| |
| |
| vol 17, num 1 | JuLY, 2020 |
| |
|
|
| |
|
|
|
|
|
| |
| Avoiding Tax Sales in Bankruptcy: Not All Foreclosures Are Created Equal |
| When asked whether a foreclosure sale can be avoided in bankruptcy, the first answer that comes to many practitioners’ minds is “no” because of the Supreme Court’s opinion in BFP v. Resolution Trust Corp. The correct answer, though, is a much more nuanced “it depends.” The Third Circuit’s Sept. 12, 2019, precedential opinion in Hackler v. Arianna Holdings Company LLC is an excellent reminder why.
The facts in Hackler are relatively straightforward. The Hacklers failed to pay taxes on a parcel they owned in New Jersey, which resulted in a tax lien. The township in which the property was located subsequently conducted a public auction of the tax lien. The lien sold at auction and was assigned to Arianna Holding Company LLC. The Hacklers failed to redeem the tax lien, which resulted in a foreclosure judgment vesting title to the property in Arianna.
|
| |
|
|
|
|
| |
|
| |
| Financing Trends in Chapter 11 Retail Cases |
| Throughout 2019, the retail industry continued to struggle as numerous retailers — from a variety of product and apparel categories — sought bankruptcy relief. Further, many retailers entered chapter 11 with an intent to liquidate all, or substantially all, of their assets quickly and efficiently. In doing so, debtors and secured lenders utilized standard practices seen across all industries, such as sale-related milestones in DIP orders, but also sought relief unique to the retail industry. These practices underscored the importance of speed, which, in turn, preserved and protected the secured lenders’ position. This article examines and
summarizes six retail chapter 11 filings from 2019: Shopko, Gymboree, Payless, Charming Charlie, Barneys and Fred’s. Each of those debtors, and their respective debtor-affiliates, pursued liquidation or going-out-of-business (GOB) sales either at the petition date or shortly thereafter. Of those cases, three debtors were “chapter 22” filings, having exited a prior chapter 11 case in recent years: Gymboree, Payless and Charming Charlie. |
| |
|
|
|
|
| |
|
| |
| Announcing ABI’s COVID-19 Resources Page! |
 |
| Check out our brand-new COVID-19 Resources Page! Developed for both bankruptcy professionals and the public alike, the page houses links to essential information and analysis regarding the financial distress being inflicted by the COVID-19 pandemic. The site features exclusive ABI content on the crisis, recommended member analysis, industry sector news, charts and more. |
| |
|
|
|
|
| |
|
| |
| Secured Credit Committee Leadership for 2020 |
| For your reference, below is a full roster of the Secured Credit Committee leadership. Please consider them a resource for getting more involved in ABI volunteer activities.
You can also visit the committee's homepage for more newsletter articles, relevant recordings and other committee information.
The committee is always eager to welcome new volunteers. Please contact any member of our leadership team to find out how you can get involved.
|
|
|
 |
| |
Jed Donaldson
Special Projects Leader
LimNexus LLP
Washington, D.C. |
| |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
