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The challenges that have compelled municipalities to act to arrest and reverse negative conditions and encourage investment in redevelopment areas will increase as redevelopment projects face inflationary pressures and rising interest rates. Redevelopers may find their lenders enforcing protections embedded in loan documents, such as enhanced capital reserve requirements and loan covenants, performance guaranties and the like. If economic pressures become intense and defaults are a possibility, redevelopers and their lenders — redevelopment entities, taxing authorities and trade creditors — will be driven to consider the unique issues presented when there is a default on a redevelopment project, including consideration of a bankruptcy filing to stave-off creditor lawsuits or real estate foreclosure, or to permit a recapitalization of a distressed redevelopment project in order to deliver the project to completion.
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By J. Eric Wise
Among the risks of cryptocurrency exchanges are bankruptcy risk and fraud, including: the inalienability of account claims, holding an unsecured claim versus an entitlement to the return of coin, and bankruptcy preference risk.
By Lawrence J. Kotler and Drew S. McGehrin
The U.S. Bankruptcy Court for the Southern District of New York summed up the importance of the determination as to when a bankruptcy case is actually filed of record, thereby triggering the imposition of the automatic stay and found that the “upload” time of a bankruptcy filing — and not the time physically “stamped” on a bankruptcy petition — determines when a case is commenced. In doing so, the Bankruptcy Court offered direction and guidelines that debtors and creditors will be well advised to observe in future cases.
By Avalon Zoppo
A sharply divided U.S. Court of Appeals for the Fourth Circuit ruling shielding a nondebtor in bankruptcy proceedings from asbestos lawsuits underscores the wider and growing divide among judges across the country on the bounds of Chapter 11 protection and corporations’ use of the “Texas two-step” to address mass tort litigation.
By Francis J. Lawall and Brenden S. Dahrouge
Chapter 11 cases involving mass tort and complex personal injury claims often require the resolution of novel legal issues that stretch the bounds of existing precedent. As these cases evolve, they can also impact claims against other debtors unrelated to the case at hand through court-approved injunctions, releases or settlements.