Real Estate Bankruptcy Cramdowns

Law360, New York (April 1, 2009, 12:00 AM EDT) -- During the last real estate downturn in the early 1990s, real estate owners and operators often filed for bankruptcy protection as a negotiating tactic and as a means of shielding their assets from foreclosure.

These cases, which often dragged on for years at enormous expense, often had the desired impact of altering the negotiating leverage with lenders. However, during the current credit crisis, the number of real estate bankruptcy filings has been limited.

The reason for this has been twofold.

First, amendments to the United States...
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