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A big issue in real estate and retail bankruptcies, among others, involves the disposition of commercial real estate leases, given the potential magnitude of landlord damage claims under state law resulting from a tenant’s default under a long-term lease. Given these claims could overwhelm other creditor claims in a tenant’s bankruptcy case, the Bankruptcy Code includes a provision that limits a landlord’s claim, which presents challenges for landlords as creditors in bankruptcy cases. In In re Cortlandt Liquidating, Case No. 23-cv-03262-MKV, the U.S. District Court for the Southern District of New York, sitting as an appellate court, reviewed a Bankruptcy Court decision that addressed a number of issues involving a commercial landlord’s claims in bankruptcy.
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By Howard B. Epstein and Theodore A. Keyes
Many businesses have sought to recover their pandemic losses under commercial property insurance policies, only to be denied coverage. A significant number of policyholders have filed lawsuits challenging these disclaimers, primarily in state courts. But to the dismay of the insureds, a growing majority of high state courts have sided with the insurers in these disputes.
Navigating the Intersections of Commercial Real Estate and Eminent Domain Actions
By Ellen Smith and Elizabeth Story
For real estate attorneys, knowing how to navigate around eminent domain actions in the midst of various transactions and operations is critical to best position clients for the future condemnation conundrum.
A Prepackaged Bankruptcy Could Be the Answer to a Mortgage Default
By Timothy Little, Scott Vetri, Julie Lee and Peter Siddiqui
This article discusses the value of prepackaged bankruptcy as an alternative route for addressing commercial mortgage defaults in high tax jurisdictions.
NJ Supreme Court: Commercial Property Owners Have a Duty to Maintain Abutting Sidewalks
By Colleen Murphy
In a 4-3 decision on June 13, the New Jersey Supreme Court reversed an Appellate Division opinion in a slip-and-fall case, concluding that all commercial landowners have a duty to maintain public sidewalks and are liable to pedestrians who are injured as a result of their negligent failure to do so.