DOCSLIB.ORG

12:15 Pm Seminar 13 the Nuts & Bolts of a Retail Bankruptcy

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
12:15 Pm Seminar 13 the Nuts & Bolts of a Retail Bankruptcy Thursday, October 24, 2019 11:00 a.m. — 12:15 p.m. Seminar 13 The Nuts & Bolts of a Retail Bankruptcy: What Landlords Need to Know to Protect Their Rights and Avoid Pitfalls Presented to 2019 U.S. Shopping Center Law Conference Marriott Marquis San Diego Marina San Diego, CA October 23-25, 2019 by: Brian A. Audette Vanessa P. Moody PERKINS COIE LLP GOULSTON & STORRS PC 131 S. Dearborn St., Ste. 1700 400 Atlantic Avenue Chicago, IL 60603 Boston, MA 02110 (312) 324-8534 (617) 574-6483 [email protected] [email protected] I. Navigating The Automatic Stay The automatic stay codified at 11 U.S.C. § 362 applies “automatically” when a debtor files its bankruptcy petition and remains in effect until the end of the case or until the stay is lifted. The automatic stay stops most actions against the debtor to provide the debtor with necessary “breathing room” to formulate its reorganization strategy or, in many instances, orchestrate an orderly and efficient sale of assets. Section 362(a)(1)-(8) enumerates certain prohibited actions, including: a) The commencement or continuation of any judicial, administrative, or other action or proceeding against the debtor that could have been commenced before the bankruptcy filing, or to recover a claim against the debtor that arose prior to the bankruptcy filing; b) Enforcement of a judgment obtained before the bankruptcy case; c) Any act to obtain possession of property of the estate or to exercise control over property of the estate;1 d) Create, perfect or enforce a lien against property of the estate; e) Create, perfect or enforce against a debtor’s property any lien that secures a claim arising before the bankruptcy filing; f) Collect, assess, or recover a claim against the debtor that arose before the bankruptcy filing; g) Setoff any debt owing to the debtor that arose before the commencement of the bankruptcy case against a claim against the debtor; and h) Commencement or continuation of a proceeding before the U.S. Tax Court regarding a corporate debtor’s tax liability for a taxable period the bankruptcy court may determine or concerning the tax liability of an individual debtor for a taxable period ending before the bankruptcy filing. Landlord-Specific Prohibitions If you are a landlord, or you represent a landlord, you need to be cognizant of certain actions a landlord cannot take upon a bankruptcy filing that such landlord might otherwise be accustomed to taking in the absence of a bankruptcy filing. For example, the automatic stay prohibits landlords from, inter alia: (1) unilaterally applying a security deposit against unpaid rent (§ 362(a)(7)); (2) demanding payment of pre-petition rent (§ 362(a)(6)); (3) terminating a lease due to the bankruptcy filing or debtor’s insolvency (§ 362(a)(3));2 (4) commencing a lawsuit against a debtor that could have been commenced against the debtor prior to a bankruptcy filing (§ 362(a)(1)); or (5) continuing a lawsuit already in progress against the debtor (§ 362(a)(1)). Lifting The Automatic Stay According to section 365(d)(1) of the Bankruptcy Code, a bankruptcy court shall grant relief from the automatic stay “for cause.” While the Bankruptcy Code does not define “cause,” with respect to a landlord, such 1 Section 541 of the Bankruptcy Code identifies the property that comprises the bankruptcy “estate.” “Property of the estate” is interpreted very broadly by bankruptcy courts. See e.g., Riverwood Gas & Oil LLC v. Bureau of Land Mgmt. (In re Riverwood Cas & Oil, LLC), No. 2:18-ap-01057, 2019 WL 1766985, *3 (Bankr. C.D. Cal. April 3, 2019); Morris v. Nat’l Ins. Fire Ins. Co. of Pittsburgh (In re Eastwind Group, Inc.), 303 B.R. 743, 746 (Bankr. E.D. Pa. 2004); Ochs v. Lipson (In re First Cent. Fin. Corp.), 238 B.R. 9, 16 (Bankr. E.D.N.Y. 1999). Unexpired leasehold interests constitute property of a debtor’s bankruptcy estate. See e.g., Brattleboro Housing Auth. v. Stoltz (In re Stoltz), 197 F.3d 625, 629 (2nd Cir. 1999). 2 See also 11 U.S.C. § 365(e) (expressly providing that, notwithstanding anything contained in the lease to the contrary, a landlord may not terminate a lease due to the tenant’s bankruptcy filing, the tenant’s financial condition or the appointment of or taking possession by a trustee before the commencement of the tenant’s bankruptcy case). cause may include: (1) a debtor’s failure to pay post-petition rent;3 (2) the expiration of a debtor’s lease by its terms prior to the bankruptcy filing; or (3) the landlord terminated the debtor’s lease prior to the bankruptcy filing. Nevertheless, determining whether a landlord has actually terminated a lease prior to a bankruptcy filing is not always an easy task, and landlords must consult applicable state law to determine if termination actually occurred prior to bankruptcy. See In re Williams, 144 F.3d 544 (7th Cir. 1998). In Williams, a city housing authority requested relief from the automatic stay to proceed with a forcible entry action that it had commenced before a chapter 13 debtor-tenant filed for bankruptcy protection. Prior to the bankruptcy, the housing authority purportedly terminated the lease according to its terms and argued that it should be allowed to proceed with its eviction. In response, the debtor argued that the lease should be considered “unexpired” and subject to assumption or rejection because, under Illinois law, a lease is not finally terminated until a landlord obtains a judgment of possession. The Williams court upheld the bankruptcy court’s order modifying the automatic stay. The court found that the lease “ended” prior to the petition date pursuant to its terms. Nevertheless, because the landlord did not obtain a judgment of possession, the court recognized that the debtor might have certain defenses to the landlord’s purported termination of the lease, and the debtor might be able to retain her rights under the lease pursuant to Illinois law. However, because the dispute between the landlord and the debtor involved questions of Illinois law and the forcible entry action had been pending for a considerable amount of time, the court determined that the bankruptcy judge did not abuse his discretion by modifying the automatic stay to allow the state court to determine the parties’ respective rights. Put simply, even if a landlord is confident that it properly terminated a debtor’s lease before the commencement of the bankruptcy case, it would nevertheless be wise to seek relief from the automatic stay to pursue eviction or seek possession of the premises. II. What Can The Debtor Do With Its Leases? Section 365 of the Bankruptcy Code provides that, subject to bankruptcy court approval, a debtor “may assume or reject any executory contract or unexpired lease of the debtor.” 11 U.S.C. § 365(a). Rejection A debtor’s decision to reject a lease is subject to the business judgment rule. Thus, a debtor must only show “that rejection of the [lease] will likely benefit the estate.” See In re Weaver Oil Co., Inc., No. 08-40379-LMK, 2008 WL 8202063, *2 (Bankr. N.D. Fla. 2008). Indeed, rejection is routinely granted unless the bankruptcy court “finds that the [debtor’s] conclusion that rejection would be advantageous is so manifestly unreasonable that it could not be based on sound business judgment, but only on bad faith, whim, or caprice.” Id. Accordingly, it is extremely difficult to successfully oppose a debtor’s decision to reject a lease. Rejection is deemed a pre-petition breach of the lease by the debtor. Thus, rejection typically constitutes a breach of the lease, and NOT termination of the lease. However, a debtor’s rejection of a lease coupled with its surrender of the premises—as is often the case in large retail bankruptcies—may be deemed a termination of the lease. See In re Northwest Airlines Corp., 383 B.R. 575, 583 (Bankr. S.D.N.Y. 2008). Determining The Effective Date Of Rejection Typically, rejection is effective at the time the bankruptcy court enters an order authorizing rejection of a lease. See In re Romacorp, Inc., No. 05-86818-BJH-11, 2006 WL 6544088, *3 (Bankr. N.D. Tex. Feb. 2, 2006) (stating that “[t]his Court follows the rule that rejection of an unexpired lease is generally effective as of the date of the entry of an order of the court approving such rejection.”). However, bankruptcy courts may authorize retroactive lease rejection to the date the motion is filed or an earlier date if the debtor surrendered the premises to its landlord. See In re At Home Corp., 392 F.3d 1064 (9th Cir. 2004) (holding that “a bankruptcy court, in exercising its equitable powers under 11 U.S.C. § 105(a), may approve the retroactive rejection of a nonresidential lease when ‘necessary or appropriate to carry out the provisions of’ § 365(d).”); see also In re Chi-Chi’s, Inc., 305 B.R. 396, 399 (Bankr. D. 3 As an additional or alternative remedy, a landlord may also move to compel the debtor to either assume or reject the lease for failing to pay post-petition. Del. 2004) (authorizing retroactive rejection of nonresidential lease to the date the debtor surrendered the premises to enable the landlord to enter into an agreement with sub-tenants). Landlord Claims Resulting From Rejection Upon rejection of a lease, the landlord is entitled to file a “rejection damages” claim against the debtor. Because rejection is deemed a pre-petition breach of the applicable lease, a rejection damages claim constitutes an unsecured claim against the debtor’s estate.4 Moreover, the claim is subject to a “cap” set forth in section 502(b)(6) of the Bankruptcy Code.
Load more

Recommended publications
  • The Relationship Between Institutional Common Ownership, Marketing, and Firm Performance
    What if Your Owners Also Own Other Firms in Your Industry? The Relationship between Institutional Common Ownership, Marketing, and Firm Performance John Healey 1 Ofer Mintz 2 May 2021 Forthcoming in International Journal of Research in Marketing (IJRM) 1 John Healey ([email protected]) is Assistant Professor of Marketing, A.B. Freeman School of Business, Tulane University, New Orleans, LA. 2 Ofer Mintz ([email protected]) is Senior Lecturer and Associate Head (External Engagement) of the Marketing Department at the UTS Business School, and Research Associate at the UTS Australia-China Relations Institute, University of Technology Sydney, Sydney, Australia. Both authors contributed equally to the paper and are listed alphabetically. They are grateful for detailed feedback provided by Peter Danaher and Gerard Hoberg, and participants at the University of Adelaide, and at the 2017 UTS Marketing Discipline Group Research Camp, 2018 Winter American Marketing Association, 2018 Theory and Practice in Marketing, 2018 Marketing Science, and 2019 Marketing Meets Wall Street conferences. Further, they thank Yang Wang for her help with database programming. What if Your Owners Also Own Other Firms in Your Industry? The Relationship between Institutional Common Ownership, Marketing, and Firm Performance Abstract The growth in institutional holdings of public firms has led to increased interest in the concept of common ownership, in which the same investor owns stakes in multiple firms within the same industry. Economic theory suggests that common ownership could affect firm performance, but little empirical research has examined the nature of this effect or how a firm’s extant marketing potentially relates to this effect.
    [Show full text]
  • List of Marginable OTC Stocks
    List of Marginable OTC Stocks @ENTERTAINMENT, INC. ABACAN RESOURCE CORPORATION ACE CASH EXPRESS, INC. $.01 par common No par common $.01 par common 1ST BANCORP (Indiana) ABACUS DIRECT CORPORATION ACE*COMM CORPORATION $1.00 par common $.001 par common $.01 par common 1ST BERGEN BANCORP ABAXIS, INC. ACETO CORPORATION No par common No par common $.01 par common 1ST SOURCE CORPORATION ABC BANCORP (Georgia) ACMAT CORPORATION $1.00 par common $1.00 par common Class A, no par common Fixed rate cumulative trust preferred securities of 1st Source Capital ABC DISPENSING TECHNOLOGIES, INC. ACORN PRODUCTS, INC. Floating rate cumulative trust preferred $.01 par common $.001 par common securities of 1st Source ABC RAIL PRODUCTS CORPORATION ACRES GAMING INCORPORATED 3-D GEOPHYSICAL, INC. $.01 par common $.01 par common $.01 par common ABER RESOURCES LTD. ACRODYNE COMMUNICATIONS, INC. 3-D SYSTEMS CORPORATION No par common $.01 par common $.001 par common ABIGAIL ADAMS NATIONAL BANCORP, INC. †ACSYS, INC. 3COM CORPORATION $.01 par common No par common No par common ABINGTON BANCORP, INC. (Massachusetts) ACT MANUFACTURING, INC. 3D LABS INC. LIMITED $.10 par common $.01 par common $.01 par common ABIOMED, INC. ACT NETWORKS, INC. 3DFX INTERACTIVE, INC. $.01 par common $.01 par common No par common ABLE TELCOM HOLDING CORPORATION ACT TELECONFERENCING, INC. 3DO COMPANY, THE $.001 par common No par common $.01 par common ABR INFORMATION SERVICES INC. ACTEL CORPORATION 3DX TECHNOLOGIES, INC. $.01 par common $.001 par common $.01 par common ABRAMS INDUSTRIES, INC. ACTION PERFORMANCE COMPANIES, INC. 4 KIDS ENTERTAINMENT, INC. $1.00 par common $.01 par common $.01 par common 4FRONT TECHNOLOGIES, INC.
    [Show full text]
  • Alphabetical Index
    Alphabetical Index 1st Source Corporation 3 Aerojet-General Corporation 12 Allied/Egry Business Systems, Inc 25 20th Century Industries 3 Aeronautical Electric Co 13 Allied Materials Corporation 26 3COM Corporation 3 Aeronca Inc 13 Allied Paper Inc 26 3M 3 Aeroquip Corporation 13 Allied Products Company 26 A A Brunell Electroplating Aerospace Corporation 13 Allied Products Corporation 26 Corporation 4 Aetna Life & Casualty Company 13 Allied Security Inc 26 A B Dick Company 4 Aetna Life Insurance & Annuity Co 13 Allied Stores Corporation 26 A C Nielsen Co 4 Aetna Life Insurance Co 14 Allied Van Lines, Inc 27 A E Staley Mfg Co 4 Affiliated Bank Corporation of Allied-Lyons North America A G Edwards Inc 4 Wyoming 14 Corporation 27 A H Belo Corporation 4 Affiliated Bankshares of Colorado 14 Allied-Signal Aerospace Company 27 A H Robins Company, Inc 4 Affiliated Food Stores, Inc 14 Allied-Signal, Inc 27 A Johnson & Company, Inc 4 Affiliated Hospital Products, Inc 14 Allis-Chalmers Corporation 28 A L Williams Corporation (The) 4 Affiliated Publications, Inc 15 Allstate Insurance Group 28 A M Castle & Co 4 AFG Industries, Inc 15 Alltel Corporation 28 A 0 Smith Corporation 4 Ag Processing Inc 15 Alma Plastics Companies 28 A P Green Refractories Co 4 Agency-Rent-A-Car Inc 15 Aloha Inc 28 A Schulman Inc 4 AGRI Industries 16 Alpha Corporation of Tennessee 28 AT Cross Co 4 AGRIPAC Inc 16 Alpha Industries Inc 28 A Y McDonald Industries, Inc 4 Ags Computers Inc 16 Alpha Metals, Inc 29 A&E Products Group, Inc 4 AGWAY Inc 16 Alpha Microsystems 29 A&M Food
    [Show full text]
  • CSK AUTO CORPORATION (Exact Name of Registrant As Speciñed in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Ñscal year ended February 3, 2002. n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-13927 CSK AUTO CORPORATION (Exact name of registrant as speciÑed in its charter) Delaware 86-0765798 (State or other jurisdiction of Incorporation or organization) (I.R.S. Employer IdentiÑcation No.) 645 E. Missouri Ave. Suite 400, Phoenix, Arizona 85012 (Address of principal executive oÇces) (Zip Code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered: Common Stock, $.01 par value New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has Ñled all reports required to be Ñled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to Ñle such reports), and (2) has been subject to such Ñling requirements for the past 90 days. Yes ¥ No n Indicate by check mark if disclosure of delinquent Ñlers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in deÑnitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
    [Show full text]
  • Event Track Location Date Box Number Collection Auto Races 16Th Street Speedway Indianapolis, in 1950 Sep 15 CR-2-D Box 2 F26 9
    Programs by Venue Event Track Location Date Box Number Collection Auto Races 16th Street Speedway Indianapolis, IN 1950 Sep 15 CR-2-D Box 2 f26 99A104 Eastern States Midget Racing Assoc 1986 Official Program Various Tracks 1986 Annual Mezz Box 19A TQ Midgets/Carts-Baltimore Indoor Racing 1st Mariner Arena Baltimore, MD 2012 Dec 8 Mezz Box 33 98A13 Accord Speedway Souvenir Magazine Accord Speedway Accord, NY 1982 Mezz Box 19A The Buckeye Sports Car Races Akron Airport Akron, OH 1957 Sep 1 Mezz Box 84 19A27 The Buckeye Sports Car Races Akron Airport Akron, OH 1958 Aug 3 Mezz Box 1 Auto Races Akron Motor Speedway Akron, NY 1935 Jul 14 CR-2-E Box 4 f10 99A104 Auto and Motorcycle Races Akron Motor Speedway Akron, NY 1935 May 30 CR-2-E Box 4 f8 99A104 Auto Races Akron Motor Speedway Akron, NY 1935 Sep 22 CR-2-E Box 4 f12 99A104 Midget Auto Races Akron Motor Speedway Akron, NY 1936 Jul 26 CR-2-E Box 4 f19 99A104 Auto Races Akron Motor Speedway Akron, NY 1936 May 30 CR-2-E Box 4 f16 99A104 Auto Races Akron Motor Speedway Akron, NY 1937 May 30 CR-2-E Box 4 f21 99A104 Auto Races Akron Motor Speedway Akron, NY 1937 Sep 6 CR-2-E Box 4 f23 99A104 Talladega 500 Alabama International Motor Speedway Talladega, AL 1972 Aug 6 Mezz Box 28A Talladega 500 Alabama International Motor Speedway Talladega, AL 1973 Aug 12 Mezz Box 28A Winston 500 Alabama International Motor Speedway Talladega, AL 1973 May 6 Mezz Box 28A Talladega 500 Alabama International Motor Speedway Talladega, AL 1975 Aug 10 Mezz Box 28A Talladega 500 Alabama International Motor Speedway Talladega,
    [Show full text]
  • Capnography Aerosol Delivery Tracheostomy Corticosteroids Intubation Wright DJ10 1 9/21/09 3:58:04 PM
    Volume 5 Number 1 February-March 2010 The Journal of Pulmonary Technique CAPNOGRAPHY AEROSOL DELIVERY TRACHEOSTOMY CORTICOSTEROIDS INTUBATION Wright DJ10 1 9/21/09 3:58:04 PM Editorial Care For The Caregivers While the foreseeable shortage of ventilators in case of a major pandemic has been well documented in the media, another question is: who will insure that those treating the victims of a major outbreak will themselves be able to get treatment – so they can keep treating? The answer is: nobody knows. We just don’t know what’ll happen, and an informal query of attendees at AARC by our journal revealed that not one RT was able to say what plans their institution had for them in case of a serious pandemic. Vol. 5 No. 1 While it’s always easy to offer flip solutions: let’s make sure our RTs and other medical February-March 2010 professionals are taken care of, the question of course is, how. But all solutions run up against a number of basic conundrums. It’s hard to know where to begin. We might want to start with addressing the shortage of healthcare personnel, across the board. The Los Angeles Times recently reported that hospitals are “scrambling” for healthcare workers, with healthcare providers such as respiratory therapists already working 12-hour shifts [google LA Times keyword labor-shortages]. Table of Contents The next consideration, in case of a pandemic, becomes: will those workers come to work? Biothethics International reports: “Studies show that 40-50% of healthcare staff will not report to work in the event of a pandemic influenza.” (Reported by Jennifer DEPARTMENTS Miller, google Bioethics International.) 4 Editorial If and when the workforce shows up, not only will they need ventilators, they’ll have to make decisions about who gets treatment, and they will be in the unenviable 11 News position of being both deciders and decidees, as it were.
    [Show full text]
  • Advanced Auto Parts
    2,500 Stores Strong and Building Momentum 2003 Annual Report Almost 35,000 Team Members at Advance Auto Parts took servicing our customers to a new level in 2003. As the second largest aftermarket retailer in the United States, with over 2,500 stores in 39 states, Puerto Rico and the Virgin Islands, we are building momentum. It’s momentum that our customers experience each time they walk into our stores. We are truly “ready in Advance.” SO BRING IT ON! Region of Operations Distribution Centers Puerto Rico 33 Virgin Islands 2 Advance Auto Parts, Inc. and Subsidiaries 5-Year Financial 5-Year Compounded Fiscal Year (1) Growth 2003 2002 2001 2000 1999 (in thousands, except per share data) Statement of Operations Data: Net sales...................................................... 14.7% $3,493,696 $3,204,140 $2,419,746 $2,167,308 $2,017,425 Gross profit (2)............................................ 19.3% 1,604,518 1,434,407 1,062,152 881,013 791,985 Comparable operating income (3)............... 43.6% 298,651 231,883 119,127 88,462 70,232 Comparable income from continuing operations (4).......................................... 138.0% 160,529 94,267 35,652 15,188 5,002 Comparable income from continuing operations per diluted share (4) .............. $ 2.15 $ 1.30 $ 0.61 $ 0.27 $ 0.09 Weighted average diluted shares outstanding.............................................. 74,743 72,376 58,316 57,222 56,538 Selected Store Data: Comparable store sales growth ................... 3.1% 5.5% 6.2% 4.4% 10.3% Number of stores, end of period.................. 2,539 2,435 2,484 1,729 1,617 Total store square footage, end of period (in thousands) ..................
    [Show full text]
  • Rebuild LA Collection
    http://oac.cdlib.org/findaid/ark:/13030/kt909nd0xs No online items Inventory of the Rebuild LA Collection Janet Evander, Jacqueline Morin William H. Hannon Library Loyola Marymount University One LMU Drive, MS 8200 Los Angeles, CA 90045-8200 Phone: (310) 338-5710 Fax: (310) 338-5895 Email: [email protected] URL:http://library.lmu.edu/Collections/specialcollections.htm © 2005 Loyola Marymount University. All rights reserved. Inventory of the Rebuild LA CSLA-6 1 Collection Guide to the Rebuild LA Collection Collection number: CSLA-6 William H. Hannon Library Loyola Marymount University Los Angeles, California Processed by: Janet Evander, Jacqueline Morin Date Completed: 1999 Encoded by: Clay Stalls © 2005 Loyola Marymount University. All rights reserved. Descriptive Summary Title: Rebuild LA Collection Dates: 1992-1997 Collection number: CSLA-6 Creator: Rebuild LA Collection Size: 254 boxes, 5 oversize boxes/items, 1 map case drawer (122 linear feet) Repository: Loyola Marymount University. Library. Department of Archives and Special Collections. Los Angeles, California 90045-2659 Abstract: The Rebuild LA Collection contains the administrative and organizational records of Rebuild LA, the most important response to the Los Angeles riots of 1992. The collection spans the entire life of the organzation from its beginning in 1992 to its dissolution in 1997. Physical location: Research use requires both an advance notice of intent to use the collection and an appointment. To schedule an appointment, please contact the Department of Archives and Special Collection, William H. Hannon Library, Loyola Marymount University: 310-338-5357. Languages: Languages represented in the collection:EnglishSpanish Access This collection is part of the Thomas and Dorothy Leavey Center for the Study of Los Angeles Research Collection, a program of the Thomas and Dorothy Leavey Center for the Study of Los Angeles, Loyola Marymount University.
    [Show full text]
  • Toys “R” Us, Inc., Et Al.,1 Case No
    UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF VIRGINIA Richmond Division In re: Toys “R” Us, Inc., et al.,1 Case No. 17-34665-KLP Debtors. Chapter 11 (Jointly Administered) AMENDED MEMORANDUM OPINION AND ORDER Toys “R” Us – Delaware, Inc. (“TRU”), one of the Debtors in these jointly administered chapter 11 cases, currently rents space in a retail shopping center from Brea Union Plaza I (“Brea I”). TRU, in connection with a court-approved auction of certain real property and unexpired leases, is seeking final approval of the assumption and assignment of its lease with Brea I to Burlington Coat Factory Warehouse Corporation (“Burlington”). Brea I objects to the proposed assignment, asserting that TRU has not satisfied the adequate assurance of future performance requirements of 11 U.S.C. § 365(b)(3) because the assignment to Burlington would violate the exclusivity provision of another lease in the shopping center and would disrupt the shopping center’s tenant mix and balance. An evidentiary hearing was conducted on May 10, 2018. At the Court’s direction, each party thereafter submitted proposed findings of fact and 1 The Debtors in these cases, along with the last four digits of each Debtor’s tax identification number, are set forth in the Order (I) Directing Joint Administration of Chapter 11 Cases and (II) Granting Related Relief [Dkt. No. 78]. conclusions of law. The Court has carefully considered the evidence2 and submissions of the parties. For the following reasons, Brea I’s objections are overruled. Facts Brea I, successor in interest to Brea Union Partners, as landlord, and TRU, as tenant, are parties to a ground lease (the “Lease”) entered into on December 20, 1996, for a parcel (the “Premises”) in Brea Union Plaza, a retail shopping center lying on a 42-acre contiguous tract of land in Brea, California.
    [Show full text]
  • Information Productivity™ Rankings by Country
    Strassmann, Inc. Global Information PRoductivity™ Rankings © Copyright 1996, All Rights Reserved Companies Total Revenues Weighted Country in Database (US$000) Average IP™ ARGENTINA 3 881,675 -0.751 AUSTRALIA 20 25,393,032 -0.119 AUSTRIA 11 12,234,878 -0.042 BELGIUM 23 17,921,628 -0.128 BRAZIL 33 60,641,605 -0.346 CANADA 311 265,364,969 -0.367 CHILE 15 8,009,723 0.017 COLOMBIA 6 1,662,989 -0.219 DENMARK 78 45,369,476 -0.159 FINLAND 57 58,337,766 0.078 FRANCE 124 511,606,973 -0.145 GERMANY 123 650,231,734 -0.036 GREECE 1 9 2,977,286 -0.606 HONG KONG 6 6,149,926 -2.658 INDIA 1 168,241 0.251 IRELAND 48 20,526,573 0.077 ITALY 161 346,779,093 -0.214 JAPAN 1,767 5,233,053,608 -0.170 KOREA (SOUTH) 41 113,933,255 -0.120 LUXEMBOURG 3 6,507,677 -0.060 MALAYSIA 2 1,158,941 0.679 MEXICO 30 28,921,380 -0.619 NETHERLANDS 78 321,808,668 0.066 NEW ZEALAND 6 5,704,196 1.097 NORWAY 65 28,838,430 0.042 PAKISTAN 2 44,402 0.302 PHILIPPINES 1 128,325 -0.325 PORTUGAL 3 301,723 1.671 SINGAPORE 1 1,388,783 -0.188 SOUTH AFRICA 9 18,655,473 0.032 SPAIN 4 3,031,222 -1.152 SWEDEN 24 75,540,278 0.117 SWITZERLAND 108 244,267,380 -0.689 TAIWAN 1 2,472,902 -0.651 THAILAND 14 2,924,239 0.292 UNITED KINGDOM 1,178 1,032,147,384 -0.032 UNITED STATES 2,959 4,839,398,019 0.077 7,335 13,994,483,852 IP Ranking within Country Overall Rank 1994 1994 IP Rank Company Name Within Country Revenues ($000) IP™ ARGENTINA 3770 ASTRA COMPANIA ARGENTINA DE PE 1 304,211 -0.127 5711 GAROVAGLIO Y ZORRAQUIN S.A.
    [Show full text]
  • SEC News Digest, 03-14-1995
    sec news· di.gest Issue 95-49 March 14, 1995 ENFORCBKBNT PROCEEDINGS BANKERS ALLIANCE CORP. AND OTHER DEFENDANTS CONSENT TO PRELIMINARY INJUNCTIONS On March 13, Judge Paul Friedman of the united states District Court for the District of Columbia issued Preliminary Injunctions against all but one defendant in this action. certain defendants agreed to return by March 20, 1995, to the U.S. funds received from u.S. investors. The defendants consented to the entry of the injunctions, which continue, with certain modifications, provisions of a Temporary Restraining Order imposed on March 2, 1995, including an asset freeze and an order for an accounting. The Court has continued the Temporary Restraining Order in effect against the remaining defendant pending entry of a Preliminary Injunction. The Commission alleged violations of the antifraud and registration provisions of the securities laws arising from the defendants' scheme to raise money through a newspaper advertising campaign in which they promised investors a return double that of any other investment vehicle through an unspecified investment program using pooled investor funds. The defendants represented that investors can earn profits of up to 15% per week through the program and that they will leverage investors' funds 5 to 1. The Commission further alleged that the defendants have misrepresented the risk involved in the program and the history and size of the entity involved in the program. [SEC v. Bankers Alliance Corp., et al., Civil Action No. 95-0428, PLF, D.D.C.] (LR-14436) SELF-REGULATORY ORGAHXZATXOHS IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGE The MBS Clearing Corporation filed a proposed rule change (SR-MBSCC- 95-01, which became effective upon filing, relating to modifications to MBSCC's billing procedures.
    [Show full text]
  • Equifund Wright National Fiduciary Equity Funds
    SECURITIES AND EXCHANGE COMMISSION FORM 485BPOS Post-effective amendments [Rule 485(b)] Filing Date: 1995-04-12 SEC Accession No. 0000853255-95-000003 (HTML Version on secdatabase.com) FILER EQUIFUND WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS Business Address 24 FEDERAL ST CIK:853255| State of Incorp.:MA | Fiscal Year End: 1231 BOSTON MA 02110 Type: 485BPOS | Act: 33 | File No.: 033-30085 | Film No.: 95528357 6174828260 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 12, 1995 1933 ACT FILE NO. 33-30085 1940 ACT FILE NO. 811-5866 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N--1A REGISTRATION STATEMENT UNDER SECURITIES ACT OF 1933 |X| POST-EFFECTIVE AMENDMENT NO. 8 |X| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |X| AMENDMENT NO. 11 |X| EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS ------------------------------------------------- (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) 24 FEDERAL STREET, BOSTON, MASSACHUSETTS 02110 ------------------------------------------------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) 617-482-8260 ------------ (REGISTRANT'S TELEPHONE NUMBER) H. DAY BRIGHAM, JR. 24 FEDERAL STREET, BOSTON, MASSACHUSETTS 02110 ------------------------------------------------- (NAME AND ADDRESS OF AGENT FOR SERVICE) IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE ON APRIL 17, 1995 PURSUANT TO PARAGRAPH (B) OF RULE 485. THE EXHIBIT INDEX REQUIRED BY RULE 483(A) UNDER THE SECURITIES ACT OF 1933 IS LOCATED ON PAGE __ IN THE SEQUENTIAL NUMBERING SYSTEM OF THE MANUALLY SIGNED COPY OF THIS REGISTRATION STATEMENT. THE REGISTRANT HAS FILED A DECLARATION PURSUANT TO RULE 24F-2 AND ON FEBRUARY 24, 1995 FILED ITS "NOTICE" AS REQUIRED BY THAT RULE FOR THE FISCAL YEAR ENDED DECEMBER 31, 1994.
    [Show full text]