The recently passed federal appropriations bill provides a mechanism for certain terminated auto dealers to seek relief through arbitration. If the dealer succeeds in the arbitration process, the manufacturer is required to enter into a letter of intent for a sales and service agreement with that dealer.
Auto Dealers Eligible for Arbitration
In a recent decision from the United States Bankruptcy Court for the District of Delaware, Judge Mary Walrath has required that members of an informal committee of noteholders comply with expansive disclosure requirements beyond the standard established for official committees. In a written opinion issued on December 2, 2009 in the case of In re Washington Mutual, Inc., Case No. 08-12229 (MFW), Judge Walrath granted a motion to require an informal group of noteholders to comply with Rule 2019 of the Federal Rules of Bankruptcy Procedure.
470-Unit Apartment Complex in Pittsburgh, Pennsylvania In re Ventana Hills Associates, Ltd. (Bankr. N.D. Ill.) Case no. 09-41755 In re Ventana Hills Phase II, L.P. (Bankr. N.D. Ill.) Case no. 09-41758
470-Unit Apartment Complex in Pittsburgh, Pennsylvania In re Ventana Hills Associates, Ltd. (Bankr. N.D. Ill.) Case no. 09-41755 In re Ventana Hills Phase II, L.P. (Bankr. N.D. Ill.) Case no. 09-41758
Intercreditor Agreement in ION Media requires Second Lien Lenders “Be Silent” — precludes challenge to validity of liens; deprives junior creditors of standing to object to plan of reorganization.
Publishing Company in Pleasantville, New York In re Reader’s Digest Sales and Services, Inc. (Bankr. S.D.N.Y.) Case no. 09-09548
5620 Central Avenue, LLC recently filed for Chapter 11 bankruptcy, and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor’s real property is located at 5620 Central Avenue in El Cerrito, California, valued at $6 million. The property is described as parcels 510-053-32, 510-053-33 and 510-053-25. Real estate listings describe the property as a 142,000 sq. ft. vacant lot that is zoned C-3 Regional Commercial. The Debtor did not list any income.
Stricker LP recently filed for Chapter 11 bankruptcy and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor owns a building and 7.9 acres of commercial zoned property located at 2201 East Lamar Boulevard, Arlington, Texas, valued at $19.8 million. The Debtor’s income from the operation of business for 2007 was $69,969 and for 2008 it was $60,667.
BGM Pasadena LLC recently filed for Chapter 11 bankruptcy, and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor’s real property is located at 210, 244 and 248 Orange Grove Boulevard and 369 and 375 West Del Mar Boulevard in Pasadena, California, valued at $10 million. The property is described as office and apartment buildings, with one commercial lease, seven residential leases, and one vacant residential unit.
Tampa Enclave 52 LLC recently filed for Chapter 11 bankruptcy and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor owns 144 unsold units in a condominium development known as “The Promenade at Tampa Palms” located in Tampa, Florida, valued at $5 million. The Debtor’s gross rent and income from the sale of apartments for 2007 was $7.3 million; for 2008 it was $2.6 million; and the gross rent for 2009 to date is $607,349.