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Richard Y. Im: matters
Profile Matters Publications
Ongoing
Community Preservation Corporation - Real Estate Litigation
Outside counsel to CPC, a leading provider of capital for affordable housing in New York state, in numerous foreclosure actions, many involving stalled condominium development projects that are resolved through litigation or loan workouts. 
Ongoing
The Goodyear Tire & Rubber Company - Product Liability Litigation
Representation of Goodyear in product liability matters involving tires, rims, hoses, inflation tools, roofing products, retail stores and related real estate issues.
Ongoing
Distressed Real Estate Investor - Acquisition and Foreclosure on $5.7 Million in Loans Secured by Manhattan Property
Herrick advised the distressed real estate investment arm of a global financial services firm on the acquisition of loans totaling $5.7 million and secured by a new real estate development project located in the Washington Heights section of Manhattan.  Following the acquisition of the loans, which were in default, Herrick successfully represented the client in a foreclosure action challenged at the last hour by an entity directly tied to the borrower which claimed to hold a $1 million mechanic's lien against the property.  Herrick was able to swiftly put a receiver in place and then secured a final judgment of foreclosure and sale within months of first filing the action.  An auction is currently scheduled.
2015
Mezzanine Lenders - Stuyvesant Town-Peter Cooper Village Litigation
Herrick and co-counsel successfully represented junior lenders in litigation related to the foreclosure of Stuyvesant Town-Peter Cooper Village, Manhattan's largest housing complex, which our clients alleged was based on a flawed premise, designed to provide an unjust windfall of approximately $1 billion to the defendants at the expense of junior lenders.  This litigation, fought primarily in New York state court,  was ultimately settled in an agreement that resolved all claims between the parties and helped clear the way for a future sale of the complex. 
2013
Private Equity Fund - Temporary Forbearance Agreements
Representation of a private equity fund in several temporary forbearance agreements with respect to loans secured by real property in Las Vegas, Nevada.
2013
Affordable Housing Lender - Foreclosure of $17.5 Million in Mortgages Secured by Brooklyn Condominium Project
Herrick represented a major NYC affordable housing lender in hotly contested litigation to foreclose on more than $17.5 million in mortgages secured by a stalled condominium project located in Clinton Hill, Brooklyn.  Brought in by the client as replacement counsel, Herrick secured the appointment of a receiver to take control of the property, shut down lender liability claims raised by the borrowers in both the underlying foreclosure action and a parallel action filed in another court, and then succeeded in obtaining a final judgment of foreclosure and sale.  When the borrowers filed for bankruptcy in an effort to derail the sale, we won a judgment allowing the receiver to remain in place while we moved to lift the automatic stay blocking continuance of the foreclosure proceedings.  Having brought the foreclosure action to the brink of completion, Herrick positioned our client to successfully sell the note and mortgage to a developer, releasing our client from this litigation. 
2010
Estate of Lea Bondi Jaray - "Portrait of Wally" Restitution
After over ten years of litigation, our client, the Estate of Lea Bondi Jaray, achieved a very favorable settlement in the case of United States v. Portrait of Wally, which has been credited with being one of the first to focus the world's attention on the problem of Nazi-looted art. Egon Schiele's Portrait of Wally was stolen in the late 1930's from Lea Bondi Jaray, a Jewish art dealer and collector, by a Nazi agent. The settlement compensates the heirs for the true value of the painting—$19 million—and provides for permanent signage acknowledging the painting's true provenance to be placed next to the painting after it is returned to the Leopold Museum in Vienna.
2007
Iqbal v. Five M. LLC - Finger Building Dispute
Representation of Iqbal LLC in a hard-fought and much-publicized battle between developers over the controversial "Finger Building" in Williamsburg, Brooklyn. Herrick won a decisive victory, forcing the defendants to reduce the size of their proposed building by six stories in height -- a major victory that tipped the balance in that litigation. (Iqbal v. Five M. LLC (Slip Op. Kings Co. 2007))
2006
Developer - Discrimination Claim
Representation of a real estate developer and general contractor in an action by a minority subcontractor pursuing multi-million dollar discrimination and breach of contract claims. All claims were dismissed after a two week jury trial in the United States District Court for the Southern District of New York.
2002
United States Fidelity and Guaranty v. Madison Financial - Defeat of Class Action
Representation of a financial institution in fending off an attempt by a surety to turn a simple lien law claim into a class-action lawsuit. (United States Fidelity and Guaranty v. Madison Financial, 2002 U.S.Dist. Lexis 23374 (S.D.N.Y. 2002))