Law360, New York (September 23, 2011, 11:43 AM EDT) -- The Chapter 11 case of HSRE-CDS I LLC ("HSRE") demonstrates that the world of Chapter 11 bankruptcy remains a bastion of creative lawyering to execute pragmatic solutions to difficult situations. As owner and operator of two student housing projects in Ruston, La., and Warrensburg, Mo., HSRE filed its bankruptcy case in the United States Bankruptcy Court for the District of Delaware one day before secured creditor GB HoldCo LLC ("GB") was scheduled to realize part of its collateral through a foreclosure sale. (GB is an entity owned by Dallas-based real estate investment management firm Gulfstream Capital Partners.) At this point, HSRE had been in default of its prepetition loan for over a year....
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