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Investing in Distressed Real Property in Bankruptcy


To most people, bankruptcy is perceived as the end of the line. The dream of riches and opportunity are over and it’s all about cleaning up the mess.  However, Bankruptcy Armageddon can be avoided and many investors and property owners and lenders, in the know, take advantage of the opportunities that arise in bankruptcy, particularly those involving distressed real property.

Our show features two distinguished bankruptcy attorneys, Sara Chenetz and Richard Golubow.  Sara and Richard have fought the wars, representing landlords, tenants, investors, lenders and the various groups of creditors looking to protect their real property assets and turn the lemons into lemonade.

Listen as we discuss:

  • The various strategies employed by property owners before, during and after they file bankruptcy.
  • What happens to partners and how do they protect their interests?
  • How about lenders who have a secured interest in the property…how do they protect their investments?
  • Can you loan money to a property owner just prior to the bankruptcy filing and are there any advantages?
  • How does bankruptcy affect the note that you hold on the property?
  • Can you buy real property or a note that secures real property in the bankruptcy and if so, what is the process and how do you protect yourself?
  • How does bankruptcy of the property owner affect the tenant and how can the tenant both protect themselves in bankruptcy or take advantage of their position as a tenant?

These and other issues will be discussed.

Featured Guests

Sara-Chenetz-400Sara L. Chenetz | LinkedIn
Attorney at Law, Perkins Coie LLP

A partner with Perkins Coie LLP, Sara Chenetz represents clients with varied interests in bankruptcy, restructuring, workouts and litigation matters.  Sara helps clients formulate and implement complex restructuring, workout, litigation and settlement strategies in a variety of situations.  She has served as first chair in multiple trials, arbitrations and mediations in New York and California.

Sara’s practice background includes an array of industries.  These include aerospace, entertainment, defense, finance, healthcare, hotels and leisure, manufacturing, mining, professional services, real estate, retail, technology, transportation and wine.

Through the course of her career, Sara has represented all parties involved in bankruptcy, restructuring and workout matters: first and second lien holders, asset, business and debt acquirers, official and unofficial committees, debtors in possession, bond and equity holders, directors and officers, trustees and examiners.  Additionally, her clients include vendors, employee benefit plans, retained professionals, plaintiffs and defendants.

A Fellow of the Litigation Counsel of America, Sara is ranked by Chambers USA, which highlighted her clients’ comments that included “so knowledgeable about bankruptcy” and “very bright…has a calm personality and is well attuned to clients’ needs.”

Sara is a frequent speaker and author on bankruptcy issues.  She is admitted to practice in state and federal courts in California, New York and New Jersey and the United States Court of Appeals for the Second, Third and Ninth Circuits.

richard-golubow-400

Richard H. Golubow | LinkedIn
Attorney & Managing Member, Winthrop Couchot PC

Richard H. Golubow is a founding member and the managing shareholder of Winthrop Couchot Professional Corporation, a premier bankruptcy law firm established in 1995 and located in Newport Beach, California.  Devoting his practice to the areas of complex bankruptcy and business reorganizations, litigation, liquidations and acquisitions, Mr. Golubow’s clients include debtors, creditors, creditor committees, bankruptcy trustees, assignees for the benefit of creditors, receivers and asset purchasers in a wide range of industries, including retail, manufacturing, distribution, importing, construction, entertainment, education, religious institutions, healthcare, hospitality, real estate, automotive, golf and country club, biotech, transportation, telecommunications and internet businesses.

Mr. Golubow was honored as the recipient of the 2014 Corporate INTL Magazine Global Award as Bankruptcy Attorney of the Year in California.  The 2014 Corporate INTL Magazine Global Awards recognize law firms and attorneys who have been successful in the past year and who have shown excellence not only in expertise but in service.

Mr. Golubow has achieved an “AV Preeminent” (5 out of 5) Peer Rating, Martindale-Hubbell’s highest peer recognition, generated from evaluations by other members of the bar and the judiciary for legal ability and ethical standards. Mr. Golubow is also rated “superb” (10 out of 10) by the leading independent attorney rating service, AVVO, and has been selected by his peers as a Super Lawyer, representing the top 5% of practicing attorneys in Southern California based on peer recognition and professional achievement.  Mr. Golubow is a member of the International Network of Boutique Law Firms (INBLF), an invitation only network of lawyers from single-discipline boutique law firms with the highest level of knowledge, experience, reputation and credentials comparable or superior to what can be found at the highest-ranking full-service law firms.

Mr. Golubow served as an educational co-chair for the California Bankruptcy Forum’s 24th Annual Insolvency Conference in May 2012.  He has lectured on varied insolvency related topics including recently, as a panelist for But I Thought We Were Safe: Are Priority Claims and Legacy Employee Liabilities at Risk in a 363 Sale?, at the American Bankruptcy Institute’s 25th Annual Winter Leadership Conference in December 2013;  as a panelist for War of the Roses, The Impact of Divorce Proceedings on Business and Personal Bankruptcy Cases, at the California Bankruptcy Forum’s 25th Annual Insolvency Conference in May 2013, as a moderator for Debtor-Creditor Feud: The Good, the Bad and the Reality of Receiverships, at the National Asian Pacific American Bar Association 24th Annual Convention in November 2012, as a panelist for Bankruptcy Reorganization Plan Strategies for Debtors, Lenders and Creditors Proposing or Opposing a Plan of Reorganization, a webinar produced by Strafford Publications in September 2011, as a panelist for the US Bankruptcy Roundtable, October 2012 and October 2010, produced by Financier Worldwide and as a panelist for the US Automobile Sector Roundtable, February 2009, produced by Financier Worldwide.

Mr. Golubow served as judicial law clerk and judicial extern to the Honorable John J. Wilson, United States Bankruptcy Judge in the Central District of California, Santa Ana Division.

Born and raised in Brooklyn, New York, Mr. Golubow is a graduate of the State University of New York at Albany, Albany, New York (B.S., Cum Laude, 1985) and Southwestern University School of Law, Los Angeles, California (J.D., 1992).

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