pursuant to section 1112(b)...more
"Cuando el IVA concursa" by Javier Gomez Taboada on 1/8/2012 Una reciente reforma legal habilita a la AEAT para el cobro de las cuotas de IVA devengadas con motivo de operaciones inmobiliarias realizadas por empresas en concurso....more
"Cuando el IVA concursa" by Javier Gomez Taboada on 1/8/2012 Una reciente reforma legal facilita a la AEAT el cobro de las cuotas de IVA devengadas con motivo de operaciones inmobiliarias hechas por sociedades en concurso....more
Centro Properties Group Reorganizes: One Small Step for Man, One Giant Leap for Australian Restructurings by Bracewell & Giuliani LLP on 12/15/2011 After four long years, Australia-based Centro Properties Group (“CNP”) has consummated a global restructuring that combines a debt-for-equity swap with an aggregation of its assets into a new real estate investment trust,...more
Commercial Real Estate 2011 Recap: And The (Annual) Golden Turkey Award Goes To.... by Dechert LLP on 11/25/2011 With Thanksgiving approaching and the holiday season in full swing, we here at Crunched Credit would like to present our annual “Golden Turkeys”. The Golden Turkey for the Most Confounding Regulation: The Premium Capture...more