Bankruptcy Code, Appeals, Landlords

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

Jones Day on 3/28/2025

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

SDNY Chooses “Time Approach” to Calculating Lease Termination Damages Collectible Against a Bankrupt Estate

Lowenstein Sandler LLP on 7/19/2023

Keara Waldron and Lindsay H. Sklar discuss the decision by the Bankruptcy Court for the Southern District of New York in the case of In re Cortlandt Liquidating LLC, which parted with decades of precedent to endorse and apply...more

The Letter of Credit Conundrum: When a Debtor’s Default May Be Preferable to Its Late Payment

Pillsbury Winthrop Shaw Pittman LLP on 8/20/2020

“Can an unsecured creditor be better off when the debtor defaults rather than paying off the debt? Yes: Law can be stranger than fiction in the Preference Zone.”—Ninth Circuit Untimely payment by tenants and other obligors...more

Is a Bankruptcy Plan that Violates Federal Criminal Law Proposed in Bad Faith?

Snell & Wilmer on 5/21/2019

Although legal in many states, marijuana remains illegal under federal criminal law. See 21 U.S.C. § 856(a)(1). One would think that engaging in illegal activity under federal criminal law would preclude relief under federal...more

Decision of the Ninth Circuit Court of Appeals in Garvin v. Cook Investments NW, Case No. 18-35119 (9th Cir. May 2, 2019)

Davis Wright Tremaine LLP on 5/16/2019

In an earlier update, we told you about an appeal pending in the U.S. Court of Appeals for the Ninth Circuit that would decide whether a landlord receiving rent from someone involved in the state-legal cannabis industry could...more

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

Herbert Smith Freehills Kramer on 12/7/2018

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

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

Jones Day on 10/4/2017

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

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