Publications

Reducing Development Agreement Risks in Municipal Bankruptcies

3/28/2013 Articles

Published in the spring edition of Commercial Real Estate Developement 

As part of a bankruptcy, a city can assume or reject “executory contracts” — contracts under which material performance obligations remain such that a breach by a party would entitle the other party to terminate. However, if an executory contract, such as a Development Agreement, is rejected by a city, the developer has no ability to enforce its terms and conditions. Instead, the developer has a breach of contract claim against the city, which then becomes a part of the bankruptcy, meaning that the developer is usually able to recover a fraction of the investment.

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Hospitality Companies and Their Lenders: Preparing for Difficult Conversations

In a sudden reversal of generally expansionary trends, the hospitality business has been among the most immediate and badly hit economic sectors as a result of the COVID-19 pandemic, and the resulting stay-at-home and...

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Questions Wineries Need to Answer Before Talking With Lenders About Coronavirus-Caused Financial Woes

The coronavirus pandemic and public health efforts to combat it will impact different wine businesses in different ways. Those that depend upon on-premise and direct-to-consumer (DTC) sales — such as restaurant, hospitality, and tasting room...

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Three Steps Licensees Can Take to Protect Their IP Rights in Bankruptcy

During periods of widespread economic disruption such as the present, operating businesses must be able to identify and respond to threats to the financial health of their contracting counterparts in order to protect key...

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How Grape Growers Can Protect Their Interests When a Winery Approaches Insolvency

A lot goes into the making of great wine, and when a winery becomes financially unstable, there are multiple competing interests that need to be satisfied, including the banks that provide the winery with...

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Non-Residential Lease Default Workouts, Security Deposits and Bankruptcy

What are the bankruptcy implications of the treatment of a tenant’s security deposit following a payment default?  Many non-residential tenants are now or are likely in the future to be unable to pay rent...

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Treatment of Commercial Leases in Tenant Bankruptcy - The Basics

As the COVID-19 pandemic continues to wreak havoc with the nation’s economy, we have started to see bankruptcy filings by well-known companies such as GNC, J. Crew, Neiman Marcus, Modell’s, 24 Hour Fitness, Gold’s...

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Protecting Suppliers and Customers of Insolvent or Bankrupt Companies

Some 3,600 companies having already  filed for Chapter 11 protection  in the first half of 2020—more than in any year since 2012—and many are bracing for an even greater surge of bankruptcy filings before...

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Wine Businesses, Lenders, and Difficult Conversations

The COVID-19 pandemic and public health efforts to combat it will impact different wine businesses in different ways. Those that depend on on-premise and direct-to-consumer (DTC) sales, such as restaurant, hospitality, and tasting room...

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