Written by: Tara Trevorrow
Bilzin Sumberg Baena Price & Axelrod, LLP; Miami
Although a wealth of case law has found pre-petition bans on bankruptcy filings to be unenforceable as a matter of public policy, a recent unpublished decision from the Tenth Circuit Bankruptcy Appellate Panel (BAP) upheld a pre-petition ban included as an amendment to an operating agreement. [1] The debtor, DB Capital Holdings LLC, was organized under Colorado law as a manager-operated, limited liability company. The debtor was created to develop and sell a timeshare project in Aspen known as Dancing Bear Residences. The debtor had two members—a Class A member, Aspen HH Ventures LLC, and a Class B member, Dancing Bear Development LP (DB Development).
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During the recent Bankruptcy Battleground West conference in Los Angeles, there was a session especially relevant to the committee entitled "The Reorganizing (and Unraveling) of Real Estate Enterprises." The panel discussed legal issues arising in the Namco case, current trends in consensual restructurings and the impact of single asset real estate debtors. The session was moderated by Aleksandra Zimonjic of Landau Gotfried & Berger LLP in Los Angeles. The panel also included Dennis B. Arnold of Gibson, Dunn & Crutcher LLP in Los Angeles; J. Michael Issa of GlassRatner Advisory & Capital Group LLC in Irving, Calif,; Bradley D. Sharp of Development Specialists, Inc. in Los Angeles; David B. Shemano of Peitzman, Weg & Kempinsky LLP in Lost Angeles; and Hon. Laura S. Taylor of the U.S. Bankruptcy Court (S.D. Cal.) in San Diego.
The Reorganizing (and Unraveling) of Real Estate Enterprises
To view all conference materials related to the Real Estate Committee, please click here.
ABI is pleased to invite you to use one of our newest features - the online Interactive Bankruptcy Code and Rules. Exclusive to ABI, this new site allows users to view, bookmark and take notes in their electronic version of the Interactive Bankruptcy Code and Rules. Since all of your information is stored in a personal, password protected account, you can access your Code and Rules, along with bookmarks and notes, through any computer or browser, including your Smartphone! Click here to create your free account for ABI's Interactive Bankruptcy Code and Rules.
ABI's 29th Annual Spring Meeting will be held March 31 - April 3, in National Harbor, Md. The Real Estate Committee will hold a session covering current and emerging issues in distressed real estate, and there will be a two-part session focusing on the mortgage financial crisis. With these panels and dozens of other presentations, the Annual Spring Meeting provides the opportunity for earning up to 15.75/18.5 CLE/CPE credits, including 3 ethics credits. Optional events, including a group outing to watch the Cleveland Cavaliers take on D.C.'s own Washington Wizards, and final night entertainment with LeAnn Rimes make this an event not to miss!
Click here to register!