Do you understand Chapter 11 Bankruptcy practice?  Can you define "cram down" or "impaired class" or "non-recourse loans"?  We can’t, but this case is a primer in Chapter 11 practice and the legal malpractice which may arise in a case.

The facts are complicated, involve general and limited partnerships, non-recourse loans, cross-collateralization and multiple state litigation.  Read the entire matter Breslin Realty Dev. Corp. v Shaw 2008 NY Slip Op 50887(U) Decided on April 21, 2008 Supreme Court, Nassau County .

"Plaintiffs’ motion for leave to reargue and leave to renew a prior motion by defendant which resulted in an order dated September 28, 2007 granting summary judgment dismissing the complaint and upon reargument for an order denying such relief is granted. Defendants’ cross-motion for leave to reargue is also granted, but upon defendants’ motion for reargument, the court adheres to so much of its prior decision as denied defendants’ motion for summary judgment on the grounds of lack of standing and res judicata/collateral estoppel.

This is an action for legal malpractice. Defendants were counsel to the plaintiff debtors in a series of jointly administered Chapter 11 bankruptcy proceedings."