Question 1: D rents a building from L in April 2018. The term of the lease is 32 years; the lease terms call for monthly rental payments of $20,000 a month. In April 2019, D files a Chapter 7 bankruptcy petition. At the time of D's bankruptcy filing, D owes L $60,000 in back rent.
(a) What is the amount of L's maximum allowable claim?
(b) What additional information is needed to determine the amount of L's actual allowable claim?
(c) What additional information is needed to determine the amount of the actual payment on L's allowable claim?
(d) What are the consequences of determining that only part of L's claim is allowable?
Question 2: D Co. has filed for bankruptcy. The Environmental Protection Agency (the "EPA") has filed a proof of claim in the D Co. bankruptcy stating that the basis of the claim is that D Co. and T Corp. (which is not in bankruptcy) are jointly and severally liable for the pollution of Walden Pond and indicating that the amount of the claim is "still unknown." Does the EPA have a section 101(5) claim? An allowable claim? Does T Corp. have a section 101(5) claim? If both the EPA and T Corp. have claims, should both claims be allowable? See section 502(e)(1)(B) ("the court shall disallow any claim for reimbursement or contribution of an entity that is liable with the debtor or has secured the claim of a creditor to the extent that ... such claim for reimbursement or contribution is contingent as of the time of allowance or disallowance of such claim for reimbursement or contribution.")