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Bankruptcy Keyed to Bussel, 12th Ed.
In re Standor Jewelers West
Citation:
129 B.R. 200 (1991)Facts
On June 1, 1990, Standor Jewelers West, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. At the time, Standor operated four retail jewelry stores, including one at South Coast Plaza Mall in Costa Mesa, California. On July 30, 1990, Standor sought to assume and assign its lease at South Coast Plaza and sell the store’s assets to Sterling Inc. for $940,000. South Coast Plaza objected to the assignment based on a lease provision requiring the tenant to remit 75% of any appreciated value of the lease to the landlord as a condition of assignment. South Coast Plaza claimed it was entitled to $262,500 of the $350,000 allocated to intangibles in the sale, arguing this represented leasehold appreciation.
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