Written by: Francis J. Lawall
Pepper Hamilton LLP; Philadelphia
James C. Carignan
Pepper Hamilton LLP; Wilmington, Del.
When a retail company enters bankruptcy, its most valuable asset routinely includes its interest as a tenant in unexpired commercial-space leases. Subject to certain limitations, the Bankruptcy Code permits the debtor-tenant to continue its operations in the profitable locations and “reject” the unprofitable stores, which are effectively abandoned back to the landlords. The debtor is generally able to sell its lease interest to an assignee, even if the lease prohibits the assignment, and conduct “going out of business” or “store closing” sales from a location, despite lease provisions that otherwise prohibit liquidation activities on site.
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The 16th Annual Northeast Bankruptcy Conference will be held in conjunction with the 4th Annual Northeast Consumer Forum July 16-19 at the historic Mount Washington Resort in Bretton Woods, New Hampshire. This year’s program offers more than 8 hours of CLE and features a roster of the best regional speakers. Outdoor enthusiasts and families can take advantage of an array of activities as well. One of the sessions will be of particular interest to the committee.
Panelists in the session “Single-asset Real Estate” will give a general overview of certain issues involving single-asset real estate debtors, specifics relating to relief from the automatic stay and concerns that arise with single purpose entity bankruptcy cases. Andrea Z. Schwartz of Foley Hoag LLP in Boston will moderate. Panelists will include D. Sam Anderson of Bernstein Shur in Portland, Maine and Jeffery L. Jonas of Brown Rudnick LLP in Boston. Please click the link below to view the materials.
Single-asset Real Estate
The 14th Annual Southeast Bankruptcy Workshop will be held July 29 - August 1, 2009 at the gorgeous Westin Hilton Head Island Resort & Spa on Hilton Head Island, South Carolina. This year's program promises to be exceptional and will offer 9 hours of CLE credit, including 2.5 hours of ethics. This piece of South Carolina low country provides a haven of dazzling white-sand beaches, brilliant green salt marshes and rivers and unlimited recreational opportunities. One of the sessions will be of particular interest to the committee.
Panelists in the session "Dead Dirt: Part 2" will discuss how one should handle a chapter 11 real estate case as either the debtor's attorney or the lender's attorney. Robert P. Reynolds of Reynolds, Reynolds & Duncan, LLC in Tuscaloosa, Ala. will moderate. Panelists will include Hon. Robert A. Mark of the U.S. Bankruptcy Court (S.D. Fla.) in Miami, Robert L. Shields, III of Tanner & Guin, LLC in Birmingham, Ala. and Michael Thompson of Thompson, O'Brien, Kemp & Nasuti, PC in Norcross, Ga. Please click the link below to view the materials.
Dead Dirt: Part 2
