Minutes for the Joint Meeting of the Business Reorganization Committee and the Investment Banking Committee
ABI Annual Spring Meeting, Washington, D.C., April 12, 2003

The meeting was called to order at 8:30 a.m. and Business Reorganization Committee Co-chair Robert Keach advised the attendees that the educational program was a joint presentation by the Business Reorganization Committee and the Investment Banking Committee. He then introduced Anthony Schnelling, co-chair of the Business Reorganization Committee, and welcomed Peter Kaufman, co-chair of the Investment Banking Committee.
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Third Circuit Decision Impacts Commercial Landlord Rights
by Mary Ellen Welch Rogers
Ruberto, Israel & Weiner PC, Boston, Mass.

The influential Third Circuit Court of Appeals in Solow v. PPI Enterprises (U.S.) Inc., et al. (In re PPI Enterprises (U.S.) Inc., Docket No. 01-4140, March 28, 2003 (Scirica, J.) recently decided a case with potential for significant impact on commercial landlords. The chief holding states that landlords holding rejection claims reduced by operation of Bankruptcy Code Section 502(b)(6) are not impaired for purposes of entitlement to vote on a plan of reorganization. The court also called into question the increasingly common practice of using letters of credit in lieu of cash security deposits as a means of enhancing landlord claims. Additionally, the court rejected the contention that a case filed for the chief (if not the sole) purpose of reducing a landlord rejection claim is necessarily in bad faith.
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