| |
Landlords Rejoice! The Bankruptcy Code Loves You
By Warren Graham
"In the wake of the recent and very substantial changes to the nation's laws, the most significant beneficiaries are likely to be commercial landlords." So says Warren R. Graham, a lawyer with 25 years of experience, much of it representing both landlords and tenants in large Chapter 11 reorganizations.
"Most of the public attention, in the enactment of the new law, has been paid to consumer matters and credit card debt, given that the prime movers for the new legislation were consumer credit issuers," says Graham. "But many changes have been made in the area of business bankruptcies, which are profound, and which have received virtually no reportage." Much of this did not seem so important since the new law took effect in October, 2005, in the midst of a vibrant economy and explosive real estate market. "But," Graham argues, "with the potential confluence of a weakening economy and softer real estate values, the prospect for commercial lease dispositions in cases is likely to increase dramatically, and soon."
The new law gives a commercial tenant in 120 days, with a possible one-time 90 additional days, to 'assume' or 'reject' its lease. After that, unless the landlord consents, the lease reverts to the landlord. "Under prior law," said Graham, "landlords could get stuck for many months, or even years, as debtors marketed valuable leases for the benefit of their creditors, often at the expense and risk of the landlords. The uncertainty occasioned by being held 'in legal limbo' created problems for landlords wishing to sell their properties, refinance, or even, in the case of shopping centers, lease adjoining space, because of 'cross-default' and 'use-clause' provisions." This is a particularly important phenomenon in large retail Chapter 11 cases, in which hundreds, or even thousands of leases may be implicated, and the values realized by their sales often determine the success or failure of the reorganization effort.
Graham's own experience, in fact, includes the representation of one shopping center landlord, whose single lease was marketed out of three separate bankruptcies: W.T Grant, Caldor and Ames Department Stores.
According to Graham, the consensus among professionals is that the jury is still very much out on the benefits of the new law for issuers
Credit Card Charge-Off Collapse - the Next Economic Crisis
Consolidated Credit Counseling Services, Inc. predicts credit card debt as the next financial breakdown. Consumers state their unsecured debt is approximately triple over last year. The bailout plan has been passed to help with the mortgage crisis, but consumers have credit card debts that they can't pay. (PRWEB Oct 12, 2008)
Read the full story at http://www.emediawire.com/releases/economic/crisis/prweb1456984.htm ]]>
Thumbs Up for Family 'Sightseeing on a Shoestring' in Italy and Greece
Free entry for children at leading tourist attractions puts Italy and Greece top of the family-friendly league for 'Sightseeing on a Shoestring', according to a new survey by Post Office® Travel Services.¹ (PRWEB Oct 12, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1449804.htm ]]>
PLS Helps Equip Kids for Back to School
PLS Loan Store's Back-To-School promotion resulted in more than $34,000 contributed in cash and backpacks filled with school supplies to schools across the U.S. (PRWEB Oct 12, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1456034.htm ]]>
Green Hat Enhances Testing for webMethods Green Hat Introduces First Test Automation for Stored Procedures
Green Hat releases GH Tester 4.2, generally available as of September 30, 2008, with expanded test automation for SOA platforms as well as specialized message and data formats. Of note is SOA integration, performance and governance testing for Software AG webMethods, including automation of SWIFT testing. This release also represents the first integration and SOA test automation to work with stored procedures, which can eliminate up to 95% of the time it takes in manual testing. (PRWEB Oct 12, 2008)
Read the full story at http://www.emediawire.com/releases/GreenHat/testwebMethods/prweb1456664.htm ]]>
The Sparkling 'Pearl of the Caribbean' Outshines its Competitors
Propertyshowrooms.com reveals new property investment opportunity on the popular Caribbean island of Isla Margarita. (PRWEB Oct 12, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1454254.htm ]]>
Talaris Promises Five Star Welcome As Global Business Partners Converge On Turkey
On 21st October 2008, in Istanbul, Turkey, Talaris (formerly De La Rue Cash Systems) will hold their first annual partner conference following its launch with a new brand identity. (PRWEB Oct 12, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1454404.htm ]]>
New Bank Identification Numbers (BIN) Lookup Service Released
BIN Database is a new online Bank Identification Number lookup service. That will help financial and legal institutions to verify transactions and other applications by just entering first 6 digits of person's credit card. (PRWEB Oct 12, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1454444.htm ]]>
Market Meltdown Great News For Factoring Company Woodbridge Investments
Amongst all this economic woe, one company continues to thrive despite wall street's chaos and market downturns, U.S. factoring company Woodbridge Investments, who just reported a record third quarter. Factoring companies lend money or purchase receivables such as structured settlements, annuities, and lottery payments. These companies are helping consumers get cash in this tight credit market. (PRWEB Oct 11, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1455594.htm ]]>
DUBAI.TV Reports Hollywood Superstar Antonio Banderas Amazed After Visiting Hydra Properties Island at Cityscape Dubai
Acclaimed actor Antonio Banderas impressed by the iconic projects of the UAE real estate developer Dr Sulaiman Al Fahim CEO Hydra Properties. (PRWEB Oct 11, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1459554.htm ]]>
International Accreditor and Online Navigation Tool for Senior Housing Collaborate to Help Consumers Find Quality-focused Communities
CARF International, SNAPforSeniors® team to raise awareness of senior housing resource and provider accreditation (PRWEB Oct 11, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1456624.htm ]]>
Arizona Governor Janet Napolitano to Receive the Council on Litigation Management's Professionalism Award at Annual Conference
The Council on Litigation Management (CLM) announced today, Arizona Governor Janet Napolitano as the recipient of the Council's Professionalism Award. This award recognizes and commemorates an individual who has demonstrated the unique ability to lead others by example in the highest standard of their profession. (PRWEB Oct 11, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1453284.htm ]]>
Case IH Teams with Dealers To Support Hurricane-Stricken Areas
Case IH, in conjunction with its dealers, is offering disaster relief to victims of the recent hurricanes and other storms that battered the Gulf Coast region of the United States. Case IH will work with affected producers in federal disaster areas to revise existing payment plans, or to replace storm-damaged equipment and provide special financing. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/caseih/hurricane_relief/prweb1451634.htm ]]>
Finvest to Launch Capital Protected Offering
In light of the higher risks which are sweeping global markets, Finvest Asset Management is set to launch a new capital protected offering for investors who are seeking to generate annual returns of between 12-20 percent in a low risk structure. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/Finvest/Asset_Management/prweb1439224.htm ]]>
LJL Funding Announces Investment Alternative - Trust Deed Investments
LJL Funding, LLC poses the question: What alternative investment strategies are out there in today's uncertain market? Our common sense and intuition tells us that investment dollars including our own are moving to the sideline in these times of uncertainly. LJL Funding announces an investment alternative - Trust Deed Investments. Investors are invited to review the website www.LJLFunding.com or call 888-456-0246 to discuss the investment opportunities. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/ljlfunding/investments/prweb1445784.htm ]]>
Independent Providers Rebuild Reputation of Tarnished PPI Sector, Reports Burgesses Limited
As consumer confidence in banks and building societies continues to diminish, one High Street lender - Alliance and Leicester - has dented its reputation with a £7million fine from the Financial Services Authority for Payment Protection Insurance mis-selling. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/payment/protection/prweb1449324.htm ]]>
Credit Card Protection Insurance - is it in your wallet?
Recent research from financial comparison site Money Expert reveals that four million credit card users have missed a payment in the last six months to September this year. "This is not surprising, given how stretched our finances are these days," says PPI lobbyist Sara-Ann Burgess from Burgesses. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/credit/protection/prweb1449354.htm ]]>
We're All Going On a Virtual Holiday
UK holidaymakers are making the most of their breaks during the credit crunch by using the net to take a 'virtual rehearsal' before they leave, according to Post Office® Broadband. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1449614.htm ]]>
Strong Global Growth for Workplace Wellness Programs Revealed by Buck Consultants Survey
Workplace wellness strategies are rapidly growing in popularity outside of North America – almost doubling in the past year – to a point where 40 percent of employers surveyed in Europe, Asia and Africa now offer these programs, a global survey released today indicates. Although there is strong global growth for wellness programs, they are still most prevalent in North America, with 82 percent of responding employers offering them. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1449994.htm ]]>
Liberty Tax Examines the Emergency Economic Stabilization Act of 2008/$700 Billion Bailout
What's in it for Individual Taxpayers? (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/Emergency_Economic/Stabilization_Act/prweb1452354.htm ]]>
Kim Chong (KC) Sim is Appointed Executive Senior Consultant for Lucas Group’s New Asian Location
As Executive Senior Consultant, KC will oversee the implementation of our Search division in Asia for both national and international client management specializing in Accounting & Finance, Capital Markets, Consumer Products, Legal, Manufacturing/Engineering, Supply Chain & Logistics, Medical Device/Pharmaceutical/Biotech, Real Estate and Technology niches. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1452554.htm ]]>
Network Mortgage Expands into Everett
Network Mortgage Expands into Everett (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1453464.htm ]]>
Property Landlord Insurance News: Internet Insurance Quotes: Check Before You Buy
Landlords beware: don't be misled by low insurance quotes from the web, especially if your circumstances or property are in anyway out of the ordinary. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1454684.htm ]]>
ASD Licenses Patents Portfolio to PaymentsNation : Licensing Promotes Interoperability
Advanced Software Design Corporation (ASD), a leader in innovative fraud prevention solutions for banks and credit unions, announced it has agreed to license its interoperability and validation of check security features patents portfolio on a limited basis to PaymentsNation, a premier payments solutions provider. The limited license facilitates PaymentsNation and other fraud solution providers’ participation in multi-vendor interoperability product demonstrations. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/advanced_software/software_design/prweb1457804.htm ]]>
Children's Charity Set to Benefit from Company's Online Credit Crunch Initiative
Almost 50 percent of people surveyed are predicting they will probably give less money to worthy causes in the next 12 months as a result of the credit crunch. A revolutionary new initiative by Cash Converters, the UK's number one retailer of pre-owned and nearly new goods, has found a novel way for people to make money from unwanted goods, buy bargains and still help a children's charity. Cash Converters, supporting national children's charity Dreams Come True, will host a first of its kind online charity auction at www.cashconverters.co.uk between 8-17 October where goods brought into its stores can be sold online with every penny made going to national charity Dreams Come True. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1445904.htm ]]>
Real Estate Investment Managers Rely on Resolve to Quickly Assess Exposure to AIG, Lehman Brothers, Other Tenants at Risk
Using Resolve's Business Intelligence Solution, Assessment of Risk and Exposure to Specific Businesses Across Entire Real Estate Portfolios Is Just a Click Away (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1432264.htm ]]>
The Regulation of Credit Counseling - The Impact and Relevancy of Tax-Status: A Panel Discussion by State Regulators
Credit counseling regulators from four states will hold a panel discussion on the subject of "The Regulation of Credit Counseling - The Impact and Relevancy of Tax-Status" at the American Association of Debt Management Organizations' (AADMO) Fall Conference in Savannah, GA on October 21, 2008. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1434884.htm ]]>
Vendavo Launches Vendavo Enterprise Pricing Suite Version 7
New Release Extends Vendavo's Leadership in Price Management and Price Optimization Solutions for Business-to-Business Companies. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1444774.htm ]]>
'Tis the Season to Give the Gift of Flight
Private Jet Company Re-Launches Holiday Gift Card (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1445554.htm ]]>
Orion Mobility Successfully Holds 21st Annual Global Relocation Conference
Nearly 100 professionals in the tax, payroll, human resources and relocation management fields came to learn, network and discuss Putting ROI Into Focus: Today's Solutions for Corporate HR, Tax, Payroll and Relocation Professionals at the Crowne Plaza Hotel, White Plains, NY from September 22-24, 2008. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1445444.htm ]]>
MiniCo Publishing Webinar Focuses On Self-Storage Market Analysis
The Mini-Storage Messenger Self-Storage Webinar Series will offer a free webinar on self-storage market analysis, a critical step for anyone considering self storage investment. Sponsored by Noah's Ark Development, the live webinar on October 29 will provide a step-by-step demonstration of how developers may perform their own preliminary research for a market analysis. Topics will include supply and demand, market definition, and competitor analysis. (PRWEB Oct 10, 2008)
Read the full story at http://www.emediawire.com/releases/2008/10/prweb1446594.htm ]]>
of consumer credit. It has, in fact, been argued that, even as those entities lobbied hard for the changes in the law, the likelihood is that their recoveries will not be materially enhanced by them. "But there is little doubt," Graham claims, "that landlords will benefit greatly by being able to rely on a swift and certain disposition of their property interests in Chapter 11 Cases. Next year's Christmas season may come earlier for retail landlords than for their retail tenants. And the role of Santa Claus may be played by the United States Congress, with lawyers in the supporting roles of his elves." | |
