Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
NY Appellate Court Provides Practical Guide to Commercial Landlord's Bankruptcy Damage Claims
The Southern District of New York affirmed a bankruptcy court's holding that the statutory cap on a landlord's damage claim [i.e., Bankruptcy Code §502(b)(6)] "applies to [its] claim against a [Chapter 11] debtor-guarantor." In re Cortlandt Liquidating LLC, 2024 WL 1301429, *3 (S.D.N.Y. Mar. 26, 2024) (emphasis added).
Although the tenant-affiliate of the debtor-guarantor was not a Chapter 11 debtor, it had vacated the leased premises and delivered the keys to the lessor one month after its affiliates (including the guarantor) filed their Chapter 11 petitions. The court also held that the non-debtor tenant had "terminated" the lease "for purposes of" the statutory damages cap; the cap should also be calculated in accordance with the "time approach", not the "rent approach"; the proceeds of a letter of credit security deposit taken from the debtor-guarantor's "assets" had been properly applied to reduce the lessor's capped claim; and that "cleanup costs" related to the non-debtor tenant's premises were "subject to" the statutory damages cap. The court's decision, supported by a well-reasoned bankruptcy court decision, 648 B.R. 137 (Bankr. S.D.N.Y. 2023) (Wiles, B.J.), provides a helpful overview of the most recent law governing landlords' damage claims in bankruptcy cases.
This premium content is locked for Commercial Leasing Law & Strategy subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
CLE Shouldn't Be the Only Mandatory Training for Attorneys
Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.
Discovery of Claim Construction and Infringement Analysis May be Compelled Prior to a Markman Hearing
A defendant in a patent infringement suit may, during discovery and prior to a <i>Markman</i> hearing, compel the plaintiff to produce claim charts, claim constructions, and element-by-element infringement analyses.