Top Adding - Real Estate

Although real estate bankruptcy cases no longer dominate the bankruptcy courts' dockets as they did in the early nineties, but they continue to be filed with great frequency in UK. At its essence,

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

the real estate bankruptcy is a two party dispute between mortgagee and mortgagor. Real estate bankruptcy cases are typically filed after a foreclosure sale has been set. Upon learning of the ban

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

kruptcy filing, a secured creditor has a number of available options, all or some of which should be exercised, depending on the facts of the case, to maximize loan recovery.

A lender can ask the

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

court to dismiss the bankruptcy case as a "bad faith" filing. A creditor asserting bad faith must prove the subjective bad faith of the debtor and that any reorganization by the debtor is objecti

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

vely futile. For subjective bad faith, the court will examine whether the debtor invoked the protections of the Bankruptcy Code without either the intention or ability to reorganize its financial

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

affairs. To determine objective futility, the court will examine whether there is indeed a "going concern" to preserve and whether there is any realistic chance for the debtor to reorganize. Most

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

courts require a very strong showing to dismiss a case for bad faith at the outset of a case.

Under the Bankruptcy Code a motion for relief from stay will also be granted where the secured credit

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

or can prove that there is no equity in the real property over and above the secured claims, and that the property is not necessary to the debtor's effective reorganization. This basis for relief

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

is typically alleged as an alternative to bad faith, in the same motion. Almost all controversies surround the value of the real property, making the expert report and testimony of a licensed real

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

estate appraiser essential to the successful prosecution of a motion for relief from the automatic stay on these grounds. The same factors relied upon to support objective futility in the bad fai

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

th filing analysis are used to establish that the property is not necessary to an effective reorganization.

An alternate ground for relief from the automatic stay is lack of adequate protection o

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

f the secured creditor's interest in the property. For example, if the real property is deteriorating in value and the lender is not receiving post-petition payments, the lender's security interes

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

t in the property is not adequately protected.

A creditor holding a properly perfected assignment of rents has a lien on "cash collateral" under the Bankruptcy Code. If the assignment of rents wa

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

s properly perfected pre-petition, it usually attaches to the post-petition rents generated by the debtor's real property.

A debtor may not use cash collateral without either a court order or the

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

consent of the secured creditor. While it is common in nonsingle asset realty cases for a debtor to negotiate a cash collateral agreement with the secured creditor before filing for bankruptcy, i

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

n single asset real estate cases, which are typically filed at the eleventh hour for the express purpose of stopping a foreclosure, such negotiations are virtually nonexistent.

Unless, within the

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

first day or two of the case, the debtor requests a cash collateral agreement with the lender, or files a motion with the court to authorize the debtor's use of post-petition rents, a lender shou

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ld immediately advise the debtor in writing that it may not use cash collateral absent an agreement. If an agreement is not reached, the debtor will usually petition the court for authorization on

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

an emergency basis. The lender can also petition the court to deny authorization on the basis that the debtor lacks the ability to adequately protect its interests in the rents. In the final anal

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ysis, most secured creditors share the same objective when faced with a real estate case: to extract their collateral, including rents, from the bankruptcy as quickly and inexpensively as possible

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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