New Valley Corp. v. Corporate Property Associates (In Re New Valley Corp.)

OPINION

WOLIN, District Judge.

Corporate Property Associates 2 and 3 (“CPA”) filed a claim in New Valley Corporation’s (“NV”) bankruptcy. After years of litigation and a trial, the Bankruptcy Court determined that CPA should recover $2,888,-469.30 from NV’s estate. NV raises three issues on appeal, and CPA cross-appeals on five of the Bankruptcy Court’s rulings. The Court has determined that the Bankruptcy Court abused its discretion by using the wrong legal principle when it decided that CPA’s improper conduct did not bar its claim. The Court has also found that the Bankruptcy Court should…