Case Study: In Re Magna Entertainment

Law360, New York (August 24, 2012, 2:23 PM EDT) -- On July 9, 2012, Judge Mary F. Walrath of the Bankruptcy Court for the District of Delaware disallowed a claim for rejection damages related to a real estate development agreement, because the claim had been released upon the termination of an LLC Agreement, and the underlying ground lease never came into existence. In re Magna Entm’t Corp. (Bankr. D. Del. July 9, 2012).


In 2004, Santa Anita Associates Holding Corporation (SAAHC) and Magna Entertainment Corporation entered into a joint venture to develop a high-end shopping...
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