The benefits afforded debtors in bankruptcy are so compelling that businesses have initiated bankruptcy proceedings without experiencing insolvency or imminent financial distress. But do such businesses have the right to do so? With no express guidance under the Bankruptcy Code, and no bright line ruling from the courts, the door is open for creditors to challenge bankruptcy cases filed in these...
July 5, 2024 and July 13, 2024 will mark the two-year anniversary of Voyager’s and Celsius’s bankruptcy filings, respectively. Under the Bankruptcy Code, actions to clawback pre-bankruptcy transfers, such as 90-day preferential transfers, must be commenced within two years after bankruptcy is filed. Given the impending deadline in both cases, we can expect a wave of clawback actions to be filed...
Amidst a rush to reduce tax burdens in major cities like New York City, San Francisco, and Washington, D.C., owners are aggressively filing property tax appeals, with some seeking reductions as high as 75 percent, a sign of the extreme uncertainty of commercial real estate values. Joseph Cioffi provided insightful commentary in the Commercial Observer article titled “Flood of Property Assessment...
In a two-part in-depth interview with Valuation Review, Joseph Cioffi explains how valuation is the linchpin in the commercial real estate sector, but also the gateway to legal disputes. Part 2 includes a discussion of regulatory and legal risks and opportunities related to current trends and office conversions.
If you want to know the future of commercial real estate, look at how valuations are affecting the market and how the market is impacting valuations. In a two-part and in-depth interview with Valuation Review titled "Attorney Highlights Litigation Risks in Commercial Real Estate Valuation," Joseph Cioffi explains how valuation, the linchpin in the sector, is also the gateway to legal disputes....
Although marijuana is now legal for recreational or medical use in 37 states, it is still a federal crime to grow, sell or possess marijuana. With Congress unable to come to an agreement on marijuana's legal status, the Biden administration has been considering other means at its disposal to change its legal status. Following the recommendation from the U.S. Food and Drug Administration last...
Commercial real estate appraisers are currently playing a crucial role in one of the biggest real estate stories: the fate of the office market and urban centers. Their valuation decisions can significantly influence property sales, how and when transaction volume restarts, and even who controls key assets. Joseph Cioffi, was quoted multiple times in this article for BisNow, “‘You Can Imagine the...
