Case Study: In Re River East Plaza

Law360, New York (February 2, 2012, 3:04 PM EST) -- The U.S. Court of Appeals for the Seventh Circuit affirmed a bankruptcy court’s dismissal of a single asset real estate case on Jan. 19, 2012, reasoning that the debtor’s proposed substitute collateral “was not the indubitable equivalent of the [undersecured lender’s] mortgage.” In re River East Plaza LLC (7th Cir. Jan. 19, 2012) (Posner, J.).

In the court’s words, the debtor “wanted [the lender] out of there and decided to seek confirmation of a [reorganization] plan ... that would replace the [lender’s] lien on [a Chicago...
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