Counsel for commercial landlords should be aware of the Seventh Circuit’s recent opinion in Great Lakes Quick Lube LP v. T.D.
Real Estate Committee
Committees
The § 363 game may be changing again, at least with respect to the treatment of express easements in real property.
[1]There are legions of cases interpreting the anti-modification clause of the Bankruptcy Code in the context of stripping off, cramming down or bifurcating residential mortgages. However, when it comes to other security interests recorded against residential properties, the law is not so clear.
Section 506(a) of the Bankruptcy Code provides that a claim is secured “to the extent of the value of such creditor’s interest in the estate’s interest in such property,” and that for purposes of determining a secured claim, the value of collateral “shall be determined in light of the purpose of the valuation and of the proposed disposition or use of such property.”
Hurricane Sandy was the deadliest hurricane in the 2012 hurricane season and the second-costliest hurricane in U.S. history. It was Sandy that came ashore on Oct. 29, 2012, with a vengeance and destroyed the Zairs’ home, which was located within the jurisdiction of the U.S. Bankruptcy Court for the Eastern District of New York.
On May 3, 2016, Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York ruled that covenants contained in certain executory contracts do not run with the land and may be rejected pursuant to § 365 of the Bankruptcy Code. In re Sabine Oil & Gas Corp., et al. involved agreements between the Sabine Oil & Gas Corp.
Under § 363 of the Bankruptcy Code and subject to bankruptcy court approval, chapter 7 trustees have the power to sell the entire interest in property that the debtor owns with nondebtor co-owners.
The decision in Zachary v. California Bank & Trust[1] brings the Ninth Circuit in line with the four other circuits that have concluded that BAPCPA did not abrogate the absolute priority rule in individual chapter 11 cases.
As we wrap up another successful year for the ABI Real Estate Committee, we want to thank each of our members and our executive committee for making it all possible. Here are a few highlights from the committee’s activities in 2015.
The 2015 Annual Spring Meeting
While the flood of residential foreclosures that characterized the Great Recession has dried up, appeals challenging the rights of lenders to recover their post-foreclosure loan balances are still finding their way through the appellate process. Anti-deficiency laws — which either
Ms. Katharine B. Clark
Co-Chair
Thompson Coburn LLP
Dallas, TX
(972) 629-7100
Co-Chair
Thompson Coburn LLP
Dallas, TX
(972) 629-7100
Mr. Patrick J. Potter
Co-Chair
Pillsbury Winthrop Shaw Pittman LLP
Washington, DC
(703) 300-8531
Co-Chair
Pillsbury Winthrop Shaw Pittman LLP
Washington, DC
(703) 300-8531
Mr. Greg Corbin
Membership Relations Director
Northgate Real Estate Group
New York, NY
(212) 419-8101
Membership Relations Director
Northgate Real Estate Group
New York, NY
(212) 419-8101
Mr. Charles A. Malloy
Newsletter Editor
Arnold & Porter Kaye Scholer LLP
Washington, DC
(202) 942-5926
Newsletter Editor
Arnold & Porter Kaye Scholer LLP
Washington, DC
(202) 942-5926
Mr. David E. Levy
Special Projects Leader
Keen-Summit Capital Partners & Summit Investment Management
Chicago, IL
(312) 909-1696
Special Projects Leader
Keen-Summit Capital Partners & Summit Investment Management
Chicago, IL
(312) 909-1696