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NY Appellate Court Provides Practical Guide to Commercial Landlord's Bankruptcy Damage Claims
The Southern District of New York affirmed a bankruptcy court's holding that the statutory cap on a landlord's damage claim [i.e., Bankruptcy Code §502(b)(6)] "applies to [its] claim against a [Chapter 11] debtor-guarantor." In re Cortlandt Liquidating LLC, 2024 WL 1301429, *3 (S.D.N.Y. Mar. 26, 2024) (emphasis added).
Although the tenant-affiliate of the debtor-guarantor was not a Chapter 11 debtor, it had vacated the leased premises and delivered the keys to the lessor one month after its affiliates (including the guarantor) filed their Chapter 11 petitions. The court also held that the non-debtor tenant had "terminated" the lease "for purposes of" the statutory damages cap; the cap should also be calculated in accordance with the "time approach", not the "rent approach"; the proceeds of a letter of credit security deposit taken from the debtor-guarantor's "assets" had been properly applied to reduce the lessor's capped claim; and that "cleanup costs" related to the non-debtor tenant's premises were "subject to" the statutory damages cap. The court's decision, supported by a well-reasoned bankruptcy court decision, 648 B.R. 137 (Bankr. S.D.N.Y. 2023) (Wiles, B.J.), provides a helpful overview of the most recent law governing landlords' damage claims in bankruptcy cases.
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Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.