SFGH Partner Christopher Horvay participates in Financial Poise webinar "Single Asset Real Estate Cases"
Financial Poise Webinars™ announces “Single Asset Real Estate (SARE) Cases,” a live webinar premiering March 23rd at 11:00 AM CST. This webinar is co-produced by West LegalEdCenter™ and part of the “Fairness Issues in Real Estate-Based Bankruptcies” series. It will feature David Levy (Keen-Summit Capital Partners and Summit Investment Management); Matthew Christensen (Angstman Johnson); Robert Richards (Dentons); and Christopher Horvay (Sugar Felsenthal Grais & Helsinger LLP).
Anyone involved in the field of creditors rights on a matter involving an LLC that exists solely to hold the principal asset has surely seen the play where, the night before property is scheduled to be sold at a foreclosure auction, the debtor files bankruptcy. For those not familiar with the process, doing so invokes the “Automatic Stay”, which prohibits the secured lender from foreclosing on the property. The debtor then attempts to make their case to the court for reorganization.
But is failing to pay your mortgage really something bankruptcy was meant to solve? If the bank was going to agree to a loan modification, wouldn’t the parties have worked something out by the time the sheriff sale was set? The bankruptcy code recognizes this and therefore has a section devoted to dealing with this specific kind of bankruptcy—the Single Asset Real Estate (“SARE”) case. The goal of this episode is to look into ethical issues surrounding these matters. Click HERE to learn more.