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    Hearing set on creditors’ motion to force an appraisal committee for the Detroit Institute of Arts collection
    2013-12-20

    Following on yesterday’s release of the full report and recommendations by Christie’s with regard to the collection of the Detroit Institute of Arts, the Bankruptcy Court has set a hearing on the 

    Filed under:
    USA, Michigan, Insolvency & Restructuring, Leisure & Tourism, Litigation, Sullivan & Worcester LLP
    Authors:
    Nicholas O'Donnell
    Location:
    USA
    Firm:
    Sullivan & Worcester LLP
    Double bogie: bank's security interest in green fees cut off by club's bankruptcy
    2013-01-07

    A golf course may look like a solid piece of collateral. After all, golfers will pay good money to play and the green fees and driving range fees golfers pay to play the course will generate a revenue stream. This revenue stream can be pledged to a lender and used to support loans to the owner of the course. Lenders love to finance a business that generates a steady revenue stream, making a golf course look like an attractive form of collateral.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Leisure & Tourism, Litigation, Jeffer Mangels Butler & Mitchell LLP, Bankruptcy, Collateral (finance), Bankruptcy Appellate Panel
    Authors:
    Bennett G. Young
    Location:
    USA
    Firm:
    Jeffer Mangels Butler & Mitchell LLP
    Golf fees as cash collateral: strike three you’re out
    2012-12-04

    Far East Nat’l Bank v. U.S. Trustee, San Diego (In re Premier Golf Properties, LP) 477 B.R. 767 (9th Cir. B.A.P. 2012) –

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Litigation, Troutman Pepper, Bankruptcy, Debtor, Collateral (finance), Interest
    Location:
    USA
    Firm:
    Troutman Pepper
    Tribal gaming enterprise held ineligible to file for Chapter 11
    2012-09-24

    Since the passage of the Indian Gaming Regulatory Act in 1988, casinos owned by Native American tribes have proliferated across tribal lands and have generated billions of dollars in revenue annually.  While casinos such as Mohegan Sun and Foxwoods are among the largest and well-known tribal casinos, over 60 exist in the State of California, where many dozen small properties have sprung up throughout the state in recent years, in some cases built in part with the proceeds of high-yield bond debt.  This recent growth spurt juxtaposed with the prolonged downturn in consumer spending

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Litigation, Cadwalader Wickersham & Taft LLP, Collateral (finance), Option (finance), Personal property, Casino
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Tribal casino bankruptcy? Not yet
    2012-09-05

    In the case of In re Santa Ysabel Resort and Casino, the Bankruptcy Court for the Southern District of California heard arguments on September 4, 2012, as to whether the alleged debtor, a tribal casino, was eligible for bankruptcy protection. The court concluded the casino was not an eligible debtor under the Bankruptcy Code.

    Filed under:
    USA, California, Insolvency & Restructuring, Leisure & Tourism, Litigation, Bracewell LLP, Bankruptcy, Casino, United States bankruptcy court
    Location:
    USA
    Firm:
    Bracewell LLP
    Indian country and bankruptcy
    2012-07-16

    Pursuant to a June 27, 2012 tribal resolution, on July 2, 2012, the Santa Ysabel Resort and Casino filed a voluntary chapter 11 bankruptcy petition. The casino is an unincorporated enterprise for economic development owned by the Iipay Nation of Santa Ysabel, a federally recognized Indian tribe. After numerous construction problems during the peak of construction pricing, the casino opened in 2007, just before the drop in the economy.

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Dorsey & Whitney LLP, Bankruptcy, Casino, United States bankruptcy court
    Authors:
    Steven T. Waterman
    Location:
    USA
    Firm:
    Dorsey & Whitney LLP
    Gaming manufacturer, GameTech International, files for bankruptcy in Delaware
    2012-07-16

    Earlier this month, GameTech International, Inc., and various related entities (collectively, "GameTech"), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to GameTech's Declaration in Support of its Chapter 11 Petitions (the "Decl."), the company entered the electronic bingo business in 1994  and the video lottery terminal ("VLT") and slot machine business in 2007.  Decl.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Leisure & Tourism, Litigation, Fox Rothschild LLP, Bankruptcy, Market liquidity, Delaware General Corporation Law
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Wisconsin passes non-judicial foreclosure for timeshare
    2011-12-09

    Yesterday Governor Scott Walker signed into law SB 241 which permits non-judicial foreclosures for mortgages and assessment liens on timeshare estates and licenses.  The new law took effect upon being signed by Governor Scott Walker.

    Filed under:
    USA, Wisconsin, Insolvency & Restructuring, Leisure & Tourism, Real Estate, BakerHostetler, Foreclosure
    Authors:
    David B. Waller
    Location:
    USA
    Firm:
    BakerHostetler
    Shopping center properties in North Carolina
    2011-10-13

    In re Piedmont Center Investments, LLC (Bankr. E.D. Wis.) Case no. 11-32453

    Filed under:
    USA, North Carolina, Insolvency & Restructuring, Leisure & Tourism, Litigation, Real Estate, Greenberg Traurig LLP, Bankruptcy, Debtor, Accounts receivable, Limited liability company, Personal property
    Location:
    USA
    Firm:
    Greenberg Traurig LLP
    Restaurant bankruptcies: Friendly’s, Real Mex and Chef Solutions file Chapter 11
    2011-10-06

    What a week for the food and restaurant industry!

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Saul Ewing LLP, Bankruptcy, Debtor, Accounts receivable, Supply chain, Economy, Sun Capital Partners
    Authors:
    Michelle G. Novick
    Location:
    USA
    Firm:
    Saul Ewing LLP

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