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last fall, Congress breathed new life into the old WSLA law, amending it to apply to the ongoing conflicts in Iraq and Afghanistan as well as any future military engagements expressly authorized by Congress. The impact of these amendments will be significant for the defense of any clients who regularly do business with the government.
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In the current environment, factors such as a shortfall in assets, lack of debtor-in-possession financing and absence of potential buyers may make liquidation the only recourse in bankruptcy. With fewer dollars to satisfy claims, creditors may resort to litigation, alleging fraud as a means for obtaining recoveries. This could lead to additional exposures for directors and officers at companies facing bankruptcy.
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Recent rulings of interest to you and your practice.
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The first part of this article, which appeared in the December 2008 Issue, discussed cases that address the preference for stability over sense, mitigation and interpretation of leases. The cases in Part Two herein address enforcement and violations.
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Today, landlords are particularly worried about tenant bankruptcies. True, this has always been a concern for commercial landlords, but previously their focus may have centered on smaller, start-up businesses rather than the large anchor tenants that are currently seen knocking on the bankruptcy court's door.
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There are several different types of rent relief, ranging from an all inclusive "gross" rent, to a temporary reduction in base rent, or converting the economic terms of the lease from fixed rent payments to a "percent in lieu" deal, where the tenant's rental obligation is based on a percentage of gross sales generated at the premises. This article describes the options.
Last month, we asked the question: Can a plan provide that the securities claims ' which are not estate causes of action because they belong to the bondholders individually, not to the company ' will be assigned to a trust so that the trust can efficiently litigate these claims and distribute the proceeds thereof to the bondholders? Herein, a continuation of our discussion.
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Recent rulings of interest to you and your practice.
On countless occasions, the Supreme Court has proclaimed the longstanding axiom that the bankruptcy process is for "honest debtors" only; wrongdoers should never be allowed refuge within the confines of the nation's insolvency law. Often overlooked is the fact that the automatic stay, 11 U.S.C. ' 362(a), a linchpin of modern bankruptcy practice, was likewise carefully constructed so as to not provide a safe harbor for malefactors.