Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Lessee Remains Liable to Lessor Following Failed Mitigation
In Giant Eagle, Inc. v. Phar-Mor, Inc., 2008 WL 2078787 (6th Cir. 2008) the United States Court of Appeals for the Sixth Circuit held that the lower courts erred in their determination that once a lessor mitigates its damages by entering into a substitute lease, the lessor cannot claim damages from the original lessee for the period covered by the new lease if the substitute lessee subsequently defaults.
In this case, the original lessee and lessor were parties to a long-term lease for warehouse equipment. One year after the lessee's Chapter 11 filing, the lessee rejected the lease under ' 365(a) of the bankruptcy code. The lessor attempted to mitigate its damages by entering into a new lease, but that lessee also filed for bankruptcy. The lessor then sought damages from the original lessee. The original lessee objected, arguing that it was excused from liability as of the date the lessor entered into the subsequent lease, because that lease could have fully mitigated its damages. The Bankruptcy Court agreed with the original lessee, as did the District Court. The Circuit Court reversed and instead found for the lessor.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.