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RABINOWITZ, LUBETKIN & TULLY WIN IN REVEL CASE
RLT, led by attorneys Barry J. Roy and Jeffrey A. Cooper, was successful in protecting the possessory rights of its client, IDEA Boardwalk, LLC (“IDEA”), a tenant at the former Revel casino. During the case, the Debtors attempted to sell the casino “free and clear” of liens, claims, encumbrances and interests,” including IDEA’s leasehold rights, pursuant to 11 U.S.C. Sec. 363(f) of the United States Bankruptcy Code.
In response, IDEA argued, among other things, that Sec. 365(h) of the United States Bankruptcy Code trumped Sec. 363(f) and that due to the sale price of the Debtors’ assets when compared to the amount of the secured claims in the case, IDEA could not be adequately protected under Sec. 363(e). Due in large part to arguments raised by IDEA, the Debtors and the prospective purchaser, Polo North Country Club, Inc., agreed to sell the casino subject to IDEA’s leasehold rights.