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Just a week apart, in late November and early December 2009, the Court of Appeals and then the Appellate Division, First Department, made major pronouncements on the authority of the courts to review determinations that ]property is subject to condemnation for allegedly public purposes.
In the first of two high-profile holdings, the Court of Appeals in Matter of Goldstein v. New York State Urban Development Corporation upheld the finding that a group of properties that were not in and of themselves blighted could be taken by eminent domain to build the new Nets Stadium and a series of mixed-use towers. Next, in the equally high-profile case involving the proposed new Columbia University campus in West Harlem, the Appellate Division in Matter of Kaur v. New York State Urban Development Corporation rejected a finding of blight.
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There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
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