Author Archives: BankruptcyRealEstateInsights

About BankruptcyRealEstateInsights

Vicki R. Harding was a partner in the Detroit office of Pepper Hamilton LLP who moved to Arizona seeking warmer weather. Ms. Harding continues to handle commercial transactions with an emphasis on real estate and bankruptcy issues (but no longer owns a snow shovel).

Letter of Credit: Not A Financial Accommodation, Executory Contract Or Even A Contract?

Posted on November 5, 2013 by BankruptcyRealEstateInsights

Rafool v. Evans, 497 B.R. 312 (C.D. Ill. 2013) – A chapter 7 trustee brought a legal malpractice case against a debtor’s prepetition attorneys for failing to advise the debtor to draw on letters of credit prior to filing bankruptcy.  The case turned … Continue reading →

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Single Asset Real Estate Case: How Single is Single?

Posted on November 1, 2013 by BankruptcyRealEstateInsights

In re Yishlam, Inc., 495 B.R. 328 (Bankr. S.D. Tex. 2013) – The debtor owned units in two apartment buildings.  Shortly after it filed bankruptcy, its mortgage lender sought a determination that it was a “single asset real estate” debtor under … Continue reading →

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Post-Petition Interest and Subordination: The Rule of Explicitness Lives (and Drafting Matters)

Posted on October 29, 2013 by BankruptcyRealEstateInsights

Silver Point Finance, LLC v. Deutsche Bank Trust Company Americas (In re K-V Discovery Solutions, Inc.), 496 B.R. 330 (Bankr. S.D.N.Y. 2013) – Based on a subordination agreement, senior secured noteholders contended that they were entitled to receive payment of post-petition … Continue reading →

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Leases: The Debtor Tenant’s Right To “Assume” and To “Assign” Does Not Mean To “Assume and Assign”

Posted on October 25, 2013 by BankruptcyRealEstateInsights

In re Eastman Kodak Co., 495 B.R. 618 (Bankr. S.D.N.Y. 2013) – The debtor assumed a ground lease prior to the deadline for assumption or rejection of non-residential real property leases.  It later sought to assign the lease in connection with … Continue reading →

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Bankruptcy Sales: “Free and Clear” Of An “Interest” May Even Extend To Blocking A Successor Unemployment Insurance Experience Rating

Posted on October 22, 2013 by BankruptcyRealEstateInsights

In re USA United Fleet Inc., 496 B.R. 79 (Bankr. E.D.N.Y. 2013) – A state used the debtors’ prepetition unemployment insurance experience rating to determine the unemployment insurance tax liability of a buyer of the debtors’ assets.  The buyer objected that … Continue reading →

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Bankruptcy Sales: Buyer Beware, As-Is Means As-Is, and So On

Posted on October 18, 2013 by BankruptcyRealEstateInsights

Baldiga v. C.A. Acquisition Corp. (In re Cyphermint, Inc.), 496 B.R. 49 (Bankr. D. Mass. 2013) – A chapter 7 bankruptcy trustee brought an adversary proceeding against a buyer and its designated purchaser for breach of contract and civil contempt.  The defendants … Continue reading →

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