News: In the News
Clash Between ‘Free and Clear’ and Tenants’ Rights Under Section 365(h)
Albena Petrakov Featured in New Jersey Law Journal
February 6, 2019 | Originally Published in New Jersey Law Journal
With the recent carnage in the retail industry, including Sears, The Mattress Firm, Nine West, Claire’s, The Bon-Ton Stores, The Walking Company, Brookstone, and many other retailers of all shapes and sizes, a lot of attention goes to the fate of landlords when their tenants seek bankruptcy protection. A recent case that brings balance is the Revel AC case in New Jersey. Revel was the developer of a resort, Revel Casino Resort, that was to be the most luxurious resort in Atlantic City, but, as one can guess, this dream never came to be as the resort had to close its doors during a second run in bankruptcy.
The resort spanned 6.2 million square feet with 820 feet of boardwalk frontage. It featured a 47-story, 710-foot high tower, the tallest building in Atlantic City. The Revel Casino Resort’s amenities included 1,399 rooms, outdoor facilities, retail boutiques and a wide variety of entertainment amenities, including 11 dining venues, two nightclubs, a day club, five indoor/outdoor pools, a 5,500-seat theater, 160,000 square feet of customizable conference space and a spa. The resort’s outdoor amenities include a two-acre landscaped rooftop deck with outdoor pools, and a “pine grove” with over 30,000 live trees and plants. In a nutshell, it was poised to be a premier entertainment destination for Atlantic City revelers.
Click Here to Read the Full Article
ABOUT ALBENA PETRAKOV
Albena Petrakov focuses her practice in matters involving bankruptcy litigation, creditor rights, secured and unsecured transactions, and real estate-related litigation. Albena has extensive experience representing clients in bankruptcy and commercial matters in both civil and common law jurisdictions. She has counseled creditors on maximizing their return on secured and unsecured claims, protecting and realizing collateral, foreclosures, D&O insurance, lender liability and on various adversary proceedings and contested matters, including, among others, preference and fraudulent conveyance actions, claim objections and lift stay proceedings
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the mid-Atlantic region. With over 185 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our twelve offices serve individual and corporate clients along the I95 corridor in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
Find out why Offit Kurman is The Better Way to protect your business, your assets and your family by connecting via our Blog, Facebook, Twitter, Instagram, YouTube, and LinkedIn pages. You can also sign up to receive Law Matters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
MARYLAND | PENNSYLVANIA | VIRGINIA | NEW JERSEY | NEW YORK | DELAWARE | WASHINGTON, DC