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The events of the past months and rapid increase of interest rates will put further pressure on certain sectors of the economy, including the real estate sector. While it is difficult to predict where all of this will lead, talk of capital calls and review of partnership interests brings back memories of recessions past when partnerships and their constituent general and limited partners were forced into bankruptcy. Certain types of agreements, such as real estate leases, clearly are executory contracts subject to assumption or rejection in bankruptcy cases. But what about the partnership agreement itself, or an option to purchase, or a right of first refusal contained in a partnership agreement? What happens to a limited partner’s interest in a partnership when the limited partner files a bankruptcy case?
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By Michael L. Cook
When courts have made important exceptions in the past year, they have either added a gloss on the Judicial Code, corrected lawyers’ errors, filled in statutory gaps, or clarified the relevant statutory language.
By Jay Steinman and Karina Leiter
The steps outlined in this article offer a strategic guide for lenders, empowering them to navigate the complexities of loan workouts and enforcement actions with resilience and foresight.
By Francis J. Lawall and Brenden S. Dahrouge
The Third Circuit recently held in 'In re FTX Trading' that the plain text of Section 1104(c)(2) mandates the appointment of an examiner under the specified conditions set forth. As a result, the FTX decision will carry significant implications for large and medium-sized bankruptcy cases.
By Lawrence J. Kotler and Ryan Spengler
The Central District of California court held that a bankruptcy court’s administration of cannabis-related state court claims against a debtor’s estate is not a violation of the Controlled Substances Act.