Patricia Kane

June 08, 2018 | New York Law Journal

Following the Great Recession, the nonprofit sector faced significant financial headwinds that resulted in increased restructuring and, in some cases, dissolution, of many prominent nonprofits such as Saint Vincent Catholic Medical Centers, the New York City Opera, and The Big Apple Circus. The bankruptcy cases commenced by these organizations over the past several years provide useful guidance when navigating the complex intersection of federal bankruptcy law and New York's nonprofit laws.

By Christopher Updike

1 minute read

June 08, 2018 | New York Law Journal

The expense, disruption and value deterioration inherent in sustained Chapter 11 proceedings have in recent years led to faster paced cases which are often, if not prepackaged, at least pre-negotiated (or pre-arranged). Debtors and sophisticated stakeholders are increasingly using plan support agreements to provide structure to a Chapter 11 case and set forth the pre-negotiated terms of a Chapter 11 plan.

By Thomas R. Califano and Rachel Ehrlich Albanese

1 minute read

June 08, 2018 | New York Law Journal

PSAs have become a mainstay in the Chapter 11 restructuring process, and it is therefore vital for distressed investors and other creditors to have a clear understanding of the legal terms of a contemplated PSA. This article examines the language of certain key provisions typically found in a PSA, and provides a brief survey of provisions agreed to by debtors in bankruptcy proceedings.

By Gregory G. Plotko and Richard J. Lee

2 minute read

June 08, 2018 | New York Law Journal

There are no absolute protections against the downside risk in any transaction. This is especially the case in cross-border transactions that span multiple jurisdictions. Nevertheless, some careful planning and drafting can improve the prospects for the outcome.

By Michael J. Venditto

1 minute read

June 08, 2018 | New York Law Journal

As the credit markets have slowly tightened and borrowers look for creative solutions to delever and refinance their balance sheets outside of bankruptcy, it is important to keep in mind that a transfer that is otherwise allowed under a borrower's debt documents may still be attacked if there are indicia that the transfer is for “all or substantially all” of the borrower's assets.

By Kenneth Pasquale and Isaac Sasson

1 minute read

June 06, 2018 | New York Law Journal

And other recent announcements of honors, awards and appointments for New York lawyers.

By Patricia Kane |

2 minute read

June 06, 2018 | New York Law Journal

In her Secured Transactions column, Barbara Goodstein shows how the case 'JCC Development Corp. v. Levy' can be used as a cautionary tale for attorneys who draft or review loan documents that small variations in the language of the documents can potentially lead to fatal flaws.

By Barbara M. Goodstein

2 minute read

June 05, 2018 | New York Law Journal

Scott E. Mollen, a partner at Herrick, Feinstein, discusses two landlord-tenant cases: 'DD 11th Ave. LLC v. Sans, a fraud case, where a tenant obtained a low-income apartment by understating his income, and 'Matter of Jourdain v. N.Y.S. Div. of Housing & Cmty. Renewal' dealing with succession rights.

By Scott E. Mollen

1 minute read

June 05, 2018 | New York Law Journal

In their Landlord-Tenant law column, Warren A. Estis and Michael E. Feinstein write: 187th St. Bronx LLC v. Hizan Deli clarified that in a summary nonpayment proceeding, it is proper for the court, absent a showing of prejudice or surprise, to permit the landlord to amend the petition to include the unpaid rent which accrued subsequent to the filing of the petition, without having to serve a new rent demand. Given that the purpose of summary proceedings is to expeditiously resolve landlord-tenant disputes, this is a logical and appropriate result.

By Patricia Kane |

1 minute read

June 04, 2018 | New York Law Journal

Microsoft's four-year legal battle over the U.S. government's ability to subpoena customer email stored outside of the United States ended abruptly thanks to the passage of the Clarifying Lawful Overseas Use of Data Act (CLOUD Act) which directly governs the subject matter. While the CLOUD Act provides clarity as to the permissible reach of the U.S. government, it raises issues of potential conflicts with the laws of other countries.

By Christopher Boehning and Daniel J. Toal

1 minute read