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Jones Day

Second Circuit: Bankruptcy Code's Lease Assumption and Assignment Provisions Apply Only to "True Leases"

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The ability of a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") to assume and assign executory contracts and unexpired leases is an invaluable tool for generating value for a bankruptcy estate to pay creditor...more

Lowenstein Sandler LLP

Sears (MOAC v. Transform): Landlord May Rest (Adequately) Assured of ‘Similar’ Financial Condition and Operating Performance, But...

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A recent decision from the United States District Court for the Southern District of New York (the District Court) in the bankruptcy cases of Sears Holdings Corp. may loom large in a day and age when shopping mall operators...more

Herbert Smith Freehills Kramer

Third Circuit Upholds Right of Tenant to Continued Possession of Rejected Lease Premises and Reduced Rent Payable to Purchaser...

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Recently, in IDEA Boardwalk, LLC v. Revel Entertainment Group, LLC; Polo North Country Club, Inc. (In re Revel AC Inc.), No. 17-3607 (3d Cir. Nov. 30, 2018), the Third Circuit held that Section 365(h) of the Bankruptcy Code...more

Jones Day

Eroding the Majority Rule: Another Circuit Concludes That Lease Can Be Extinguished in Free-and-Clear Bankruptcy Sale

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The ability of a trustee or chapter 11 debtor-in-possession ("DIP") to sell bankruptcy estate assets "free and clear" of competing interests in the property has long been recognized as one of the most important advantages of...more

McGuireWoods LLP

Seventh Circuit Holds that Pre-Bankruptcy Lease Terminations May Be Avoidable

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In a case of first impression, the Seventh Circuit recently issued an opinion that may cause landlords and their advisors to re-evaluate the consequences of terminating a financially distressed commercial tenant’s lease prior...more

Pullman & Comley, LLC

Appellate Court Notes

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Appellate Court Advance Release Opinions - AC36506 - Sidorova v. East Lyme Board of Education - Due to budget cuts, the Board of Education laid off the plaintiff who was a tenured French teacher. She sued for...more

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