Time Relevance of Expense: commission deductible when incurred; restructuring transfers, lease obligations upheld; unenforceable sale agreement bars l...
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Authority to appoint a third party developer for completion of predominantly completed residential projects is sustained where protection of home buyers is the predominant consideration; the appellate tribunal's direction to bring in a government entity for completion is not found unfair or contrary to insolvency law and is upheld with specified modifications. Use of the court's equitable remedial power to ensure completion and orderly distribution is endorsed, permitting surplus distribution to other claimants by pari passu or other fair mechanisms. Interim injunctions that would impede the court approved completion mechanism are prohibited; the appeals are dismissed accordingly.
Authority to appoint a third party developer for completion of predominantly completed residential projects is sustained where protection of home buyers is the predominant consideration; the appellate tribunal's direction to bring in a government entity for completion is not found unfair or contrary to insolvency law and is upheld with specified modifications. Use of the court's equitable remedial power to ensure completion and orderly distribution is endorsed, permitting surplus distribution to other claimants by pari passu or other fair mechanisms. Interim injunctions that would impede the court approved completion mechanism are prohibited; the appeals are dismissed accordingly.
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