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Chapter 11 income property cramdown. Debtor wants to
I don't understand what clever thing you're trying to do because on its
face, I don't understand why you think there would be problems.
Debtor obtains court approval to lease to his friend. What does it matter
what friend does at that point?
Note, I am assuming "all property expenses" means just the
tax/mortgage/regular maintenance and that the friend is not passing his
expenses onto the Debtor.
Sincerely,
Michael Avanesian
On Tue, Mar 26, 2013 at 6:03 PM, Alik Segal wrote:
> **
>
>
> Debtor just filed a Chapter 11 case. He owns one income property and
> intends to cram the first mortgage down to the fair market value. Debtor
> wants to focus on his core business intends to lease the property to his
> friend who will sublease it and may hire a broker to find a tenant.
> Debtor's friend or friend's entity will sign a listing agreement with the
> broker. Debtor/Owner may incur all property expenses directly or may
> receive reduced rent if the managing person/entity is paying some
> expenses.
>
> 1. Does the arrangement present problems per se?
>
> 2. Is it a problem that a broker (hired by the friend) might be marketing
> estate property without having been approved by the court?
>
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> California Central District
>
>
>
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