On Monday, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) released a report entitled “Factors Affecting Efforts to Limit Payments to AIG Counterparties.” The report examines certain transactions related to the rescue of AIG, including the creation of Maiden Lane III, a limited liability company formed last year to facilitate the purchase of assets from counterparties of AIG Financia

Retail Seminar Business In re Telligenix Corporation (Bankr. M.D. Fla.) Case no. 09-15238

Residential Lots in Mississippi In re South Marsh Developers, LLC(Bankr. N.D. Fla.) Case no. 09-32148

On Nov. 10, 2009, a Pennsylvania district court held that secured creditors do not have an absolute right to credit bid1 their debt under the Bankruptcy Code (the “Code”) in an asset sale conducted pursuant to a “cramdown” plan of reorganization that proposes to provide the secured creditors with the “indubitable equivalent” of their claims. In re Philadelphia Newspapers, LLC, Civil Action 09-00178 at 57 (E.D. Pa. Nov. 10, 2009). This decision is on appeal to the Third Circuit Court of Appeals.

Facts

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.

Mammoth Corona I, 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 consists of a commercial, three-story office building located at 4740 Green River Road in Corona, California, valued at $17 million. The Debtor’s rental income for 2007 was $18,909; for 2008 it was $117,635; and for 2009 it was $304,009.

Lilburn Marketplace, 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 is engaged in the business of operating a commercial shopping center and currently has unexpired leases with nine tenants. The Debtor’s real property is a commercial shopping center located at 4805 Lawrenceville Highway in Lawrenceville, Georgia, valued at $12,864,695. The Debtor’s personal property includes accounts receivable of approximately $220,000.

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.

Lessor of Equipment and Licensor of Intellectual Property In re Edscha North America, Inc. (Bankr. N.D. Ill.) Case no. 09-39055