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Delaware Bankruptcy Court Dismisses Single-Asset Real Estate Mezz Debtor’s Bankruptcy Case for Bad Faith |
January 26, 2012
Previously published on January 26, 2012
On December 22, 2011, the United States Bankruptcy Court for the District of Delaware in In re JER/Jameson Mezz Borrower II LLC dismissed with prejudice a mezzanine borrower’s bankruptcy case for bad faith under Section 1112(b) of the Bankruptcy Code. In doing so, the court clarified that the standard in the Third Circuit to evaluate the good faith of a debtor seeking shelter under the umbrella of Chapter 11 of the Bankruptcy Code is an objective one and does not consider the subjective good faith of a debtor as do courts within the Second Circuit.
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