Executive Contracts under Bankruptcy Code §365
by David P. Freedman, Luis C. Marini
O’Neill & Borges; San Juan, Puerto Rico
Section 365 of the Bankruptcy Code authorizes the trustee or debtor-in-possession to reject, assume or assign executory contracts and unexpired leases. The power is of primary importance in chapter 11 reorganization cases; sometimes it is important as well in chapter 7 and under §365.
Read the full article. (Materials from 2007 Caribbean Insolvency Symposium )
Gearing Up for Real Estate Bankruptcies
by Debra A. Riley, Edward G. Fates
Allen Matkins Leck Gamble Mallory & Natsis LLP; San Diego
The revisions to the Bankruptcy Code implemented by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) which became effective in October 2005, have had wide-ranging effects on nearly all aspects of business and consumer bankruptcies. The following discussion focuses on certain changes to the Bankruptcy Code that may impact bankruptcies involving commercial real estate in the years to come.
Read the full article. (Materials from 2007 Bankruptcy Battleground West)
Minutes from the 2007 Annual Spring Meeting
The Real Estate Committee began is meeting at the Annual Spring Meeting last month by saying both goodbye and hello. A grateful goodbye was said to retiring co-chair John Collen of Duane Morris in Chicago. John served as co-chair of the committee from its founding until the conclusion of the Annual Spring Meeting, which he was unable to attend to be present at his son's induction into the U.S. Marine Corps. Continuing Co-chair Alec P. Ostrow of Stevens & Lee in New York City presented ABI's certificate of appreciation to John in absentia. John's service on the committee was long and distinguished. The good news is that he will continue as an active participant.
The Committee also said hello to in coming co-chairs Berry D. Spears of Fulbright & Jaworski in Austin, Texas, and John Young of Block, Markus & Williams, LLC in Denver. We look forward to working with them.
Following these announcements, continuing Co-chair Alec Ostrow announced that the committee's ongoing project of drafting an annotated, model contract for the sale of real estate in bankruptcy will receive some assistance. The American College of Real Estate Lawyers (ACREL) has expressed an interest in co-sponsoring the project, and we look forward to working with ACREL. Committee members who are interested in participating should contact one of the committee chairs.
The educational program consisted of a presentation entitled "Interests Impervious to Bankruptcy." The panel consisted of Patrick E. Mears of Barnes & Thornburg in Grand Rapids, Mich., Scott N. Opincar of McDonald Hopkins Co. in Cleveland and co-chair Alec Ostrow. The lively discussion included such topics as restrictive covenants, zoning and condemnation. The session room was filled to capacity, and the audience participation was exceptional. The committee's materials from the three panelists as well as from retiring co-chair John Collen are included in the Annual Spring Meeting Educational Materials.