Elementary school student Eric Theodore Cartman described his experience at Casa Bonita as “totally” worth making an entire town panic, losing all his friends and going to juvenile hall for a week in an episode of the TV show “South Park.” For more than four decades, Casa Bonita, located in Denver, has been an iconic Colorado “eatertainment” establishment offering dining and entertainment, incl
The pandemic and its enormous global impact clearly demonstrate the latent volatility of hospitality real estate. The lodging industry is perhaps the most labor capital-intensive sector of real estate, and it is unequivocally being stressed by the pandemic. National U.S.
When selling significant assets in chapter 11, more often than not debtors and their professionals proceed with a stalking-horse bid. On occasion, however, we do see assets valued at $100+ million on the auction block without a stalking-horse bid. One such example is the currently pending chapter 11 case of In re Wardman Hotel Owner LLC (the debtor), pending in the U.S.
The chairs of the Real Estate Committee thank all the committee members for their support during this past year. COVID has had quite an impact on real estate lending and real estate bankruptcies. A major (and obvious) theme was the force majeure provision in contracts, and whether the COVID pandemic triggers the clause to, inter alia, excuse rental payments.
In a June 3, 2020, decision, the U.S. Bankruptcy Court for the Northern District of Illinois held that a force majeure provision partially excused a restaurant’s obligation to make post-petition rental payments after the Governor of Illinois, J.B.
On May 15th, JCPenney announced that the company was filing for chapter 11 relief. Another in a trend of major retailers filing for bankruptcy.
In a matter of first impression, the U.S.
The majority of real property leases provide for prepayment of rent on the first of each month. However, tenants filing for chapter 11 do not always pay on the day their rent is due and payable.
Releases in conformation orders do not always protect against subsequent litigation or liability. DVL Inc. and DVL Kearney Holdings LLC (collectively, “DVL”) filed a lawsuit in the U.S. District Court for the District of New Jersey against Congoleum Corp., which in turn sued Bath Iron Works Corp.
Investing in distressed real estate is often characterized by the high returns it can offer on invested capital, as well as the many ways an investor can lose his invested capital. When investing in distressed real estate, either via equity or debt, it is inevitable that investors will come across “hair” that would normally deter more institutional investors.
Sponsored by ABI's Real Estate Committee, Keen-Summit Capital Partners LLC and Summit Investment Management LLC
These overviews from ABI committee experts will arm you with vital information you can use in your practice well into the new year.
Hosted by the Health Care, Real Estate, and Technology and Intellectual Property Committees This panel will explore the rapidly changing world of information technology and medical device technology, and how it is transforming the health care system in America. Just as importantly, the panelists will discuss the financial implications and issues impacting health care providers due to the costs associated with these technological changes, and how they are dealt with in the circumstance of a financially distressed health care business.
Many insolvency professionals regularly encounter the rejection of real property leases under section 365 of the Bankruptcy Code, either through the representation of debtors, creditors, landlords, or tenants. Lease rejection issues have become more prevalent during the recent spate of retail bankruptcies, particularly due to the rise of online retail and the accompanying threat to traditional brick-and-mortar.
In 2010, at the height of the last economic downturn, there were almost three million foreclosure filings nationwide. It therefore is not surprising that almost all insolvency professionals will confront foreclosure at some point, either representing a lender considering a foreclosure filing or whose claim is affected by one, or a borrower facing threats of foreclosure. This Webinar will provide experienced and novice practitioners alike with the tools needed to advise on these situations.
Authors of the most recent Real Estate Committee newsletter recently held a committee call to discuss their respective articles and take participant questions. Topics included: application of section 363(h) of the Bankruptcy Code, “surrender” of collateral in Chapter 7 and 13 cases, and attorneys’ fees as “cure costs".
Hospitality and the Tax Man: Historical Hospitality Tax Issues in Distress
Don’t Restrict My Sale: The Enforceability of Restrictive Covenants and Easements in Assets Sales in Bankruptcy
Underwood Murray, P.A.
Godfrey & Kahn, S.C.
Membership Relations Director
Rosewood Realty Group
New York, NY
Thompson Coburn LLP
Special Projects Leader
Summit Investment / Keen-Summit Capital
Special Projects Leader
Arnold & Porter