Mixed-Use Bankruptcies - Not Trying to Please Everyone
When a real estate development is carved-up in such a way as to create multiple owners with different types of interests, trying to structure a workout package that pleases everyone can be extremely difficult. Often, the debtor's tools in bankruptcy - to discharge, prioritize, bring in new money, avoid, recapture, limit, and cramdown - are the only ways to try to salvage the development. This program examines the use of such remedies in the context of one such multi-owner structure - the condo/hotel - and why receiverships simply don't provide enough recognized controls.
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