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Third Circuit Permits Reopening of Reorganization Case to Enforce Debtor’s Purchase Option in Real Estate Lease
September 2013
The U.S. Court of Appeals for the Third Circuit has ruled that a reorganized Chapter 11 debtor could reopen its closed case, enabling the debtor assignee to enforce a purchase option in a real property lease despite the lease’s “anti-assignment provisions.” Agreeing with the Delaware bankruptcy court, but reversing the district court, the court of appeals held that “the anti-assignment provision [in the lease] was unenforceable [under Bankruptcy Code § 365 (f )(3)] and that [the landlord’s] refusal to honor the purchase option violated” a separate court-approved “Settlement Agreement” between the parties. In this article, SRZ business reorganization partners Michael L. Cook and Lawrence V. Gelber discuss the Third Circuit’s ruling.
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The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
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