Player's Poker Club, Inc.

CourtUnited States Bankruptcy Court, C.D. California
DecidedFebruary 4, 2022
Docket9:21-bk-10357
StatusUnknown

This text of Player's Poker Club, Inc. (Player's Poker Club, Inc.) is published on Counsel Stack Legal Research, covering United States Bankruptcy Court, C.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Player's Poker Club, Inc., (Cal. 2022).

Opinion

2 FILED & ENTERED 3 FEB 04 2022 4 5 CLERK U.S. BANKRUPTCY COURT Central District of California 6 BY r u s t DEPUTY CLERK 7 8 UNITED STATES BANKRUPTCY COURT 9 CENTRAL DISTRICT OF CALIFORNIA 10 NORTHERN DIVISION 11 In re: Case No.: 9:21-bk-10357-MB 12 PLAYER'S POKER CLUB, INC., Chapter 11 13

14 Debtor. MEMORANDUM OF DECISION 15 16 17 18 19 20 21

22 23 24 25 26 27 1 I. 2 INTRODUCTION 3 Player's Poker Club, Inc. dba Players Casino (the "Debtor"), debtor and debtor in 4 possession, filed a motion ("Motion") for approval of its rejection, under Bankruptcy Code section 5 365(a), of a nonresidential real property lease and parking area license under which Hofer 6 Properties, LLC ("Hofer" and the "Hofer Lease and License") is the lessor and licensor.1 The 7 Debtor requests approval of the rejection as of the petition date, or, alternatively, the day after the 8 petition date, which is when the Debtor filed the Motion. In other words, the Debtor requests an 9 order with retroactive effect, i.e., on a date prior to when the Motion is granted and an order is 10 entered by the court. 11 Hofer objects to the Motion, arguing that rejection of the lease and license lacks a 12 reasonable business justification. Hofer also argues that the Debtor improperly filed this case in 13 bad faith, for the sole purpose of rejecting the Hofer Lease and License. 14 The court held a hearing and approved the Motion in open court. The court files this 15 Memorandum of Decision to further explain its conclusions: (i) the Debtor's decision to reject the 16 Hofer Lease and License under Bankruptcy Code section 365(a) constitutes an appropriate exercise 17 of business judgment, which the court will not disturb; (ii) the court has the authority to grant 18 retroactive approval of such a rejection, notwithstanding the Supreme Court's decision in Roman 19 Catholic Archdiocese of San Juan v. Acevedo Feliciano, 140 S. Ct. 696 (2020) (per curiam); and 20 (iii) cause exists to enter a nunc pro tunc order approving the Debtor's rejection of the Hofer Lease 21 and License, retroactive to the date on which the Motion was filed and served. 22 II. 23 BACKGROUND 24 The Debtor is a gaming business. Prior to its closure due to COVID-19 health restrictions 25 imposed by state and local health officials, the Debtor operated the "Players Casino," a nearly 80- 26 year-old card club in Ventura, California, featuring No Limit Hold'em, 21st Century Blackjack, 3 27 1 1 Card Poker, Pai Gow Poker, Ultimate Texas Hold'em, EZ Baccarat, Big O, Omaha, and other card 2 games. 3 The COVID-19 pandemic and related restrictions on its operations severely impacted the 4 Debtor's revenues. In 2018 and 2019, the Debtor's gross revenues exceeded $16 million each year. 5 In 2020, however, its revenues plummeted to $4 million. Considering the operational restrictions 6 placed on the Debtor by state and local health authorities, the resulting financial distress, and 7 uncertainty regarding the duration of those operational restrictions, the Debtor elected to seek relief 8 under chapter 11 of the Bankruptcy Code. The Debtor filed its voluntary petition on April 6, 2021. 9 One day later, the Debtor filed the Motion, seeking approval of the Debtor's decision to 10 reject the Hofer Lease and License. The lease pertains to the premises at 6580 Auto Center Drive, 11 Ventura, CA 93003, where the Debtor had been operating the Players Casino until its operations 12 were interrupted by the pandemic. The license pertains to an adjacent parking lot. The Players 13 Casino closed at the outset of the COVID-19 pandemic in early 2020, in accordance with state and 14 local health directives. The casino briefly reopened and operated pursuant to various restrictions, 15 but it was required by health authorities to close again in late 2020. The casino did not re-open, 16 and the Debtor elected to vacate the premises on March 31, 2021. 17 The lease was entered into as of December 1, 2010. The lease specifies a lease term ending 18 on March 31, 2021. The lease also contains an option for an additional five-year extension, if 19 requested by no later than September 30, 2020. The parties disagree on whether a lease extension 20 was ever effectuated. Hofer contends that the Debtor—then contemplating the possibility of future 21 operations at the location—timely provided notice of a request for the extension. Hofer further 22 contends that the Debtor then failed to cooperate with the process under which the property would 23 be appraised and a new lease rate established. Hofer argues that the lease term was extended 24 notwithstanding the Debtor's conduct. In contrast, the Debtor contends that no extension became 25 effective and that the lease terminated according to its terms on March 31, 2021. 2 26

27 2 The license appears to have been entered three years after the Hofer Lease, on December 19, 1 Not surprisingly, the Debtor describes its motivation for rejecting the Hofer Lease and 2 License as an "abundance of caution." The Debtor does not believe there was any lease or license 3 in existence after March 31, 2021. But, to the extent the Hofer Lease and License did not terminate 4 on that date, the Debtor seeks to reject them under Bankruptcy Code section 365(a), relegate any 5 resulting damages claim to a prepetition claim under Bankruptcy Code section 365(g), and limit the 6 amount of that damages claim under Bankruptcy Code section 502(b)(6). 3 7 Although Hofer disagrees that the lease terminated on March 31, 2021, Hofer does not 8 dispute that on that date, the Debtor vacated the premises, conducted a lease-end walk-through of 9 the premises with the landlord's representative, and returned the keys. The Debtor asserts that it 10 vacated the premises prepetition because it determined that restarting operations at that location 11 would be risky and unprofitable—particularly under the lease renewal terms being sought by 12 Hofer. Once that decision was effectuated, and the Debtor filed for relief under chapter 11, the 13 Debtor contends that rejection of the Hofer Lease and License was appropriate (to the extent not 14 effectively terminated prepetition) to protect the estate from administrative rent and other expenses 15 for premises that it was not using and did not intend to use. 16 Hofer objects to the Debtor's decision to reject. Hofer argues that the Debtor failed to 17 demonstrate that rejection of the Hofer Lease and License is in the interests of the Debtor's estate. 18 Hofer contends that the premises contain highly customized tenant improvements and that the 19 premises are "likely the only acceptable property in Ventura for the business." Case Dkt. 33 at 7-8. 20 Further, Hofer contends that the Debtor has cash in the bank and could elect to operate at the 21 premises under current restrictions, which permit limited indoor operations. Hofer also questions 22 the Debtor's good faith in commencing the bankruptcy and filing the Motion. Hofer argues (i) that 23 24 3 The Debtor has commenced an adversary proceeding to determine, inter alia, whether and when the Hofer Lease and License terminated. See Adv. No. 9:21-ap-01014-MB. Nothing in this 25 Memorandum is intended to constitute a ruling on that issue. Instead, the Court is ruling here only whether to approve Debtor's rejection of the Hofer Lease and License pursuant to Bankruptcy Code 26 section 365(a) and when such rejection should be effective. If the court determines that the Hofer Lease and License were effectively terminated prepetition, rejection may be of little practical 27 effect. If, however, the Hofer Lease and License was not terminated prepetition, rejection postpetition will impact the priority and amount of any claim to which Hofer may be entitled.

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Player's Poker Club, Inc., Counsel Stack Legal Research, https://law.counselstack.com/opinion/players-poker-club-inc-cacb-2022.