In a recent opinion delivered by Judge Huennekens in the case of In re Alpha Natural Resources Inc., et al., the bankruptcy court permitted the debtor, Alpha Wyoming Land Co., to reject a settlement agreement that required the payment of a royalty, the amount of which was based on a percentage of the coal mined and subseque
Considering that bankruptcy cases typically involve divvying up a less-than-whole pie, it should not come as a surprise when a court disfavors debtors trying to have their cake and eat it, too.
Lenders frequently require that the insiders of single-asset real estate borrowers personally guarantee their companies’ debt to the lender.
There is a split among bankruptcy courts as to whether a debtor may modify his or her state law right of redemption through a chapter 13 plan after his or her real property is sold at a tax sale. Section 1322 of the Bankruptcy Code permits a debtor to modify the rights of secured claims through a plan under certain enumerated circum
Counsel for commercial landlords should be aware of the Seventh Circuit’s recent opinion in Great Lakes Quick Lube LP v. T.D.
The § 363 game may be changing again, at least with respect to the treatment of express easements in real property.
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.
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