Perspective
Mar. 14, 2012
Chapter 11: Tactical considerations
When valuing real property collateral in Chapter 11 bankruptcies, keep these strategies in mind. By Howard N. Madris of Law Office of Howard N. Madris APC
British Lord Edward Cecil (1867-1918) once defined compromise as "an agreement between two men to do what both agree is wrong." Lord Cecil clearly did not coin this definition with an American Chapter 11 real estate bankruptcy case in mind. Yet in such a case, both the debtor and its senior secured creditor (typically its lender) may tacitly agree that the lender's collateral has a certain value, even though each party knows that...
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