With all of the real estate development currently going on in our five boroughs, bankruptcy judge Michael E. Wiles’ recent decision in In re Futterman, Case No. 17-12899 (MEW) (more on that below) got me thinking about how far the pendulum has swung in my 30 years of representing middle-market debtors in Chapter 11 cases. To paraphrase the famous Dylan song, “the bankruptcy times they are changing.”
I have been practicing bankruptcy law in New York City since 1989. Over this period, as with all things, I have witnessed many changes. Of course, in October 2005, substantial changes to the Bankruptcy Code went into effect. Before discussing Judge Wiles’ recent case in In re Futterman, I believe it makes sense to briefly discuss some of the significant evolution and trends I have witnessed over the last 30 years with respect to what the Bankruptcy Code denominates as “single asset real estate” cases (SARE).
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