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Finding that underlying development agreement was terminated, Delaware Bankruptcy Court disallows claim for rejection damages

On July 9, 2012, Judge Mary F. Walrath of the Bankruptcy Court for the District of Delaware disallowed a claim for rejection damages related to a real estate development agreement, because the claim had been released upon the termination of an LLC Agreement, and the underlying ground lease never came into existence.  In re Magna Entm’t Corp., 2012 Bankr. LEXIS 3089 (Bankr. D. Del. July 9, 2012).  

Background

USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Limited liability company, Force majeure, United States bankruptcy court
SDNY bankruptcy court holds that venue of Houghton Mifflin case is improper, but delays transfer

On June 22, 2012, Judge Robert E. Gerber of the United States Bankruptcy Court for the Southern District of New York granted the U.S. Trustee’s motion to transfer the chapter 11 cases of Houghton Mifflin Harcourt Publishing Company and its affiliates to a different venue, notwithstanding the fact that the debtor’s prepackaged plan had been confirmed with unanimous support from its creditors, the cases were projected to conclude within 30 days of filing, and the debtors’ primary creditor constituencies supported venue in New York.

USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, United States bankruptcy court, US District Court for the Southern District of New York