Have you ever wanted to start your own marijuana cultivation and distribution business? Do you see billboards on the highway advertising pot-growing seminars and think, “Maybe I should go?” Does the grass seem greener on the other side?

“Okay. Here we go. The short, short version.” – The Minister, Spaceballs

“I meant what I said and I said what I meant.” – Horton Hatches the Egg, Dr. Seuss

As a general matter, governance provisions in a chapter 11 debtor’s organizational documents continue to apply postpetition.  But what if those governance provisions prevent the debtor from engaging in an act expressly authorized by the Bankruptcy Code?  This issue was recently addressed by the United States Bankruptcy Court for the Sou

Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bankruptcy courts to determine the enterprise value of a distressed business. Despite its prevalence, the United States Bankruptcy Court for the Southern District of New York recently concluded the DCF method was inappropriate for the valuation of “dry bulk” shipping companies. 

The equitable theory of veil piercing, intended to serve as a rectifying mechanism against certain fraud, dishonesty or wrongdoing, is of particular import in the bankruptcy context given that it is an attractive remedy for a creditor of an insolvent company hoping to obtain a greater recovery on its claim. State law governs veil piercing claims and sets forth the hurdles a party must overcome in order to persuade the bankruptcy court that the debtor’s corporate formalities should be ignored.

Real estate lenders should be aware of a 

The COVID-19 pandemic hit the bottom line of many businesses. Among the hardest hit industries has been the travel industry and, in particular, airlines and aviation companies. Many airlines are still struggling to generate new ticket sales as compared to pre-pandemic levels and average fares remain depressed.¹ One industry source predicts that passenger numbers will not return to 2019 levels prior to 2024.² Compounding this are increased costs of fuel (up 35% so far this year) and other expenses.³

Breach or termination?  In most cases involving the rejection of an unexpired lease where the debtor is the lessee, whether a rejection constitutes merely a “breach,” as stated in section 365(g) of the Bankruptcy Code, or a “termination” is largely academic – the debtor vacates the premises, and the lessor files a prepetition claim for rejection damages. The debtor and its landlord may argue about the

Today, the Supreme Court issued a decision in Bank of America, N.A. v.

In June of 2007, Harvey gave the keynote address at the International Institute of Insolvency.  In the address, Harvey asked the question, “Is the market headed for disaster?”  He also says, “When the bubble bursts, those left holding today’s version of tulip bulbs may be left scratching their heads and pining for the past.”  Little did Harvey (or anyone else) suspect that 15 months later, the collapse of Lehman Brothers would trigger a worldwide financial crisis.

Introduction