Ongoing
Hedge Funds - General Counsel
Representation of institutional hedge funds, fund of funds and separate account investment managers as outside general counsel, including Stillwater Capital Partners, Wolf Asset Management International, Victoire Finance Capital, Karpus Investment Management, PCE Investors (U.S. matters), Discovery Capital Management, Hildene Capital Management, Wolf Asset Management International, Witter Partners, FIS Group and others. We advise and consult on a wide variety of corporate, regulatory and transactional matters in connection with the ongoing operation of their investment management business.
Hedge Funds - General Counsel
Representation of institutional hedge funds, fund of funds and separate account investment managers as outside general counsel, including Stillwater Capital Partners, Wolf Asset Management International, Victoire Finance Capital, Karpus Investment Management, PCE Investors (U.S. matters), Discovery Capital Management, Hildene Capital Management, Wolf Asset Management International, Witter Partners, FIS Group and others. We advise and consult on a wide variety of corporate, regulatory and transactional matters in connection with the ongoing operation of their investment management business.
2011
Major U.S. Bank - Art Loan
Representation of a major U.S. private bank in a $110 million loan secured to by art works and Manhattan real estate.
Major U.S. Bank - Art Loan
Representation of a major U.S. private bank in a $110 million loan secured to by art works and Manhattan real estate.
2011
Major U.S. Private Bank - Art Loan
Representation of a major U.S. private bank in connection with a $16 million revolving credit facility secured by thirteen works of art.
Major U.S. Private Bank - Art Loan
Representation of a major U.S. private bank in connection with a $16 million revolving credit facility secured by thirteen works of art.
2011
Specialty Finance Company - Art Warehouse Loan
Representation of a specialty finance company in a $10 million warehouse loan facility to an art financing lender to fund the purchase of existing loans and the origination of new loans supported by fine and decorative art, antiques and collectibles.
Specialty Finance Company - Art Warehouse Loan
Representation of a specialty finance company in a $10 million warehouse loan facility to an art financing lender to fund the purchase of existing loans and the origination of new loans supported by fine and decorative art, antiques and collectibles.
2011
Bank Loan Participation - Household Items Manufacturer
Representation of a major commercial bank as a participant in an asset based loan facility to a luxury home furnishings manufacturer and the resolution of asset eligibility issues arising from extended term receivables.
Bank Loan Participation - Household Items Manufacturer
Representation of a major commercial bank as a participant in an asset based loan facility to a luxury home furnishings manufacturer and the resolution of asset eligibility issues arising from extended term receivables.
1999 - Present
Metropolitan National Bank - Formation and General Outside Counsel
Herrick formed—and continues to serve as outside general counsel to—Metropolitan National Bank. Please click here for an in-depth description of our work for the bank.
Metropolitan National Bank - Formation and General Outside Counsel
Herrick formed—and continues to serve as outside general counsel to—Metropolitan National Bank. Please click here for an in-depth description of our work for the bank.
2010
Major Financial Institution - Secured Term Loan
Representation of a major financial institution in connection with a term loan to a New York art gallery. The loan was secured by all the gallery's assets, as well as artworks from the gallery owner's personal collection.
Major Financial Institution - Secured Term Loan
Representation of a major financial institution in connection with a term loan to a New York art gallery. The loan was secured by all the gallery's assets, as well as artworks from the gallery owner's personal collection.
2010
Major Financial Institution - Asset-Based Facility
Representation of a major financial institution in restructuring several loan and intercreditor agreements involving a fashion company as borrower and two major banks as lenders.
Major Financial Institution - Asset-Based Facility
Representation of a major financial institution in restructuring several loan and intercreditor agreements involving a fashion company as borrower and two major banks as lenders.
2010
Stillwater Capital Partners - Acquisition of Assets by Public Shell
Representation of Stillwater Capital Partners, Inc. in the sale of all the assets, liabilities and investment portfolios of various private investment funds to Gerova Financial Group, Ltd. (formerly Asia Special Situation Acquisition Corp), a publicly-held special purpose acquisition company (SPAC) organized in the Cayman Islands. In exchange for the acquired assets, Stillwater fund investors received preferred shares of Gerova convertible into registered ordinary shares.
Stillwater Capital Partners - Acquisition of Assets by Public Shell
Representation of Stillwater Capital Partners, Inc. in the sale of all the assets, liabilities and investment portfolios of various private investment funds to Gerova Financial Group, Ltd. (formerly Asia Special Situation Acquisition Corp), a publicly-held special purpose acquisition company (SPAC) organized in the Cayman Islands. In exchange for the acquired assets, Stillwater fund investors received preferred shares of Gerova convertible into registered ordinary shares.
2010
Major Financial Institution - Credit Loan Facility
Representation of a major financial institution in a $7.5 million secured uncommitted line of credit loan facility to a leading manufacturer of baby products produced around the world. The facility was secured by a pledge of all assets of the company, including sizeable inventories located in-transit and in the company's leased warehouses. The transaction also included an intercreditor arrangement with the company's current factor as well as the transfer of existing letters of credit to the new facility.
Major Financial Institution - Credit Loan Facility
Representation of a major financial institution in a $7.5 million secured uncommitted line of credit loan facility to a leading manufacturer of baby products produced around the world. The facility was secured by a pledge of all assets of the company, including sizeable inventories located in-transit and in the company's leased warehouses. The transaction also included an intercreditor arrangement with the company's current factor as well as the transfer of existing letters of credit to the new facility.
2009
Commercial Bank - Creative Jewelry Financing
Representation of a major U.S. commercial bank as agent in a $30 million syndicated senior secured asset based loan for an international jeweler and its subsidiaries. The loan was to an affiliated group of U.S. companies involved in the wholesaling of diamonds and other precious stones, and was guaranteed by several foreign affiliates. The loan facility also included a $10 million accordion feature.
Commercial Bank - Creative Jewelry Financing
Representation of a major U.S. commercial bank as agent in a $30 million syndicated senior secured asset based loan for an international jeweler and its subsidiaries. The loan was to an affiliated group of U.S. companies involved in the wholesaling of diamonds and other precious stones, and was guaranteed by several foreign affiliates. The loan facility also included a $10 million accordion feature.
2009
Commercial Bank - $75 million Facilities
Representation of a major U.S. commercial bank in its $25 million committed and $50 million uncommitted loan facilities to a leading insurance services provider including numerous amendments and various intercreditor issues with other bilateral lenders.
Commercial Bank - $75 million Facilities
Representation of a major U.S. commercial bank in its $25 million committed and $50 million uncommitted loan facilities to a leading insurance services provider including numerous amendments and various intercreditor issues with other bilateral lenders.
2009
Commercial Bank - First & Second Lien Restructurings
Representation of a major U.S. commercial bank as a lead lender and arranger in the restructuring of multi-billion dollar first and second lien revolving and term loan syndicated credit facilities with a leading international education publisher.
Commercial Bank - First & Second Lien Restructurings
Representation of a major U.S. commercial bank as a lead lender and arranger in the restructuring of multi-billion dollar first and second lien revolving and term loan syndicated credit facilities with a leading international education publisher.
2009
Private Bank - $425 Million Credit Facilities
Representation of a private bank as a letter of credit issuer; administrative agent in a $100 million letter of credit facility; and as lender in a $325 million revolving credit facility, each to a trust, the proceeds of which are for working capital purposes. The facilities are cross-collateralized and secured by a combination of public company stock, diversified liquid assets and cash.
Private Bank - $425 Million Credit Facilities
Representation of a private bank as a letter of credit issuer; administrative agent in a $100 million letter of credit facility; and as lender in a $325 million revolving credit facility, each to a trust, the proceeds of which are for working capital purposes. The facilities are cross-collateralized and secured by a combination of public company stock, diversified liquid assets and cash.
2009
Lehman Brothers - 2nd Lien Receivables Financing
Representation of Lehman Commercial Paper in closing a multi-million dollar, second-lien receivables funding for a special purpose vehicle subsidiary of a leading U.S. educational publishing group. In addition to documenting the loan facility, we negotiated an intercreditor agreement with the first lien lender of an existing $350 million receivables funding agreement.
Lehman Brothers - 2nd Lien Receivables Financing
Representation of Lehman Commercial Paper in closing a multi-million dollar, second-lien receivables funding for a special purpose vehicle subsidiary of a leading U.S. educational publishing group. In addition to documenting the loan facility, we negotiated an intercreditor agreement with the first lien lender of an existing $350 million receivables funding agreement.
2008
Specialty Finance Company - Art Lending
Representation of a startup specialty lending company to make loans against artwork as collateral, including producing form documentation and discussions concerning credit policy and procedures.
Specialty Finance Company - Art Lending
Representation of a startup specialty lending company to make loans against artwork as collateral, including producing form documentation and discussions concerning credit policy and procedures.
Ongoing
Commercial Banks - Investment Advisory
Representation of a US commercial banks in connection with their investment advisory activities.
Commercial Banks - Investment Advisory
Representation of a US commercial banks in connection with their investment advisory activities.
Ongoing
Lenders and Borrowers - Corporate and Asset-Based Financings
Representation of numerous financial institutions and borrowers in corporate and asset based lending transactions.
Lenders and Borrowers - Corporate and Asset-Based Financings
Representation of numerous financial institutions and borrowers in corporate and asset based lending transactions.
2008
Arthur Schuman, Inc. - Credit Facility
Representation of Arthur Schuman, Inc. and its affiliates, in a $75 million credit facility with Wells Fargo Foothill, LLC and Bank of America, N.A., as lenders. The facility is structured as an asset based loan, with availability limited by a borrowing base. A portion of the Credit Facility’s proceeds was used to pay off Arthur Schuman, Inc.'s current credit facility with Wells Fargo Bank.
Arthur Schuman, Inc. - Credit Facility
Representation of Arthur Schuman, Inc. and its affiliates, in a $75 million credit facility with Wells Fargo Foothill, LLC and Bank of America, N.A., as lenders. The facility is structured as an asset based loan, with availability limited by a borrowing base. A portion of the Credit Facility’s proceeds was used to pay off Arthur Schuman, Inc.'s current credit facility with Wells Fargo Bank.
2008
Financial Institution - Bottling Company
Representation of a major financial institution, as administrative agent and lender, in a $25 million syndicated, secured term loan credit facility to a soft drink bottling and distributing company. The proceeds of the term loan were used to build out existing production facilities and working capital purposes.
Financial Institution - Bottling Company
Representation of a major financial institution, as administrative agent and lender, in a $25 million syndicated, secured term loan credit facility to a soft drink bottling and distributing company. The proceeds of the term loan were used to build out existing production facilities and working capital purposes.
2008
Money Center Bank - $25 Million Facility
Representation of a money center bank in a $25 million asset-based senior secured revolving credit facility of a specialty apparel retailer and distributor.
Money Center Bank - $25 Million Facility
Representation of a money center bank in a $25 million asset-based senior secured revolving credit facility of a specialty apparel retailer and distributor.
2008
Money Center Bank - $125 Million Facility
Representation of a money center bank, as agent, in a syndicated $125 million asset-based senior secured credit facility to a large apparel designer and manufacturer.
Money Center Bank - $125 Million Facility
Representation of a money center bank, as agent, in a syndicated $125 million asset-based senior secured credit facility to a large apparel designer and manufacturer.
2007
Money Center Bank - $20 Million Facility
Representation of a money center bank in a $20 million senior secured credit facility of a financial advisory firm and international management consultants and its U.S. affiliates.
Money Center Bank - $20 Million Facility
Representation of a money center bank in a $20 million senior secured credit facility of a financial advisory firm and international management consultants and its U.S. affiliates.
Ongoing
Private Bank - Credit Facility For Real Estate Family
Representation of a major private bank in connection with a $200 million revolving credit loan and letter of credit facility for an entity owned by members of a prominent New York real estate family. The facility is secured by pledges of equity and economic interests with respect to nine major Manhattan office buildings, as well as a collectively assigned note and mortgage with respect to one of the properties.
Private Bank - Credit Facility For Real Estate Family
Representation of a major private bank in connection with a $200 million revolving credit loan and letter of credit facility for an entity owned by members of a prominent New York real estate family. The facility is secured by pledges of equity and economic interests with respect to nine major Manhattan office buildings, as well as a collectively assigned note and mortgage with respect to one of the properties.
2005
Gem Company - Credit Facility
Representation of a gem company in a senior secured credit facility secured by rough diamonds located throughout the world.
Gem Company - Credit Facility
Representation of a gem company in a senior secured credit facility secured by rough diamonds located throughout the world.
2003
Finance Company - Lottery Winnings Securitization
Finance Company - Lottery Winnings Securitization
Representation of a New York-based finance company in connection with the securitization of lottery winnings.
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