Key takeaways 

• Innkeepers is the first bankruptcy decision to address the standing of CMBS holders directly. 
• The denial of CMBS certificateholders standing in Innkeepers will dramatically limit the ability of CMBS holders to influence the course of borrowers’ bankruptcy proceedings. 
• Participants in non-CMBS securitizations that involve an intermediate trustee, or special purpose entity analogous to a CMBS trust, may also be affected by the holding in Innkeepers.