Castleton Ruling Fortifies 7th Circ. Pro-Creditor Trend

Law360, New York (February 22, 2013, 4:48 PM EST) -- As real estate markets continue to rebound, owners of single asset real estate[1] properties are increasingly incentivized to devise bankruptcy strategies that allow them to keep ownership of their properties. In situations where the property at issue is underwater relative to its secured debt, an owner may nonetheless wish to keep control of the property in hopes that its value will rise in the future to an amount that exceeds the indebtedness. However, in order to do so, one of the gating items the owner must...
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