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Features
In this article, we report on two recent decisions. One involves the calculation of landlord damage claims under Section 502 of the Bankruptcy Code, and the other involves whether environmental clean-up claims under federal and state law for commercial real estate were discharged under a confirmed Chapter 11 plan.
Features
In a matter of first impression, the U.S. Bankruptcy Appellate Panel for the U.S. Court of Appeals for the Eighth Circuit determined that allegations of abuse constituted a personal injury tort claim, reversing a lower court’s conclusion that the allegations constituted a mental health condition.
Features
Many single asset real estate (SARE) bankruptcies will check some or all of the boxes for a bad faith filing. The timing of a SARE filing commonly suggests an intent to delay, as SARE filings are generally a last resort to stay foreclosure. Nevertheless, courts may be reluctant to dispose of these cases as bad faith filings, absent particularly egregious circumstances evidencing patent abuse of the bankruptcy process.
Features
So-called “creditor on creditor violence” resulting from liability management exercises (LME) can take different forms. In some aggressive cases, certain lenders are given the opportunity to finance the borrower and gain extra value or better their positions in a restructuring, while other similar lenders are left out.
Features
In the recent case of In re ONH AFC CS Investors, the U.S. Bankruptcy Court for the District of Delaware examined the issue of standing in the context of a fraudulent conveyance action and whether a liquidating trustee had standing to pursue fraudulent conveyance claims when the beneficiaries of those claims were the debtors’ equity holders. Under limited circumstances, which were present in this case, the court found that the trustee could pursue such claims.
Features
Liability management exercises (LMEs) have gained considerable attention during the past few years. Whether intended for good purposes or not, LMEs have significantly disrupted the traditional loan business through aggressive priming and subordination tactics — leading some to characterize this phenomenon as lender-on-lender violence.