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Type: Media Mentions
Expanded Chipotle Probe Appears Poised To Snarl Execs
February 4, 2016 -- Law360
David Rosenfield was quoted in Law360 about Chipotle’s disclosure that the U.S. Attorney’s Office for the Central District of California had issued a subpoena for company documents and information relating to company-wide food safety matters from as far back as 2013. In January, Chipotle indicated that prosecutors were investigating just the Simi Valley, California restaurant linked to the outbreak in August 2015, which sickened more than 200 people. “When the DOJ undertakes an investigation, particularly on food safety, they generally look at a variety of things, and it's a widely focused investigation," Rosenfield said.
Tough Financial Choices Lie Ahead in Building New Rays Ballpark
January 31, 2016 -- The Tampa Tribune
Irwin Kishner was quoted in The Tampa Tribune about the Tampa Bay Rays' pursuit of a new ballpark. Among other things, the article cites newly-built and pending stadiums such as Marlins Park in Miami and SunTrust Park in Atlanta as examples of how teams have designed stadiums to enhance the in-game experience. Following this trend, Kishner said to expect more luxury and corporate suites at the Rays' new stadium.
Investor Wants to Dissolve Crowdfunding Pioneer iFunding
January 26, 2016 -- The Real Deal
Richard Morris was quoted in The Real Deal regarding legal difficulties with real estate crowdfunding startups that may end business operations. Morris explained that if real estate crowdfunding platforms simply connect investors and borrowers, investors can still expect to be repaid even if the platforms shut down.
Mark Cuban Leads Optimism Flowing at FSTA, Despite Industry Turmoil
January 22, 2016 -- ESPN.com
Dan Etna was mentioned in an ESPN.com story that discussed the legal uncertainty facing the daily fantasy sports industry, featuring highlights from the Fantasy Sports Trade Association’s (FSTA) winter conference in Dallas – where Dan spoke on a panel titled “Counter Trend: A Return to Growth in Turbulent Times.” The article highlighted Mark Cuban, owner of the Dallas Mavericks of the NBA and co-host of the popular television show "Shark Tank," opening remarks expressing optimism for the future of daily fantasy sports. In the article, Dan expressed reservations about the FSTA’s state-by-state lobbying approach being the best legislative solution.
7 Ways to Avoid the New LLC Disclosure Law
January 21, 2016 -- The Real Deal
Jonathan Adelsberg was quoted in The Real Deal regarding how investors may work around the new federal disclosure requirements for shell companies and limited liability companies (LLCs) that buy luxury real estate in Manhattan. The new regulations take effect in March for six months and apply to all-cash deals valued at more than $3 million. “If you’re looking to hide money, you’ll find a way to do it,” Adelsberg said, emphasizing that many buyers who want to shield their purchase are not committing fraud.”
5 Takeaways from Bisnow’s First-Ever NY Foreign Investment Event
January 20, 2016 -- Bisnow
Bisnow reported on the panel Belinda Schwartz moderated at Bisnow’s foreign investment in New York real estate event. During the panel discussion, Belinda noted that complicated transactions involving ground leases and assemblages can confuse certain foreign investors so “one of the challenges is to go out of your way to demystify the complex parts of a deal.”
Sports Stadium Construction: Worth the Public Controversy to Put a 'City on the Map'?
January 19, 2016 -- Construction Dive
Irwin Kishner was quoted in Construction Dive regarding the economics of building sports stadiums and the backlash that often results against taxpayer funding for new facilities. Kishner discussed the money to be made in sports construction "all the way through the food chain" as well as the multiplier effect for cities in generating local revenue and jobs. "Putting in a stadium or an arena in a municipality is extremely helpful in generating jobs, in generating income, in bringing dollars," Kishner said. "Equally as important, though, is you have tremendous psychological benefits by having a team. Every major city wants to have a team. It's a source of civic pride. Look what happens when a team wins the World Series. It's a major rallying point. To a certain extent, it puts the city on the map."
The Little Loophole Helping Developers Build Higher Supertall Towers
January 17, 2016 -- Crain’s New York Business
Mitch Korbey was quoted in Crain’s New York Business regarding developers creating ultra-tall condominium towers by increasing the height of the buildings’ mechanical spaces and re-allocating living space to higher, more valuable residential floors. Mechanical floors typically include heating, cooling, ventilation, electrical systems and other equipment that make a building function. "Mechanical space simply isn't counted toward zoning floor area," Korbey said, cautioning that the practice still invites city scrutiny. "Mechanical space is closely scrutinized by the Department of Buildings. It must truly function as mechanical equipment."
Millionaire, Show Thyself: What Does the Treasury Dept.’s Move Mean for NYC Real Estate?
January 14, 2016 -- The Real Deal
Jonathan Adelsberg was quoted in The Real Deal regarding the U.S. Treasury’s announcement that it would start tracking luxury all-cash property purchases in New York real estate made through shell companies and limited liability companies (LLCs). Under the new rules, title insurance companies will have to discover and disclose the identities of buyers of Manhattan all-cash transactions valued at more than $3 million; the requirement will launch on a six-month trial basis from March through August and may become permanent. “When you buy a $50, $60, $70 million apartment, the world takes notice,” Adelsberg said. “Do I think ultimately disclosing who owns property will stifle the purchase of units? Maybe initially, but long-term, no.”
Michael Smith Promotion Mentioned in Bisnow and Commercial Observer Finance Weekly
January 5, 2016 -- Bisnow and Commercial Observer Finance Weekly
Michael Smith’s promotion to real estate partner was featured in Bisnow and Commercial Observer Finance Weekly. Belinda Schwartz, chair of Herrick’s real estate department said of the promotion, “Michael is an experienced and trusted advisor for the firm’s real estate clients, who will continue to rely on him to develop creative solutions to their development, zoning, construction, financing and acquisition needs.”
Browns' Naming GC As Head Of Ops Isn't So Far-Fetched
January 6, 2016 -- Law360
Jared Bartie was quoted in Law360 regarding the NFL's Cleveland Browns promoting Sashi Brown, the team's general counsel, to head of football operations. Bartie discussed how the move from the legal side to football operations is not as unique as it sounds. "I would say, as in-house lawyer, if you have exposure to the ops side and the business side then you really get a 360-degree view of the organization," Bartie said. "I think lawyers generally use an analytical and strategic approach to problem-solving, which usually makes them positioned" for such a move.
DOJ Takes Rare Step In Probing Single Chipotle Restaurant
January 6, 2016 -- Law360
David Rosenfield was quoted in Law360 about the federal criminal investigation of a norovirus outbreak at a Chipotle restaurant in California. "I do think it's unusual to see the DOJ here, in the sense that the criminal [food illness] cases that I've seen have all involved the widespread distribution of food in interstate commerce, like the PCA and Jensen cases," Rosenfield said. "You would normally expect a case where there's mishandled food — where maybe the workers at the restaurant haven't cleaned up properly — to be handled by state or local authorities."
Feature: What the End of Tax-Free Spinoffs Means for CRE
January 6, 2016 -- Commercial Property Executive
Richard Morris was quoted in Commercial Property Executive regarding the effects of new legislation that removes the tax advantages of spinning off company real estate into a separate REIT. “This is a significant development that may be detrimental to many companies and, some would say, is a step to tax real estate based on an inappropriate characterization of a REIT spinoff as a Wall Street loophole,” Morris said. “The result of the amendment may be that operating companies that hold valuable real estate property will keep their real estate assets because of a significant tax liability. Accordingly, the operating company will have an asset that has a different risk profile, creating valuation issues.”
Technology Increasing Dealflow, Not Helpful in Closing Deals
December 28, 2015 -- Pensions & Investments
Richard Morris was quoted in Pensions & Investments regarding the growth of technological services in increasing deal flow to private equity firms. He explained that sellers are marketing deals through a variety of channels, including innovative automated methods that utilize advertising. "It speeds up the process," Morris said. "Having technologically enabled mechanics makes the transaction more efficient and reduces the execution risk."
Sports Legislation and Regulation To Watch in 2016
December 24, 2015
Irwin Kishner was quoted in Law360 regarding sports-related legislation to watch in 2016, including proposed bills in several states to regulate the fantasy sports industry. "There is too much money at stake, too many stakeholders at play here, and too many significant people who have a vested interest," Kishner said. "I believe it is eventually going to be taxed and regulated. I think that states and regulatory authorities are going to want to get their piece."
2015 Year in Review
December 22, 2015 -- New York Real Estate Journal
Belinda Schwartz was quoted in New York Real Estate Journal's "2015 Year in Review" special section regarding the emerging trends that will drive New York City real estate development in 2016. As "land is finite, developments costs are high, and there's an imbalance between supply and demand" in Brooklyn and Manhattan, Schwartz believes more real estate investors will look to the Bronx. "We took a group of developers on a trolley tour of the Bronx this fall, and everyone perked up," she said. "They saw great public transportation, a big supply of development sites, and capitalization rates that are two points higher than Manhattan, and a point higher than Brooklyn on average."
Art + Auction's 2015 Power 100 List
December 22, 2015 -- Blouin ARTINFO
Herrick Art Law Group co-chairs Lawrence Kaye and Howard Spiegler were included in Art + Auction's 2015 Power 100 List, an annual guide to the most noteworthy people shaping the international art market.
Holocaust Survivor’s Art Last Seen in Cuba
December 22, 2015 -- The Art Newspaper
Mari-Claudia Jiménez was quoted in The Art Newspaper article “Holocaust Survivor’s Art Last Seen in Cuba” with regard to a cache of extremely valuable paintings lost in Cuba. Herrick represents The Memorial Library in New York, the foundation of art collector and Auschwitz survivor Olga Lengyel, which seeks the recovery of a collection of paintings assumed to have been seized from Lengyel's home in Cuba over 50 years ago. Lengyel filed a claim as part of the Cuban Certified Claims Commission, which has still not been paid by the Cuban government. “These claims are still totally outstanding,” said Mari-Claudia, “Normally, certified claims are for immovable property, like a sugar plantation or a house, not for paintings. If one of these pictures is discovered in the United States prior to those claims being settled, we can certainly bring a claim for the recovery of such a work.”
Consultants Talk About Mayor de Blasio's Homeless Effort
December 21, 2015 -- NY1 News - Consultants Corner
Kevin Fullington appeared on the Consultants Corner segment of NY1 Inside City Hall to discuss Mayor de Blasio and homelessness in New York City as well as presidential politics.
Looking for the Owners of Looted Art
December 16, 2015 -- i24 News
Howard Spiegler was interviewed by i24 News during the 2nd International Forum on Restitution of Holocaust Era Cultural Assets in Israel. He discussed the frustrations his clients experience when art restitution cases are delayed for years by prolonged litigation. To view the full video, please click here.
LeFrak Rides Wave of Waterfront Development
December 15, 2016
Mitch Korbey was quoted in The Wall Street Journal about the new ways developers are trying to meet demand for downtown waterfront living in cities such as New York, Boston and San Francisco, and how they are facing environmental challenges and new regulations, including those passed by the federal government after superstorm Sandy.
How Fundrise, Crowdfunding’s Most Celebrated Startup, Cherry-Picks its Numbers
December 8, 2015 -- The Real Deal
Richard Morris was quoted in The Real Deal regarding the real estate crowdfunding website Fundrise. The company recently launched a non-listed mortgage REIT regulated under Series A of the JOBS Act, which allows investors to buy shares online without having to go through a registered broker-dealer and used general advertising to solicit investments from non-accredited investors. Morris commented on the next phase of this innovative method of securities distribution. “What might be interesting as more and more general solicitations are being done in a public way is the next question, which is what other consumer type of laws might be applicable.” He added, “Down the road there will be people who don’t give robust advertisements and more or less tease people. If people started doing that you can imagine states and the SEC coming together to give more specific advertising rules on a stand-alone basis.”
Meadowlands Matters: Recap of Herrick’s Fantasy Sports Outlook: Rumors, Realities and Regulation Event
December 4, 2015 -- NorthJersey.com
Irwin Kishner was quoted on NorthJersey.com in a recap of the Sports Law Group’s “Fantasy Sports Outlook: Rumors, Realities and Regulation” event. When asked about the future of DFS, Kishner told the audience, “There are billions of dollars at stake in fantasy sports. The short answer to the question is that this is going to be taxed and regulated.” He explained that the sports leagues, media companies, financial processors, credit companies, and state and federal governments that could tax this activity are just a few of the constituencies with a vested stake in the industry’s success and therefore it was “foolhardy to declare fantasy sports illegal in whole cloth.”
The Insider Guide to Miami Art Week 2015
December 2, 2015 -- Christie's.com
Mari-Claudia Jiménez was quoted in Christie’s.com about making the most of a trip to Miami Art Week and Art Basel. “I am an extreme planner, so I like to put together a spreadsheet of events so I can see everything laid out,” Jiménez said. “After that, lots of caffeine, comfortable shoes — and a car to take me to those farther afield events are key.”
War Over Sumner Redstone: How His Ex's Lawsuit Sets Up a Trust Battle
December 2, 2015 -- Hollywood Reporter
In a Hollywood Reporter article regarding a lawsuit that challenges the mental competency of Viacom and CBS Corporation executive chairman Sumner Redstone, Irwin Kishner opined on whether public companies have a duty per SEC regulation to disclose an aging executive’s medical condition as a material event. "You can't tell me anybody is buying or selling stock based on Redstone's health,” Kishner said. “And to say a 92-year-old is experiencing these medical issues approaches common sense."
How to Hire a Defense Attorney
November 30, 2015 -- Q & A Podcast with Michael Santos
David Rosenfield was interviewed by Michael Santos on the Earning Freedom podcast series, in a segment which provided advice to individuals facing white collar criminal charges. David discussed the importance of an individual openly communicating with his or her defense attorney in order to create the most appropriate, individualized plan for handling the entire case from the initial investigation to the final disposition.
Fantasy Sports Regulation Could Put Smaller Sites in Play
November 25, 2015 -- The Deal
Daniel Etna was quoted in The Deal (subscription only) about the differing, state-by-state regulation of daily fantasy sports (DFS) websites that may affect investors in those sites and future industry consolidation. While the New York attorney general is attempting to shut down the sites as illegal gambling, the Massachusetts attorney general has proposed new regulations, including banning anyone under the age of 21 from playing. "The differing Massachusetts and New York positions illustrate what a quagmire DFS has become," Etna said. "The situation cries out for a federal overlay of uniform nationwide regulation to avoid a piecemeal, state-by-state approach to DFS."
NFL-Yahoo Dealings Signal Changing Sports Media Landscape
November 24, 2015 -- Law360
Daniel Etna was quoted in Law360 (subscription only) about the potential for Yahoo or other non-traditional media programmers to bid for the rights to broadcast additional NFL games. Yahoo had the exclusive global rights to live-stream a game between the Buffalo Bills and Jacksonville Jaguars in October from London's Wembley Stadium. "It is a real friction point in over-the-top programming," Etna said. "Now you have a situation where it is not just the standard cable companies that are potentially going to be vying for actual game rights. This could be the beginning of a new trend where Yahoo and perhaps some other internet giants like Google start getting involved in the distribution game."
Video of the Week: Top Sports Lawyer on Owners, Career and Issues
November 16, 2015 -- Sports Business Journal
Irwin Kishner was featured in Sport Business Journal’s video of the week series in a Q&A with Abe Madkour, the publication’s executive editor. They discussed media and technology investments by professional sports franchises to improve the fan experience, investor interest in minor league and overseas teams and careers in sports law.
Yatirimla Gelen Vatandaslik (There is an Increase to Turks Getting Citizenships by Investing in the U.S.)
November 16, 2015 -- Bursa Haber and Habertürk
Barbaros Karaahmet was quoted by Bursa Haber and Habertürk on the rising interest by Turkish businesses in U.S. investments. He offered his insight on successful in-bound investment through strategic planning and execution. Barbaros also noted his work with Fragomen, Del Rey, Bernsen & Loewy LLP, an international law firm that specializes in immigration law and provides legal solutions to investors on how to successfully navigate the EB-5 investment program.
Türkiye’nin Davasi Müzeciligi Degistirdi (Turkey’s Case Changed How Museums Operate)
November 16, 2015 -- Hürriyet
Larry Kaye was interviewed in Turkey by Hürriyet while attending Contemporary Istanbul's Art Fair in Turkey. In the article, he noted that art smuggling is the third largest illegal market following weapons and drug trafficking. He also discussed how looted cultural artifacts ended up in the possession of museums across Europe and the U.S. because of unauthorized excavations that began around the decline of the Ottoman Empire.
Dava Emsal Oldu (The Case Became an Example)
November 14, 2015 -- Cumhuriyet
Larry Kaye was interviewed in Turkey by Cumhuriyet on Herrick's Art Law Group and their contributions to increased public awareness of cultural property restitution. He discussed our representation of the Turkish Republic in the restitution of looted cultural artifacts, particularly the recovery of the Elmali Hoard, a collection of 1,800 ancient Greek and Lycian coins.
Taylor Swift, Matt Drudge and U.S. Copyright Law
November 13, 2015 -- Investor's Business Daily
Nancy Mertzel was quoted in Investor's Business Daily about how U.S. copyright law is ill-equipped to handle modern Internet functionality, as Congress begins considering the most sweeping reform of copyright law since 1976. In the meantime, Mertzel said "the biggest thing we're going to see is the notion of digital technology pushing up against the boundaries of copyright law." She added, "There will be more cases that require judges to figure out a balance between wanting to encourage new technology and content, but also authorship, so creators are incentivized."
Appellate Division, Second Department Bestows Annual Milton Mollen Commitment to Excellence Awards
November 13, 2015 -- New York Law Journal
The Supreme Court, Appellate Division, Second Judicial Department announced the recipients of this year’s Milton Mollen Commitment to Excellence Award. The annual award was established by former Presiding Justice A. Gail Prudenti and named for the Second Department’s honored former Presiding Justice Milton Mollen. It recognizes the achievements of New York State Unified Court System employees within the Second Judicial Department who have demonstrated outstanding professionalism, dedication and service. To see the full list of recipients, please click here.
November 12, 2015
Larry Kaye was interviewed by Bloomberg News while attending the Contemporary Istanbul Art Fair in Turkey. He discussed the vibrant art scene that has developed in Turkey over the past 10-15 years which he attributes to emerging local artists. Larry also spoke about his plans to educate the art community in New York about Turkish contemporary art through his affiliation with the American Turkish Society as Vice Chairman.
Fantasy Sports Face Harsh Reality in New York
November 11, 2015 -- Bloomberg Markets
Daniel Etna appeared on "Bloomberg Markets" in a live Q&A with anchor David Gura about the legal and regulatory landscape for daily fantasy sports companies, and New York Attorney General Eric Schneiderman's order for DraftKings and FanDuel to cease operations in the state.
5 Things to Leave Out of Your Next Brief
November 10, 2015 -- Law360
John Goldman was quoted in Law360 about his advice for shortening legal briefs, including avoiding a long description of the governing legal standard and removing criticism of opposing counsel.
We’ll Store Your Artifacts, U.S. Tells Syrian Museums
November 8, 2015 -- The Art Newspaper
Frank Lord was quoted in The Art Newspaper on guidelines published by The Association of Art Museum Directors (AAMD) that encourage U.S. museums to protect the art collections of museums, governments and private individuals of conflict zones, particularly Syria. While an important step in protecting cultural heritage, the guidelines do not guard against every complication, as Herrick Art Law partner Frank Lord explains. Lord said, "If there is a change of government in the conflict area that results in a chilling of diplomatic relations, returning the property later could become complicated…What if the new government has completely different ideas about private property?"
Judge Approves Three Coyne International Deals
November 5, 2015 -- The Deal
Stephen Selbst and Herrick were mentioned in The Deal (subscription only) as debtor counsel representing Coyne International Enterprises Corp., an industrial laundry company headquartered in Syracuse, New York, in three separate sales of its laundry operations and customer routes. Judge Margaret Cangilos-Ruiz of the U.S. Bankruptcy Court for the Northern District of New York approved the sales as part of Coyne's Chapter 11 proceeding.
What’s Behind Brooklyn’s Growing Pains
November 5, 2015 -- Bisnow
Mitch Korbey was mentioned as a moderator of a multifamily panel at Bisnow's State of Brooklyn event, where he and other panelists discussed a number of issues, including increasing land prices which may drive more developers to decide their projects can only work as condos.
Conflict That Lies within the Fenway Sports Groups Blueprint
November 3, 2015 -- Sports 360
Irwin Kishner and Daniel Etna were quoted in Sports360° regarding the business and marketing strategy of Fenway Sports Group (FSG), owners of the Boston Red Sox and the English Premier League club Liverpool F.C. Commenting on their ownership of both teams, Kishner said, “FSG knows exactly what they are doing with…two of the most famous franchises in sport. The American sports ownership model is far ahead of what they have in Europe. If you take American business principles and apply that to teams in the Premier League, you will soon see a myriad of new revenue streams.” Commenting on fan concern over the state of Liverpool F.C., Etna said, “FSG is trying to rebuild the team while also making the club functional in a business sense. When that intersects with what the fans are looking for, it often creates issues.”
How Did a Stolen Malevich End Up at Sotheby’s?
November 4, 2015 -- Blouin Artinfo.com
On November 5th, Sotheby’s sold the Kazimir Malevich painting, “Mystic Suprematism (Black Cross on Red Oval)” for $37.8 million. Mystic Suprematism is one of eight paintings Herrick’s Art Law Group helped to return to Malevich’s heirs. Herrick Art Law partners Lawrence Kaye and Mari-Claudia Jiménez spoke with Blouin Artinfo to explain the challenges of restituting the works to Malevich’s 35 heirs.
The Bronx Feeding Frenzy
November 1, 2015 -- The Real Deal
The Real Deal covered Herrick’s October Bronx trolley tour, which took 30 real estate developers and investors on a tour to explore the rising real estate market and the burgeoning development landscape. In 2014, the borough saw an influx of $1.2 billion worth of real estate investment, a 26 percent jump from the prior year. Herrick real estate partner Jonathan Adelsberg told the publication, “You can’t be a great real estate lawyer until you understand the market. We do what we can to expose opportunities to our clients.”
2015'S Been A Banner Year For NYC. Here's Why.
October 23, 2015 -- Bisnow
Belinda Schwartz was mentioned as a moderator of Bisnow’s NY State of the Market event, where she and other panelists discussed commercial real estate’s recordbreaking year in New York City. The panelists discussed the office leasing space, multifamily and the sizable buyers and sellers' market. Schwartz noted, “On the investment sales side of things, longtime owners are unloading properties they’ve held for a long time, with 1031 exchanges accounting for a big chunk of them.”
A-Rod’s Lawyer Goes for Hat Trick with Venezia FC Buy
October 22, 2015
John Goldman was quoted in The Deal regarding his work for New York attorney Joe Tacopina in Tacopina's recent acquisition of the Italian fourth-division soccer club, Venezia F.C. Goldman has joined the team’s board of directors and will work with a group of investors to apply the American sports business model to the franchise, including building a new stadium, maximizing revenues and returning the team to Serie A in the next 40-48 months. "We have no obligations to a seller, which gives us a nice runway to fund the operations," said Goldman. "What we've been able to do so far is assemble a great management team and a real plan to improve the team. The buzz around the team is already so tremendous."
Herrick Guides NY Attorney In Quest To Dominate Italian Soccer
October 19, 2015 -- Law360
John Goldman was featured in Law360 regarding the legal guidance provided to Joe Tacopina and a group of North American investors in acquiring Venezia F.C., an Italian soccer franchise based in Venice. Goldman, who will sit on the team’s board of directors, helped structure Tacopina's exit from Bologna F.C., another Italian soccer club that he held a stake in, and worked with the Italian law firm Tonucci & Partners in guiding Tacopina’s winning bid for the Venice club. "What we are doing, and what the North American ownership groups who have gone into Italian soccer are doing, is the same thing the North American groups that went into the [English Premier League] 10 or 12 years ago were doing," Goldman said. "The plan is to have Venezia Football Club reclaim its rightful spot in the top division and be competitive for championships."
Nevada Says It Will Treat Daily Fantasy Sports Sites as Gambling
October 15, 2015 -- New York Times
Daniel Etna was quoted in the New York Times article discussing Nevada’s recent decision to treat fantasy sports sites as gambling. Nevada regulators have ordered websites, like DraftKings and FanDuel, to stop operating within the state until they have obtained gambling licenses for both the company and their employees. “Where this is all heading is mounting pressure to regulate daily fantasy games,” said Daniel Etna, a partner at Herrick, Feinstein.
Latest twist in N.J. sports betting case gives hope to supporters of Vegas-style wagering
October 14, 2015 -- The Record
Dan Etna was quoted in The Record regarding a ruling by the U.S. Court of Appeals for the Third Circuit to revisit its decision striking down a New Jersey state law permitting sports gambling at racetracks and casinos. A panel of 11 judges will re-hear the matter, including all three who participated in a previous 2-1 ruling against New Jersey's sports betting law. “The high profile of case, the fact that a 3rd Circuit judge ruled against New Jersey the first time and then dissented the second time … were sufficient to yield a recipe for rehearing,” Etna said.
Mental Competency Tests in the C-Suite are More Common than You Think
October 14, 2015 -- Fortune
Irwin Kishner was quoted in Fortune about CEO succession planning and the use of mental competency tests to ward off challenges for control from shareholders or executives' family heirs. Many of these titans of industry have defined themselves through their body of work, which is nothing short of spectacular, and it’s very hard to step aside, especially these people who have been very successful,” Kishner said.
3rd Circ. to Take Another Shot at Sports Betting Guidance
October 14, 2015 -- Law360
Dan Etna was quoted in Law360 on the broader implications of the U.S. Court of Appeals for the Third Circuit's decision to rehear the case challenging a New Jersey state law permitting sports gambling at racetracks and casinos. "I think that there may just be a recognition by the Third Circuit that there are many other states looking at what is going on in New Jersey, and it is a topic that deserves greater scrutiny and hopefully some sort of consensus," sports law attorney Dan Etna of Herrick Feinstein LLP said. Dan said that given the high-profile nature of the parties with the Big Four sports leagues, and because it involves an interpretation of how a federal law restricts a state, the case may be prime for the U.S. Supreme Court.
Full 3rd Circuit Court of Appeals to Take on NJ Betting Case
October 14, 2015 -- NorthJersey.com
To secure the legalization of sports betting in the state of New Jersey, Gov. Christie's administration recently filed a motion for the full Third Circuit to re-hear the case. Daniel A. Etna weighed in on NorthJersey.com on the order by the U.S. Court of Appeals for the Third Circuit granting the petitions for rehearing. "En banc petitions are rarely granted," said Dan Etna, a Manhattan-based sports law attorney. "The high profile of case, the fact that a 3rd Circuit judge ruled against N.J. the first time and then dissented the second time, and the lawsuit involving issues of statutory interpretation and application were sufficient to yield a recipe for rehearing. The 3rd Circuit may also be interested in having its house in order in case the lawsuit works its way up to the U.S. Supreme Court."
Live Q&A with Ernie Anastos about Illegal Sports Betting
October 2, 2015 -- Fox 5 News
Dan Etna appeared on Fox 5 News, in a live Q&A with anchorman Ernie Anastos about the illegal sports betting market, estimated to be worth hundreds of billions of dollars. Among many topics, Ernie and Dan considered the potential size of the market, the revenue that states could derive from legalized sports wagering, and the landscape for sports betting should legalization take place.
October 1, 2015 -- Real Estate Fund Manager
Mitch Korbey was quoted in Real Estate Fund Manager about the proposed rezoning of Midtown East, a 73-block area around Grand Central Station, by the New York City Department of City Planning. The story discussed how any rezoning could release roughly four million square feet of air rights, and the sale and trading of those air rights could spur the rejuvenation of up to 10 million square feet of feet of aging office stock. “Most of the buildings in the area comply with zoning today, but there are no incentives for [owners] to upgrade – if you can’t build bigger or taller, what’s the point of stripping down a Class B office and turn it into a Class A?" Korbey said. "[Midtown East] needs to be competitive with other cities, with Downtown, with Hudson Yard and unto itself.”
Proposed ‘EB-5’ Changes Worry Developers
September 25, 2015 -- Commercial Mortgage Alert
Neil Shapiro was quoted in Commercial Mortgage Alert regarding the potential expiration of certain provisions of the EB-5 program, which aims to attract foreign capital for real estate development projects that create U.S. jobs. Shapiro explained that in recent months, some developers have been moving more slowly on property purchases, and potential investors abroad have become more skittish on committing capital in light of the uncertainty. Shapiro said in the program's current form, "the vast majority of EB-5 funds are being used for projects that would not otherwise happen. Or, they would not happen to the same extent or in the same time frame. The program is currently doing what it's supposed to do, which is to spur economic growth."
Anheuser-Miller Tie-Up Won't Brew Trouble for Sports Ad Biz
September 23, 2015 -- Law360
Irwin Kishner was quoted in Law360 regarding the impact of a potential merger between Anheuser-Busch InBev NV and SABMiller PLC on beer advertising in professional sports. "This is one category, obviously a substantial category, but there is such demand for the asset that I just think that to the extent that there is any pricing pressure, others will come in and elevate," Kishner said. "I understand that while beer is a large sponsor for events, I still don't think that there would be less sponsorship spending because there is one less competitor in the market."
Deals Lawyers Saw No Summer Doldrums, Expect Strong Finish
September 22, 2015 -- New Jersey Law Journal
Ed Stevenson was quoted in the New Jersey Law Journal about expectations for a strong finish in middle-market mergers and acquisitions activity during the fourth quarter of 2015, despite volatility in the U.S. stock markets. While he acknowledged that "deals today generally just take longer to get done," Stevenson said that cash-rich companies as well as foreign businesses and individuals looking to invest in the U.S. market remain plentiful. "I expect the fourth quarter to probably be the busiest quarter for 2015 based on the number of deals in the pipeline" in the sports and entertainment, consumer products, and food and beverage sectors, Stevenson said.
Managers expecting lower returns from real estate sector
September 21, 2015 -- Pensions & Investments
Irwin Kishner was quoted in Pensions & Investments about certain asset managers acquiring real estate expertise, either by hiring real estate investment professionals or by acquiring specialist firms. "Either managers are wholesale buying banks or boutiques or they are hiring talent from competitors. It's a little bit of musical chairs," Kishner said.
Expertise, growth behind real estate manager acquisition push
September 21, 2015 -- Pensions & Investments
Irwin Kishner was quoted in Pensions & Investments about the increase in mergers and acquisitions involving real estate asset managers. "I have definitely, this year, seen a substantial pickup of real estate mergers and acquisitions activity," said Kishner, noting interest among large private equity firms to acquire boutique real estate firms to capitalize on investor interest. "It's one-stop shopping. It's ready to go, all nicely wrapped and packaged, and is another service to offer to clients." According to Thomson Reuters data, worldwide real estate M&A has accounted for 9.8 percent of the $2.2 trillion in transactions in 2015 through June 30, up from 8.9 percent of the $1.8 trillion in worldwide M&A in the first half of 2014.
Works of art — handle with care
September 18, 2015 -- Financial Times
Mari-Claudia Jiménez was quoted in a Financial Times article about the dangers of art transit between the numerous exhibitions, auctions and fairs being staged worldwide. In the piece, Jiménez warned of potential pitfalls facing art in transit, and recalled handling a legal dispute involving a $300,000 sculpture that was ruined after a British gallery sent it to a US art fair. "The shipping crate was made of a certain type of wood that the US requires be fumigated before shipment. As a result, they had to take it out of the crate to transport it. A sculpture with no crate rolling around in the truck got completely destroyed."
Alternative asset managers look for an aisle in the retail market
September 18, 2015 -- The Deal
Richard Morris was quoted in The Deal about the potential of individual investors having access to alternative investments like private equity. "To say that an individual investor is going to be permitted to buy an alternative investment product ... that's probably not going to happen," Morris said. "The very underpinning of securities law is protection. I think the SEC takes a great deal of comfort that, even in the last several major meltdowns [in the financial system] that we haven't revisited the 1930s."
Thwarting Book Thieves
September 16, 2015 -- American Libraries Magazine
Howard Spiegler was quoted in an article about the numerous instances of theft of rare books, maps and other cultural property from national libraries and other repositories around the world. The article describes the recent conference “Written Heritage of Mankind in Peril,” which took place at the British Library in London, which Howard helped organize and was attended by over a hundred librarians, rare-book dealers, lawyers, and law enforcement officials. Howard stated: “Every institution that houses rare books, manuscripts, and maps is potentially subject to theft. The potential theft and illicit trafficking of rare books, maps, and manuscripts looted from [national] and other libraries and similar repositories is a global problem that could threaten the preservation of the recorded history of mankind.”
New Jersey odds in sports betting battle just improved after Third Circuit request
September 15, 2015 -- NorthJersey.com
Dan Etna was quoted on NorthJersey.com regarding the U.S. Court of Appeals for the Third Circuit request for a reply from the MLB, NBA, NFL, NHL and NCAA to an en banc rehearing petition in the federal lawsuit involving the proposal to legalize sports betting in New Jersey. Etna stated that New Jersey may be "getting one last at-bat" in court: "The Third Circuit may be interested in this case given that the one judge is a 'judicial switch hitter' – he initially ruled against New Jersey, but in the most recent District Court opinion, he dissented." In addition, "The Third Circuit may want to make sure it got the [Constitutional] issue right in case U.S. Supreme Court were to take up the issue."
DOJ Toughens Stance on Food Execs in Peanut Corp. of America Case
September 11, 2015 -- Law360
David Rosenfield was quoted in a Law360 report on the Department of Justice’s unusually aggressive prosecution of former executives at Peanut Corp. of America over a salmonella outbreak that occurred in 2008 and 2009 and sickened hundreds of people: "A life sentence in a food case is completely unprecedented," David commented, adding, “this will certainly get the attention of food manufacturers because of the felony charges and extremely high sentences sought by not just the government, but by the probation office.”
Herrick Feinstein Hires Former City Council Attorney
September 10, 2015 -- GlobeSt.com
Anne McCaughey’s hiring as counsel in Herrick’s Real Estate Department — the group's seventh hire this year — was featured in GlobeSt.com. Anne joined Herrick from the New York City Council's Land Use Division, where she served as General Counsel. “Anne brings our real estate clients a unique and very valuable set of skills, including an exceptional understanding of the city’s land use and zoning laws, and an insider’s perspective on navigating the political process associated with major development projects,” said Belinda Schwartz, chair of Herrick's Real Estate Department.Anne McCaughey’s hiring as counsel in Herrick’s Real Estate Department — the group's seventh hire this year — was featured in GlobeSt.com. Anne joined Herrick from the New York City Council's Land Use Division, where she served as General Counsel. “Anne brings our real estate clients a unique and very valuable set of skills, including an exceptional understanding of the city’s land use and zoning laws, and an insider’s perspective on navigating the political process associated with major development projects,” said Belinda Schwartz, chair of Herrick's Real Estate Department.
Richard Morris: The Fate of CRE Investment Structures
September 9, 2015 -- Commercial Property Executive
Richard Morris spoke to Commercial Property Executive about the IRS's recently proposed rules reclassifying how private equity executives' management fees are taxed. Under the rules, firms will find it harder to convert their fees — which are taxed at high rates — into carried interest. Rick's Q&A explores how this change will impact the commercial real estate industry's investment structures. He wrote, "My primary concerns are the inconsistencies and imbalances that are created by the way this amendment seeks to increase tax revenue…The amendment disregards the fundamental distinction between a partner and an employee or contractor and adversely impacts the fundamental alignment of one of the most successful investment structures created by Wall Street."
Outdoor Advertisers Score Win In MTA Billboards Row
September 9, 2015 -- Law360
Kevin Fullington and Herrick were mentioned as representing Clear Channel Outdoors in a Law360 story about the Supreme Court of the State of New York issuing a ruling in a long-running case involving outdoor advertising and billboards on Metropolitan Transportation Authority (MTA) property. The decision reversed a Board of Standards and Appeals ruling from 2013 to disallow billboards on MTA property and declares that billboards on MTA property are not subject to city jurisdiction or city zoning.
Herrick, Feinstein’s Belinda Schwartz Talks Record Prices, Foreign Investment and Debt Funds
September 9, 2015 -- The Commercial Observer
Belinda Schwartz was featured in a Q&A with Commercial Observer finance editor Damon Ghigliotty, where she discussed a range of issues, including the dynamics behind the record prices being paid for New York real estate assets, the legal challenges inherent in transactions with complex capital stacks, and an uptick in the number of foreign and domestic investors forming debt funds.
How Sports Fantasy Games Open Holes in the Line between Luck and Skill
September 3, 2015 -- The Deal
John Goldman was quoted in The Deal regarding the growth of daily fantasy sports websites as companies set the stage for broader acceptance of sports gambling. "The legalization of sports gambling -- it's coming," Goldman said. "It is an enormous market; we're talking about hundreds of billions of dollars. I think the daily fantasy is a step toward that and could lay the groundwork for these guys to take advantage of that."
Analysis: Non-SEC Registration
September 1, 2015 -- Real Estate Fund Manager
Irwin Kishner was quoted in Real Estate Fund Manager article “Analysis: Non-SEC Registration,” where he cautioned against real estate fund managers de-registering with the SEC. “Most [public pension funds and other large institutional investors] hire a bevy of outside consultants [to review their investment advisers], and whether these advisers are registered or not is a big item on their checklist,” he said. “When you think about how many billions of dollars [these investors] invest, you are at a significant competitive disadvantage if you are not a registered investment adviser.” In doing so, Irwin said he would not characterize the interest in de-registering as a significant trend; rather, anecdotally, some registered funds are considering whether it is an option, given the high costs and administrative burdens of compliance.
NYC’s Biggest Real Estate Law Firms
September 1, 2015 -- The Real Deal
Jonathan Adelsberg was quoted in an article accompanying The Real Deal's annual ranking of the largest real estate practices at New York City law firms. Jonathan discussed that size is just one metric to evaluate the growth of Herrick's full-service practice, which was ranked as one of the ten largest in the city. “I would rather be lean and mean and service a very select group of clients, as opposed to being all things to all people,” he said.
Cannabis Economy Lags Behind Legalization
August 28, 2015 -- Institutional Investor
Richard Morris was quoted in Institutional Investor about the marijuana banking industry and confusing guidance issued by FinCEN last year to help the burgeoning marijuana industry, banks and credit card companies start to reconcile their practices and expectations. “All of this is prosecutorial guidance, so it can change,” said Morris. “It’s sort of like dealing with a permission that could be revoked at any time. What’s proper today may not be proper tomorrow, so I can’t tell [a prospective banker] they won’t be a target.”
Judge Rules in Armani’s Favor in Fight with SL Green
August 25th and 26th, 2015 -- New York Post and The Real Deal
Both the New York Post and the Real Deal reported on favorable rulings Herrick and co-counsel Quinn Emanuel obtained on behalf of client Giorgio Armani in high-profile litigation with the landlord of the fashion designer’s Upper Eastside flagship Manhattan store.
Sizing Up Missed Opportunities at Toys 'R' Us
August 21, 2015
Richard Morris was quoted in The Deal (subscription only) about whether Toys R Us’ private equity sponsors overlooked chances in the past ten years to monetize their investment. He explained that the results indicated there were missed opportunities to fully exit the business, but in light of the circumstances this may have been the best that could have been done. Morris noted, "You have to separate the things that were in the control of the buyers and what wasn't in their control," such as the ability of low cost retailers to capture so much of the consumer demand.
Cash for kicks: How public money could play role in new Raiders stadium deal
August 12, 2015 -- San Francisco Business Times
Irwin Kishner was quoted in San Francisco Business Times about the firm's work for New City Development in its new stadium plan for the NFL's Oakland Raiders and the pledge by city and county officials to not use public money for the project. According to Kishner, using public financing for sports facilities is "a balance, allocating funds in an intelligent manner toward civic pride and developing (schools, hospitals and housing). Driving tourism and jobs is also a noble pursuit." Kishner cautioned that cities risk teams leaving for better economic deals. "You can say the Yankees are tied in with New York, but if the city of Toronto were to say, 'Here's a brand-new stadium, infrastructure and 8 million people (in the region), and we'll guarantee that you'll never pay a nickel rent' — that will attract a team," Kishner said. "You can make it so good that teams can't refuse it."
Final Pay Ratio Rule Gives a Few Compliance Breaks
August 11, 2015 -- Compliance Week
Richard Morris was quoted in Compliance Week about the Securities and Exchange Commission recently adopted regulations requiring CEO pay ratio disclosure rule for publicly traded companies. Morris advised that companies not view the rule in isolation, but see it as one piece in the SEC's broad spectrum of required compensation disclosures. "This gives greater importance to the disclosure that is going to be required when you put out your compensation policy. This is what a prudent compensation committee should already be using to evaluate the compensation of their executives."
Investment Strategies on U.S. Real Estate Market
August 10, 2015 -- BorsaMatik
Barbaros Karaahmet, Belinda Schwartz and Louis Tuchman were mentioned in BorsaMatik’s article, a well-known news portal about business and economy in Turkey. The article covers a full description of Herrick’s events that were held this summer in Istanbul. The article reported on Herrick’s two-days of panel discussions on topics such as key investment and tax considerations for those interested in the U.S. real estate market and exploring opportunities for investment and joint ventures in the U.S. as well as navigating the legal issues that may arise.
Enter the age of yoga and meditation meetings
August 7, 2015 -- CNBC
Herrick was mentioned in a CNBC story among a group of companies working with Mindfresh to offer private yoga and meditation classes to the firm's attorneys and employees. The "yoga meets business" classes are done while seated in a chair and teach stretching and relaxation techniques.
Sports Media Attys Must Adapt As Consumers Cut The Cord
August 4, 2015 -- Law360
Dan Etna was quoted in Law360 about the changing landscape of sports media rights deals to account for over-the-top content distributors outside of the traditional pay TV ecosystem of cable and satellite. Sports programming is "really the last bastion of must-see live TV," Etna said. "No one wants to watch the Super Bowl the next day."
NHL, MLB Digital Media Arm Ink $1.2B Streaming Rights Deal
August 4, 2015 -- Law360
Dan Etna was quoted in Law360 about the $1.2 billion media rights partnership recently announced between the National Hockey League and Major League Baseball Advanced Media (MLBAM), the digital media arm of Major League Baseball, giving MLBAM rights to distribute streaming NHL games. According to Etna, "... the content and the functionality that [MLB Advanced Media] was able to successfully launch into the marketplace was something I don't think the National Hockey League could replicate in the near term or had the desire to replicate given that this platform is already up and running."
What Lawyers Can Learn From Boston's Failed Olympics Bid
July 29, 2015 -- Law360
Jared Bartie was quoted in Law360 on what lawyers can learn from Boston’s failed bid to host the 2024 Summer Olympics. Bartie explained that the group that assembled the bid proposal had a tough task in convincing the U.S. Olympic Committee and the International Olympic Committee that Boston would be a good host while also building support among the city's citizens. "The boosters' job, in the first instance, is to sell the city to USOC and ultimately the IOC," Bartie said. "But it's also, on a parallel path, about selling the Olympic initiative to the community and to the constituency. If that pathway is not parallel, you end up in the situation we're in now."
A Fine Line: The Ins and Outs of Copyright Law
July 29, 2015 -- Blouin ARTINFO
Barry Werbin participated in a Q&A with Blouin ARTINFO regarding copyright law in the realm of visual art, including the two concepts that factor into a work having copyright protection. "One is called idea-expression dichotomy, which is the difference between the idea and expression. If I have an idea, but the expression of the idea is done differently, it is not infringement. The other concept is scènes à faire and its related merger doctrine. In the real world, there are things that just are what they are, and you can't have a monopoly on that, or there is essentially only one way to depict a concept or idea."
Herrick Partner Belinda Schwartz Named “Executive of the Month” by the New York Real Estate Journal
July 28, 2015 -- New York Real Estate Journal
Real estate department chair Belinda Schwartz was featured in the New York Real Estate Journal as New York's Real Estate "Executive of the Month." The feature highlights Belinda's journey into real estate law, her notable transactions and the hands-on, collegial approach she takes in leading Herrick's 53-person real estate department. "We've built something special at Herrick. There's a genuine attitude that a rising tide lifts all boats, which resonates in everything we do," Schwartz said. "Every day we're working together to tackle thorny legal problems, and to give our clients a competitive advantage they wouldn't have anywhere else. We're a family, and that makes our job so much more enjoyable."
Does Cecily Brown Have a Copycat?
July 28, 2015 -- Blouin ARTINFO
Barry Werbin was quoted in Blouin ARTINFO regarding copyright issues in art and claims by painter Cecily Brown that another artist was imitating her style. Werbin explained how legally speaking, an artist cannot infringe on style, pointing to the Impressionists. "Today, could they all sue each other for copyright infringement, under the law? No, they are not plagiarizing each other," Werbin said. "If there is a woman with a parasol here, but there are different depictions, the shapes are different, the perspective is different, that isn't copying. Am I using the same concepts and style? Yes. Is that infringing? No."
Key Note Speaker at Turkey's Real Estate Series Named "Executive of the Month" by the New York Real Estate Journal
July 28, 2015 -- New York Real Estate Journal
Belinda Schwartz, a recent key note speaker at Herrick’s real estate events in Istanbul, Turkey on June 15 and 16, was featured in the New York Real Estate Journal as New York's Real Estate "Executive of the Month." The feature highlights Belinda's journey into real estate law, her notable transactions and the hands-on, collegial approach she takes in leading Herrick's 53-person real estate department. "We've built something special at Herrick. There's a genuine attitude that a rising tide lifts all boats, which resonates in everything we do," Schwartz said. "Every day we're working together to tackle thorny legal problems, and to give our clients a competitive advantage they wouldn't have anywhere else. We're a family, and that makes our job so much more enjoyable."
Carried Interest Unexpectedly Re-emerges for CRE
July 26, 2015 -- GlobeSt.com
Richard Morris is quoted in GlobeSt.com on a newly proposed rule by the Internal Revenue Service that would convert the carried interest payments that are treated as capital gains into ordinary income, an important “income equality” initiative that has gained favor. Richard comments on the significant impact this would have on the industry and provides “three scenarios that he believed will play out.”
Injured Baseball Spectators Striking Out In Court
July 23, 2015 -- Law360
Daniel Etna was quoted in Law360 regarding the difficulties of baseball fans who are struck by errant objects at baseball stadiums in proving any injury claims if they choose to file a lawsuit. Etna said, "The general concept is that you're coming to an event, and you agree that as part of sitting there, that they're human beings on the field, and not robots or precision machines. So if you're injured your recourse is limited."
The Sports Cases To Watch In The Second Half Of 2015
July 20, 2015 -- Law360
John Goldman was quoted in Law360 regarding several major court cases that sports law attorneys are monitoring this year, including the unionization of college student-athletes, antitrust battles on student-athlete compensation and New Jersey's sports betting law. Goldman predicted that legalized sports betting is on the horizon, and that professional sports leagues will eventually support the change. "It may not happen this year or next year, but it's inevitable and it's going to be a very interesting progression," Goldman said.
Consultants Analyze Trump's Impact on Presidential Race
July 13, 2015 -- NY1 News - Consultants Corner
Kevin Fullington appeared on the Consultants Corner segment of NY1 Inside City Hall to discuss Donald Trump’s impact on the presidential race, as well as a major speech from Hillary Clinton.
Companies often tread gray area with SEC disclosures
July 9, 2015 -- Pittsburgh Post-Gazette
Irwin Kishner was quoted in the Pittsburgh Post-Gazette regarding SEC disclosure guidelines for companies when they engage in related party transactions. In the article, Irwin discussed a transaction involving Mylan Pharmaceuticals and real estate developer Rodney Piatt, the drug maker’s lead independent director, and the main developer of the office park where Mylan built its new headquarters. In 2012, the director's company sold the site for $1 to a newly created entity, which then sold the land to Mylan for $2.9 million on the same day. “To me, this one is obvious. How can you possibly think that this was not a disclosable transaction?” Kishner said. “I’m not saying it’s illegal, but you’ve got to show me it’s arms length.”
How 'third-party partners' helped Christie's record-breaking New York auction
July 7, 2015 -- The Art Newspaper
Frank Lord was quoted in The Art Newspaper regarding a recent Christie's art auction at which external investors backed five works as third-party partners without Christie's including that information in the sale catalogue. According to New York legal code, third-party partners can bid on works that they have a stake in, but if partners do not intend to bid, the auction house does not have to reveal their involvement. However, any auctioneer or public salesroom must disclose any "direct or indirect" interest in a work other than the selling commission. “If an auction house only sells off a part of the guarantee, and the third party retains privacy, then it would seem that the auction house does have an interest, even if the third party doesn’t bid,” Lord said. “It would seem like the auction house would have to disclose that.”
Approaching Q3, M&A Market Remains Active
June 25, 2015
Ed Stevenson was quoted in the New Jersey Law Journal on second quarter growth in middle-market M&A transactions. In the article, Ed commented “Q2 is looking even stronger than Q1 right now, and I don't see that slowing down for the balance of the year.” Ed cited "an increase in private equity fund formation with a lot of funds taking in foreign capital," as well as increasing activity by independent sponsors. Ed further cited the growth of startups that have matured in the bleak years after 2007, and which now have established earnings, profits and books of business —all of which makes them attractive to private equity and strategic buyers.
How to Score Major Returns in Minor League Baseball with Taxpayer Cash
June 9, 2015 -- The Deal
Dan Etna was quoted in The Deal on his representation of the Yankees on stadium negotiations in Lackawanna County. Dan explained that while the county knew it’s minor league baseball team was a “business draw worth keeping,” management posed certain challenges that private investors may not face. In order to boost the team’s economic success and attract larger crowds to the stadium, Mandalay and the Yankees added better in-game entertainment and higher-end food options. Dan added, "Don't forget the Yankees had a whole separate value-add they were able to bring to the table -- their own promotional repertoire."
Consultants Talk Albany Gridlock
June 9, 2015 -- NY1 News - Consultants Corner
Kevin Fullington appeared on the Consultants Corner segment of NY1 Inside City Hall to discuss the gridlock at the State Capitol and Governor Cuomo’s leadership.
CNBC Europe – Piyasa Ekrani
June 6, 2015
Larry Kaye appeared on CNBC Europe's Piyasa Ekrani (Market Screen), a program about the Turkish business market.
Lawsuit alleging bias in funding of charter schools is ruled valid
May 27, 2015 -- The Buffalo News
This article details a State Supreme Court ruling that denied the state's attempt to dismiss the Brown v. The State of New York lawsuit challenging how the state funds charter schools. Herrick represents the plaintiff Northeast Charter Schools Network that, along with five Western New York families and children attending charter schools in Buffalo and Rochester, says the current funding formula is unconstitutional and discriminatory.
Rays hope to jump start league’s lowest attendance this season
May 22, 2015 -- The Tampa Tribune
Dan Etna was quoted in The Tampa Tribune regarding declining attendance for Major League Baseball's Tampa Bay Rays. Etna explained how younger fans want an improved game-day experience at professional sports stadiums with better food and dining options as well as quality Wi-Fi to monitor their smart phones during the game. "That group can go down to Joe's tavern," Etna said. "There, they feel like they don't have to wait to use the bathroom or pay $13 for a stale beer."
Implementing FSMA: Records Management
May 19, 2015 -- Food Safety Magazine
Ronald J. Levine, Esq. spoke with Food Safety Magazine (FSM) on his recommendations for handling records management under the Food Safety Modernization Act (FSMA).
Implementing FSMA: Records Management
May 19, 2015 -- Food Safety Magazine
Ron Levine participated in a Q&A with Food Safety Magazine on his recommendations for handling records management under the Food Safety Modernization Act (FSMA). He encourages food companies to make document management a priority. "Records are the company's best opportunity to show the FDA that it is in control of its food safety, and it also helps the company tell the best possible story," Levine said.
David A. Kaufman's Move to Herrick Reported in Real Estate Outlets
May 2015 -- GlobeSt.com; Real Estate Weekly
GlobeSt.com, Real Estate Weekly and Mid-Atlantic Real Estate Journal reported on the arrival of counsel David Kaufman to Herrick's real estate department, based in the firm's Newark office. "I've sat 'across the table' from Herrick attorneys many times on deals and I am proud to have been a Herrick client for years when I worked as a general counsel," Kaufman told GlobeSt.com. "I look forward to working at a firm with which I have had this long-standing relationship and to be a part of a team that serves its clients so well."
Rare book experts join forces to stop tome raiders
May 17, 2015 -- The Guardian
Howard Spiegler was quoted in The Guardian regarding the increase in thefts of rare books, maps and manuscripts from national libraries. "Thefts are a real problem that plagues almost all national libraries," Spiegler said. "It goes beyond the actual monetary value of these works because really they're priceless. Once they're lost, a good chunk of a country's history is lost." Spiegler said that library insiders who are able to cover their tracks are often found responsible for these thefts. Herrick is helping to organize an upcoming conference on the topic at the British Library titled "The Written Heritage of Mankind in Peril."
What’s next for player discipline?
May 11, 2015 -- SportsBusiness Journal
Irwin Kishner participated in a SportsBusiness Journal Q&A about disciplining athletes in the age of social media and increased public scrutiny. Among other issues, Irwin opined on how leagues may approach the discipline issue in the future. "I think we'll see increased suspension times, more fines and more expensive fines, and more of an ability by coaches, managers and front offices to implement policies and regulate negative behavior," Kishner said. "I also think the leagues will be looking more to outside experts, including economists and behavioral scientists, to develop strategies for influencing player behavior that are in accord with the ideals of the league."
Teams find safety in numbers on legal staff
May 11, 2015 -- SportsBusiness Journal
Irwin Kishner and Dan Etna spoke to SportsBusiness Journal about several factors driving the growth of sports teams' legal staffs, including business deals that are increasing in size and complexity, and the diversity of legal expertise required to manage a team's day-to-day business. "You're always going to have the need for outside expertise," Kishner said. "For issues that are not run of the mill, you can't have that level of expertise in-house."
De Blasio's 421-A Plan Could Drive Another Deal Rush
May 8, 2015 -- Law360
Jennifer Dickson was quoted in a Law360 story about New York City Mayor Bill de Blasio's plan to extend the 421-a residential development tax incentive that encourages the construction of affordable housing. The mayor's proposal would extend the existing program from June to the end of 2015 before a more substantive overhaul can get passed. "If we see the deadline has been moved from June to December, I'm sure there will be another rush of people trying to get in under the rules they know," Dickson said. "There is still a good question on the table as to what will happen with Albany. It's good to have some direction at this point and it would be great to have the state's proposal as well."
Trust Decanting: A Sale Without Gain Realization
May 8, 2015 -- Real Property, Probate and Trust Journal
Jason Kleinman published an article in the American Bar Association’s Real Property, Trust and Estate Law Journal on trust decanting. Jason’s article describes why decanting or modifying a trust should not be a taxable event. While a common transaction in a trusts and estate practice, there remains a persistent lack of clarity on the transaction’s income tax consequences which this article attempts to resolve.
Chaos in the Courts as Insurers Fight to Recover Superstorm Sandy Losses
May 1, 2015 -- The Art Newspaper
Alan Lyons, chair of Herrick’s Insurance and Reinsurance Group, was quoted in a recent article entitled “Chaos in the Courts as Insurers Fight to Recover Superstorm Sandy Losses,” published by The Art Newspaper, an online and print publication providing international coverage of news from the world of visual arts. In the article, Alan comments on issues concerning waiver of subrogation clauses related to three separate lawsuits filed in New York state court by insurance companies alleging that the subsidiary of a well-known auction house failed to take proper precautions to safeguard art stored in a Brooklyn warehouse which was flooded when Sandy struck, resulting in hundreds of millions in damage to artwork.
At the Desk of Belinda Schwartz
May 1, 2015 -- The Real Deal
Herrick real estate department chair Belinda Schwartz was profiled in The Real Deal’s “At the Desk” section.
Will NJ Federal Courts Dismiss Class-Action Complaints at the Motion to Dismiss Stage?
April 30, 2015 -- New Jersey Law Journal
Herrick partners Ron Levine and David King, and associate Leah Kelman authored the New Jersey Law Journal article, “Will NJ Federal Courts Dismiss Class-Action Complaints at the Motion to Dismiss Stage?” The article reviews recent New Jersey federal court decisions regarding early motions to strike class allegations, which show that the law is clearly in flux.
Ask Real Estate: When a Co-op Neighbor Breaks the Law
April 25, 2015 -- New York Times
Douglas Heller answered a question for the weekly "Ask Real Estate" column in The New York Times that solicits real estate questions from readers across the New York region. Douglas explained how co-ops boards can sell shares corresponding to portions of utility closets, stairwell landings and hallways without shareholder approval for those transactions, and in many cases the board is not required to pay taxes on the funds received for the sale of the shares. "This can be a particularly good deal for the co-op," Douglas said.
Consultants Talk Mayor's Rumored Political Ambitions
April 20, 2015 -- NY1 News - Consultants Corner
Kevin Fullington appeared on NY1 Inside City Hall on April 20 discussing Mayor Bill de Blasio's rumored political ambitions and the latest in presidential campaign politics. Kevin said, “I think you have to start with this self-evident truth that every politician in this country wants to be president and thinks they can be president...[Mayor Bill de Blasio is] taking all the preliminary steps to do that and I’m looking forward to four years from now when there’s a primary between Andrew Cuomo and Bill de Blasio. That’s going to be fantastic.”
LI Attorney, Client Settle 'Pay-to-Prosecute' Lawsuit
April 13, 2015 -- New York Law Journal
Herrick partner Scott Mollen is quoted on the front page of the New York Law Journal regarding a settlement in a $185 million dollar 'pay to prosecute' lawsuit involving Long Island attorney Robert Del Col and his client Ted Doukas, former Nassau County District Attorney Kathleen Rice, and DataTreasury Corporation and two of its executives. In the article, Scott, who advised DataTreasury, its founder Claudio Ballard and its general counsel Shepard Lane, commended the work of mediator, former federal judge Barbara Jones, who helped "[reduce] an enormous gap between the parties," while noting that "the settlement contemplates absolutely no admission or finding of any wrongdoing by any defendant." The article referred to a settlement amount that was approximately .007 percent of the claim.
Norton Simon fails to stop lawsuit over Nazi-looted 'Adam' and 'Eve'
April 3, 2015 -- Los Angeles Times
On April 2, 2015, the U.S. District Court for the Central District of California denied the Norton Simon Museum's motion to dismiss Marei von Saher vs. Norton Simon Museum of Art at Pasadena, et al., a long-running dispute between the museum and Herrick client Marei von Saher, over ownership of the Nazi-looted artworks 'Adam' and 'Eve' by Lucas Cranach the Elder. "It's a very strong statement that echoes the strong statement of the 9th Circuit that Mrs. Von Saher is entitled to her day in court and entitled to a resolution on [her claim's] merits," Herrick Art Law Group co-chair Lawrence M. Kaye told The Los Angeles Times. Additional coverage on the ruling appeared in other publications, including Reuters, ARTnews and The Art Newspaper.
Airport development key to keeping New York on top
April 1, 2015 -- Real Estate Weekly
Real Estate Weekly mentioned Herrick as the host of a recent event held by The Building Trades Employers' Association. The event attracted more than 60 industry stakeholders for a discussion of capital improvement projects at John F. Kennedy, LaGuardia and Newark airports, including proposed rail links and other infrastructure improvements.
StubHub takes Warriors, Ticketmaster to court over ticket sales
March 30, 2015 -- San Francisco Business Times
Irwin Kishner was quoted in the San Francisco Business Times regarding a federal lawsuit filed by ticket broker website StubHub against Ticketmaster and the NBA's Golden State Warriors. The lawsuit accuses the two of violating federal antitrust law and California law against unfair competition by dictating the terms of ticket resales and driving up prices. Irwin explained that contract law allows the team to dictate which ticket resales are valid.
Long Beach in default in $50M suit
March 27, 2015 -- Newsday
Scott Mollen was quoted in a Newsday story about the latest development in a long-running battle between the City of Long Beach and developer Sinclair Haberman over a proposed beachfront condominium project. Nassau County acting state Supreme Court Justice James P. McCormack recently found the City of Long Beach in default in a $50 million damages case tied to the project. "It is very unfortunate for the city that it had reneged on a 'cashless' settlement agreement," Mollen said. "The Habermans have been victimized for decades by ... city officials who trampled on the Habermans' right to develop their property."
Legal Best Practices for Small/Family Businesses
May 2015 - COMMERCE Magazine
Herrick corporate partner Glenn Stein contributed to the COMMERCE Magazine article “Legal Best Practices for Small/Family Businesses.” In the article, Glenn advises New Jersey-based small and family businesses to take the time to properly establish a separate legal entity for their company and adopt carefully considered stockholders agreements or operating agreements to guide owners in the operation, governance and eventual disposition of the company. He also advises companies to adhere to corporate formalities, such as not comingling personal and business finances, which will help insulate owners from personal liability.
Jefferies to back LightSquared's $1.5B second-lien exit facility
March 20, 2015 -- IFR
Stephen Selbst was quoted in International Financing Review about how investors may respond to the $1.5 billion second-lien exit financing facility secured by LightSquared, which the company revealed in the latest restructuring plan filed with the bankruptcy court. Stephen explained that equity investors' views of LightSquared's assets — its spectrum bands — may hint at an eventual sale of those assets or the entire company. In the event of a sale, the second-lien debt would be paid in full. "That's why there's so much comfort," Selbst said. "Here it's all about the valuation."
What’s at Stake for Insider Trading Prosecutions after U.S. v. Newman
March 19, 2015 -- Westlaw Journals Securities Litigation & Regulation newsletter
Arthur Jakoby was quoted in Westlaw Journal's Securities Litigation & Regulation newsletter about the effect of the U.S. v. Newman federal appeals court ruling on insider trading and how it may raise the standard required for prosecution. ”Over many years, prosecutors have forced numerous guilty pleas from defendants unwilling — and often unable to afford — to challenge the federal government’s skewed position that the mere existence of a loosely defined ‘friendship’ between tipper and tippee is sufficient under the U.S. Supreme Court in Dirks to support insider trading liability,” Arthur said. "A trader should not have to worry that entering into an innocent transaction that is free from the taint of a quid pro quo exchange could nevertheless subject him to her to prosecution."
Could this plan finally stop food contamination?
March 16, 2015 -- Fortune.com
David Rosenfield was quoted in Fortune about President Obama's proposal to consolidate the 15 government agencies that conduct various food safety inspections into one newly created agency, the Food and Safety Administration within the Department of Health and Human Services. David discussed the implications of this proposal to ongoing implementation of the 2011 FDA Food Safety Modernization Act (FSMA), the first update to U.S. food safety laws in 70 years. "In my opinion, the implementation of the FSMA will make any necessary changes to food inspection in the U.S.," David said.
Ex-Empire State Bldg. Owners' New Chance to Invest
March 11, 2015 -- Crain’s New York Business
Herrick was mentioned, and Herrick partner Jonathan Adelsberg was quoted in Crain's New York Business, regarding Herrick's strategic alliance with real estate investment firm NHCohen Partners LLC, run by former Malkin Securities executive Ned Cohen. In the article, Ned commented that the “relationships that Herrick has will help create a lot of [investment] opportunities,” while Jonathan highlighted the value that comes with “being able to offer our clients a connection to this kind of capital.”
7 Habits Of Highly Effective Law Firm Leaders
March 10, 2015
Herrick Executive Committee chairman Irwin A. Kishner was quoted in Law360 on the seven habits that make highly effective law firm leaders, including crafting business plans with strong vision, focusing on client relationships, seeking visibility both internally and externally, building consensus and the ability to confront problems head-on. On the latter, Irwin shared his belief that effective law firm leaders “have accountability to stand up for what [they] believe in and lead with pureness, fairness and equity, but with conviction.”
T.L.C. defends proposal to keep cabs on road for 7 years
March 5, 2015 -- Capital New York
Kevin Fullington was quoted in a Capital New York story on New York taxi retirement cycles, which currently allow taxis and livery cars to stay on the road for up to seven years. Kevin, counsel to taxi manufacturer Nissan North America, suggested that keeping cars on the road longer conflicts with the city’s commitment to make more cabs handicap accessible. “We recommend, however, that in the interest of medallion holders, drivers and the riding public, a more conservative approach be taken at this time,” Kevin said. “And we are happy to stand arm-in-arm with our friends at the Committee for Taxi Safety and call for a lifecycle of five years.”
Resisting the Merge
March 4, 2015 -- The MReport
Richard Morris was quoted in The MReport, a publication dedicated to mortgage banking news. The article discussed new financial regulation rules for the mortgage lending industry under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Richard compared the battle over more compliance to a sunrise-versus-sunset philosophy. "I think what people need to know is that their bankers . . . have to embrace these regulations," Morris said. "There is a prudent course that has been plotted for us and we need to follow that course."
Money Transfer Business Is on the Rise — Time to Get Out
March 2, 2015 -- American Banker
Richard Morris was quoted in American Banker on banks scaling back or exiting their international remittances business because of several factors, including regulatory scrutiny of anti-money-laundering rules and disruptive technology. A remittance is a money transfer by a foreign worker to an individual in his or her home country. "This is the type of business where technology will be very disruptive," Richard said. "Within a short period of time, I suspect the remittance market will be dramatically changed."
NY1 News - Consultants Corner
March 2, 2015 -- NY1 News
Kevin Fullington appeared on the Consultants Corner segment of NY1 News' Inside City Hall to discuss upcoming special elections on Staten Island and in Brooklyn to fill seats vacated by New York Assemblyman Karim Camara and U.S. Rep. Michael Grimm, respectively, as well as the controversy over Israeli Prime Minister Benjamin Netanyahu's speech to Congress.
95 Reasons to Celebrate
February 26, 2015 -- New York Law Journal
Herrick Feinstein was featured in a New York Law Journal photo news brief on a party the firm hosted in honor of Milton Mollen, a former presiding justice of the Appellate Division, Second Department, who recently celebrated his 95th birthday. Mollen also serves as counsel to Herrick Feinstein.
Cuba refuses to return seized art despite thaw in relations with US
February 23, 2015 -- The Art Newspaper
Mari-Claudia Jimenez was quoted The Art Newspaper's story regarding Cuba's refusal to return seized art despite the recent loosening of US restrictions on trade with Cuba. "People aren't going to feel comfortable buying [art] if they think that somebody's going to come down the line and take it away from them," says Mari-Claudia, "there are people who are still alive who remember the paintings on the walls of their houses, and who have pictures of them".
How Management Changes Can Affect Disclosure
February 17, 2015
Richard Morris was quoted in a story on Privcap, a digital thought leadership platform for the global private capital market. The story detailed public disclosure priorities for private equity firms in light of the regulatory changes mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Galleries’ Records Are Subpoenaed
February 4, 2015
Louis Tuchman was quoted in The New York Times about subpoenas received by several art galleries and dealers from the Manhattan district attorney's office requesting sales and shipping records, suggesting that investigators may be revisiting the issue of whether galleries and collectors are properly paying sales tax for art sold in New York.
Attorney: Assets That Replace Saints And Pelicans In Trusts Need To Account For Rising Team Values
February 4, 2015
John Goldman was quoted in a Forbes story regarding lawsuits filed against Tom Benson, the owner of the NFL's New Orleans Saints and NBA's Pelicans, by his family members challenging his plan to leave ownership of both franchises to his third wife, Gayle. The trust of Benson's daughter and two grandchildren owned 60% of the Saints and 95% of the Pelicans, and the lawsuits challenge Benson trying to substitute a $449 million promissory note as being of equivalent value when he removed the teams' stakes from the trust.
Attorneys Weigh In On DOJ's $1.38B Settlement With S&P
February 3, 2015
Christopher Greeley was quoted in Law360 about the $1.375 billion settlement that Standard & Poor's Financial Services LLC agreed to pay the U.S. Department of Justice and 20 attorneys general over ratings that helped ignite the financial crisis.
NHL's Flames Skate Off with Stockton Thunder
January 30, 2015
Dan Etna was quoted by The Deal (subscription only) about the sale of the Stockton Thunder, a minor league hockey team, to the National Hockey League's Calgary Flames as part of a broader trend of NHL teams acquiring minor league franchises to better align their interests. The Stockton sale is a "really representative sample of how the whole minor league business is trending," Dan said. With the Flames acquiring the Stockton team, he said, "now you have your team in the same time zone and you can more closely monitor the affiliation. It also allows for a way of further branding and development of the minor league club."
Long-Accepted Secrecy of Grand Juries Faces Challenges
January 29, 2015
Elizabeth Holtzman was quoted in a New York Law Journal story (subscription only) about state proposals to consider limited public release of grand jury transcripts when police are accused of misusing force. Holtzman, a former Brooklyn district attorney and now co-chair of Herrick’s Government Relations Practice, said the secrecy of the grand jury process can sap public confidence in these cases. “You combat that by showing people how it really works,” she said.
Benson family battle for Saints, Pelicans, a matter of trusts
January 23, 2015 -- The Times-Picayune
John Goldman was quoted in The Times-Picayune regarding a family feud in New Orleans involving Tom Benson, the owner of the New Orleans Saints and New Orleans Pelicans, and succession plans that have led to several lawsuits. From his “business divorce” experience -- helping to resolve family disputes over businesses, real estate and wealth generally -- and his perspective from decades of handling sports matters, Goldman predicted that NFL and NBA league leaders were already urging the Benson family to resolve their legal disputes quickly and efficiently. “In family disputes, emotions get very high,” John said. “It can really be an issue.”
Supreme Court rules in favor of Herrick client Marei von Saher, denying Petition for Certiorari in Nazi-Looted Art Case Von Saher vs. Norton Simon Museum of Art at Pasadena, et al.
January 20, 2015
On January 20, 2015 the Supreme Court denied the Norton Simon Museum of Art's petition for certiorari in Von Saher vs. Norton Simon Museum of Art at Pasadena, et al., a long-running dispute between the museum and Herrick client Marei von Saher, over ownership of the Nazi-looted artworks 'Adam' and 'Eve' by Lucas Cranach the Elder. The petition sought review of a 9th Circuit Court of Appeals decision that reinstated Ms. Von Saher's case. Herrick Art Law Group co-chair Lawrence M. Kaye's comments on the decision were featured in a number of publications, including The Art Newspaper, Associated Press and the Pasadena Star-News. In the latter article, Mr. Kaye stated "our client is extremely happy that the court did not see fit to hear this appeal," while noting that Ms. von Saher "looks forward to presenting her case and finally getting a fair and just resolution."
NY Biz Court Getting Fed Up With 'Merger Tax' Suits
January 12, 2015 -- Law 360
Richard Morris was quoted in a Law360 story regarding a recent New York judge's ruling that criticized a plaintiff's firm for litigation challenging the $2.7 billion acquisition of Texas Industries Inc. by Martin Marietta Materials Inc. The judge called the case "troubling" for a settlement that resulted in "trivial" disclosures to shareholders and a $500,000 fee to the plaintiff's firm. "There's always a tension you are going to have as a judge between allowing people to have their day in court and allowing for these lawsuits," Richard said. "But there's no reason why a shareholder should be allowed to simply to extract a merger tax."
Despite Detente, Search for Art Looted in Cuba Could Take Years
January 7, 2015
Mari-Claudia Jimenez was quoted in a Reuters story regarding the recovery of looted art in Cuba and the potential increase in claims as Cuba and the United States restore relations. "We get calls once every few months from someone who is looking to recover their artwork and certainly I think there has been an increase in those calls lately," Jimenez said. "People are starting to ready themselves to try to think of 'How am I going to deal with going back to Cuba? Am I going to get anything back?'" Jimenez advises potential clients that it is too early to know how Cuban politics will play out but that now is a good time to start assembling documents proving ownership.
The Bankruptcy Year in Review: Detroit Motors through Ch 9
January 6, 2015 -- Westlaw’s Practitioner Insights
Stephen Selbst was quoted in Westlaw’s Practitioner Insights article “The Bankruptcy Year in Review: Detroit Motors through Ch 9,” (subscription required) which asked restructuring and bankruptcy professionals for their thoughts about the biggest event of the year in their field. "The biggest story of the year is Detroit -- without a doubt," Stephen noted, adding "I think Detroit does show that a municipal restructuring can work in a big-city case."
Have New York art galleries found a new sales tax dodge?
January 3, 2015 -- The Art Newspaper
Louis Tuchman recently contributed to The Art Newspaper on the subject of sales tax fraud and how law and state tax officials are cracking down on several art dealers to see documentation relating to the shipping and sale of artworks.
Legal fight over California's unique art-sales law nears climax
December 17, 2014 -- The Los Angeles Times
Barry Werbin was cited in a Los Angeles Times story on a federal appeal of a lawsuit to enforce California's Resale Royalty Act. The 1976 law gives artists who are American citizens or California residents a 5-percent royalty when a state collector or gallery sells their work on a secondary market. The story references an article that Barry wrote for Herrick's Art & Advocacy newsletter on the U.S. Copyright Office recommending a federal artist resale royalty. This change would put visual artists on the same footing as composers, playwrights and authors, who are paid every time their works are resold as a live performance, recording or book.
Legal experts wary of NFL’s plan on conduct
December 8, 2014 -- Sports Business Journal
Irwin Kishner was quoted in the Sports Business Journal about the legal ramifications of the National Football League implementing a reformed personal conduct policy for players without collectively bargaining the changes with the players' union. Irwin indicated that the NFL does not have much legal standing to argue that the policy changes are not subject to union agreement. "I haven't seen a legal argument to justify it," he said. "[The NFL's] intentions are right on all of this, but I don't see how they can unilaterally implement a change to an article in the CBA."
Judges Seek 'Sense of Urgency' in Approach to Sandy Disputes
December 4, 2014 -- New York Law Journal
Scott Mollen is quoted in a New York Law Journal report on new mediation rules recently announced by three U.S. magistrate judges charged with overseeing the burgeoning docket of Hurricane Sandy insurance cases. Seeking to stop actions they call "objectively unreasonable or seemingly calculated to delay efficient resolution," the judges are warning there will be consequences for attorneys who do not push cases along in good faith. Scott, who serves on the Eastern District of New York’s Hurricane Sandy Mediation Panel, describes the new guidelines as extremely helpful, while also cautioning that they should not be construed as "a blanket finding of blame and criticism of all plaintiffs and all defense and their counsel.” He further noted that both sides are confronted with complicated issues of proof, coverage and how much repair is needed.
Has New York Multifamily Lost Its Sheen?
December 4, 2014 -- Commercial Observer
Herrick was mentioned in a Commercial Observer article resulting from the Mortgage Observer breakfast event that Herrick’s office hosted on Thursday, December 4. The Herrick-hosted panel included the following speakers: Matthew Galligan, president of CIT Real Estate Finance; Jeremy Shell, TF Cornerstone’s head of finance and acquisitions; Peter Nicoletti, executive managing director of the capital markets group at JLL; and Chad Tredway, East head at Chase Commercial Term Lending.
The Stoler Report: Crowdfunding for Commercial Real Estate (Video)
Richard Morris was a guest on The Stoler Report, a weekly television show that airs on PBS and New York City's only weekly television show profiling the real estate and business trends in the tri-state region. Mr. Morris discussed the impact of the SEC new crowdfunding and revised Regulation D regulations and for commercial real estate, and provided the perspective to real estate developers and investors and how it differs from other real estate investment products. To watch the full video, follow the link.
NY1 News - Consultants Corner
December 1, 2014
Kevin Fullington appeared on the Consultants Corner segment of NY1 News’ Inside City Hall to discuss the City Council debate over legislation banning Central Park horse carriages.
Managing Partner Confidence Inching Up, in NJ and Beyond
November 26, 2014
Ed Stevenson was quoted in the New Jersey Law Journal regarding a survey by Citi Private Bank’s Law Firm Group measuring managing partner confidence in the economy and legal industry as 2015 nears. “I don’t think we’re looking at anything dramatic at this point," said Stevenson, describing the firm's New Jersey outlook. “We’ve had a couple years with small and slight growth, and there’s a guarded optimism that that will increase.”
Countdown to TRIA's Renewal. We Hope
November 25, 2014 -- GlobeSt.com
Alan Lyons was quoted in a Globe St. story on Congress' delay in renewing the Terrorism Risk Insurance Act (TRIA) and how the commercial insurance industry is responding to the uncertainty. TRIA, signed into law in 2002 and extended in 2005 and 2007, created a federal backstop for insurance claims related to acts of terrorism. Alan said, "As the December 31, 2014, expiration date looms closer without definitive action from Congress, a certain level of frustration is developing in the insurance industry due to the lack of certainty as to whether TRIA will be renewed and, if so, on what terms."
421a countdown has developers jittery over future plans
November 25, 2014 -- Real Estate Weekly
Jennifer Dickson was quoted in a Real Estate Weekly story about a panel discussion that Herrick hosted with Assemblyman Keith Wright, Chair of the New York State Assembly Committee on Housing, on the future of the 421-a affordable housing tax incentive. "I think it’s a very important program, it is something that’s been used historically with much of the new residential development that occurred in the city, so I think it’s important to continue,” Dickson said. "If the program is not continued it is certainly possible that there will be at least a pause in development where people have to take stock of the situation.”
Silver’s Column An Effort To Clarify NBA Stance
November 24, 2014 -- Sports Business Journal
Dan Etna was quoted in Sports Business Journal on NBA Commissioner Adam Silver's recent opinion piece in The New York Times pushing for legalized sports betting and how it may affect how other professional sports leagues position themselves on the issue. “The NBA is very creative in finding ways to maximize its assets, and [Silver] wants to get in front so that the NBA will have the ability to derive revenue from it,” Dan said. “By getting out there, he is going to cause the other leagues to take a position on it sooner rather than later.” He added, "I find it very curious given that the NBA is party to the New Jersey gambling lawsuit. It is kind of Silver double dribbling."
7 Habits Of Highly Effective Managing Partners
November 21, 2014 -- Law360
Irwin Kishner was quoted in a Law360 story on the "7 Habits of Highly Effective Managing Partners" and discussed several key traits he puts into practice as chairman of Herrick's Executive Committee: putting clients first; being a creative, strategic thinker; building consensus; and acting decisively. "It’s imperative for the managing partner of any organization to be a creative strategic thinker, to understand the competitive landscape in which the law firm is operating, understand who the clients and revenue sources are, and how to run the business efficiently and effectively,” he said. “It’s understanding both the revenue drivers and costs of your business.” Irwin added, "At the end of the day, it comes down to delivering excellent value to your client at a fair price. You have to always think about: How do we deliver value to our clients?"
Beauty show of buyers eye chance to turn ugly duckling into a swan
November 19, 2014 -- Real Estate Weekly
Mitch Korbey was quoted in a Real Estate Weekly story about the increase in investment sales and new development in the once-industrial Hudson Square neighborhood of New York City since its rezoning as a special district in 2013. "The area has a mixed-use character, and city planning recognized this," Mitch said, explaining that special district zoning requires that a number of buildings remain commercial.
Chris Christie Facing Long Odds in Court Case
November 18, 2014 -- Asbury Park Press
Dan Etna was quoted in an Asbury Park Press story about an upcoming federal court hearing on whether to extend a ban on New Jersey's efforts to legalize betting on professional and college sports. A recent op-ed published by NBA Commissioner Adam Silver that supports wagering on sports "further underscores the inconsistency in the leagues' position," Etna said. "[But] I think anyone looking for Judge Shipp to come to the state's rescue is likely holding a losing hand as he's indicated before that Congress should resolve this issue and not the courts."
NY1 News – Consultants Corner
November 17, 2014
Kevin Fullington appeared on the Consultants Corner segment of NY1 News' Inside City Hall to discuss some of the latest political headlines, including staffing shakeups at City Hall.
So You Want to Buy a Sports Team? Opportunities 'Abbondare' in Italy
November 12, 2014 -- FINalternatives
John Goldman and Bryan Meltzer wrote an article for FINalternatives titled "So You Want to Buy a Sports Team? Opportunities 'Abbondare' in Italy." They recommend that potential investors in sports franchises look past the sky-high valuations of NBA, NHL, MLB and NFL teams and consider Italian soccer clubs. They wrote, "So where can the smart money go to find sports opportunities with significant upside? One league that is gaining attention is Italy's storied Serie A, the country's top professional soccer league. To date, two North American ownership groups have purchased teams in the league, and more might be on the way."
Landlords See State as Overreaching on Regs
November 10, 2014 -- Crain's New York Business
Kevin Fullington was quoted in Crain's New York Business about Herrick's representation of the Rent Stabilization Association and the Community Housing Improvement Program in a lawsuit challenging the legitimacy of the state's Tenant Protection Unit and a set of new rent regulation amendments adopted by the state housing agency.
Jefferies Drug Testing Plan Poses Big Risks For Copycats
November 10, 2014 -- Law 360
Mara Levin was quoted in a Law360 story regarding voluntary drug testing undertaken by the CEO and executive committee chairman at Jefferies Group LLC to combat allegations of company drug use, and how she would advise corporate clients that consider implementing a similar program.
UFC Backs Betting Expansion in U.S.
November 5, 2014 - ESPN
Dan Etna was quoted in an ESPN.com story on the federal lawsuit filed by the NCAA, NBA, NFL, NHL and Major League Baseball to block the state of New Jersey from offering legalized sports betting and the possibility of sports books taking bets on sports not involved in the lawsuit, including golf, soccer, tennis and mixed martial arts. Cited as one of "several legal experts who have been following the case closely," Dan said, "I found it interesting that [the judge] used such a broad brush in applying equitable relief."
He Started as an Intern, Now He is a Partner
October 7, 2014-- Turk of America
Barbaros M. Karaahmet, partner and Co-Chair of the Turkish practice group, was interviewed by Turk of America about his professional career path. In the article, Mr. Karaahmet discussed his legal education and career, including a particularly memorable deal he worked on for a major Turkish Real Estate Developer in New York City’s diamond district where the client built the largest jewelry mall in New York. Additionally, he offered advice for young lawyers seeking to practice business law in the U.S. and commented on the outlook of shared business interests between the U.S. and Turkey.
Looser Rules Pave Way For NYC Affordable Housing Projects
October 2, 2014 -- Law 360
Herrick Senior Planning and Development Specialist Jennifer Dickson was quoted in Law360 on the recent announcement made by New York City’s Department of Housing Preservation and Development regarding a streamlined development process for affordable housing projects. Jennifer said, “it's exciting to start to see specifics of the plan,” while also commenting on the plan’s complexity and its impact on architects and developers with little experience in this area. “I think they will be looking to the city agencies to continue to guide them,” she added.
Lawsuit Challenges New York’s Charter School Funding Law
September 17, 2014 - New York Law Journal
The New York Law Journal reported on Herrick’s representation of the plaintiffs in Brown v. New York, a lawsuit challenging New York State’s method of funding public charter schools, which gives charter students as little as three-fifths of what district students receive in the same community, violates the state Constitution and disproportionately affects children of color and lower incomes.
New York Cases Show Hurdles of Arbitration Challenges
September 10, 2014 - New York Law Journal
Scott Mollen is quoted in the New York Law Journal in an article analyzing the obstacles practitioners face when challenging an arbitration award in New York. When asked to comment on the finality of an arbitration award, Mollen said, “Most arbitration awards are confirmed. Practitioners know it is difficult to overturn an arbitration award.”
Brokers Struggle to Pick Sides
September 10, 2014 -- Real Estate Weekly
Neil R. Shapiro was quoted in Real Estate Weekly reflecting on various conflicts of interest that crop up in real estate deals. Shapiro comments, “There have always been conflicts of interest in real estate. The difference, I think, is that in the non-institutional side of real estate there is very much a sense of buyer beware, that each side should be protecting itself. As for non-institutional firms he said, “Most are simply guided by inherent integrity in business.” He further stated, “I think most real estate players understand conflicts of interest. If they don’t, their advisers will tell them.”
Bloomberg Radio: "Taking Stock"
September 4, 2014
Bloomberg Radio interviews Irwin Kishner on his work as legal advisor to the New York Yankees. To listen, click here.
Hedge Fund Alert
June 11, 2014
Herrick was named a top hedge fund law practice in Hedge Fund Alert, a newsletter devoted to the fund management industry. In doing so, Hedge Fund Alert cited Herrick’s diverse client roster of emerging and mid-sized managers, family offices and seed investors, and a “full-service practice that covers funds across diverse asset classes, including hybrid vehicles and those that invest in niche securities.”
First Citizens Deal Spotlights Role of Independent Committees
August 15, 2014 -- American Banker
Richard Morris opines on the need for special committees in unusual M&A situations, such as the one between First Citizens BancShares and First Citizens Bancorp – a merger where the controlling shareholders on both sides belong to the same family. In the article, Morris says that in order to ensure against a conflict of interest, a special committee of “intelligent, active, involved directors that are not part of the family" should be formed to provide a second opinion on the deal. According to Morris, buyer and sellers should also hire their own lawyers and investment banks. "The special committee is there to protect and serve the shareholders, and to do so they've got to be well-equipped. You don't send someone out to plow a field with a teaspoon."
Lawsuits on Rise as Establishment Takes Issue with Upstart Firms' Aggressive Growth
August 20, 2014 -- Real Estate Weekly
Barry Werbin, chair of Herrick's Intellectual Property practice, is quoted in a Real Estate Weekly article discussing the recent spate of lawsuits filed by real estate brokerage heavyweights alleging that rapidly growing competing startups are benefiting from expropriated market data. "Lawsuits between startups and incumbents over alleged information theft are common in many industries," Barry explains, noting that disruptive market entrants can face severe opposition as evidenced by the U.S. Supreme Court's recent ruling in favor of major television broadcasters against the startup Aereo.
Long Beach Lawyers to Take Down Developer
August 15, 2014 -- Long Island Business News
Scott Mollen is quoted in Long Island Business News regarding developer Haberman Group’s longstanding dispute with the city of Long Beach, concerning the development of two 19-story waterfront residential high-rises. In the article, Scott says that city officials have failed to follow through on a March 2014 settlement agreement signed by Long Beach Corporation Counsel Cory Klein, which provided that Mr. Haberman seek a new variance before the city’s Zoning Board of Appeals. Noting that Mr. Haberman will now prosecute his lawsuit and seek more than $50 million in damages, Scott states, “The improper repudiation of the written agreement, which had been negotiated by and signed by the city, will only increase the amount of Haberman’s damage claim. In this country, you cannot violate an owner’s vested development rights without compensating the owner for its loss.”
Louis Bacon’s Bahamas Battle Reaches New York Court
The New York Times, Bloomberg, Forbes and the Financial Times are among the many news publications reporting on a high-profile Herrick representation arising from a long-running feud between billionaire hedge fund founder Louis Bacon and his Bahamas neighbor, Canadian clothing magnate Peter Nygard.
A Boot Camp for Startups: Good Ideas Are Never Enough
July 2014 -- COMMERCE Magazine NJ
Irwin Kishner's comments on legal and business challenges facing startup companies were featured in COMMERCE magazine's 2014 Annual Law Firm Managing Partners Roundtable. In the article, Irwin opines on the need for founders to clearly define how a business will be owned and operated, answer questions about who truly owns a startup's business idea or technology, and identify competitive restrictions resulting from the founders' prior employment or other business ventures. According to Irwin, issues such as these, if not properly addressed prior to bringing on an investor or strategic partner, can be show stoppers.
Ronald J. Levine on Food and Beverage Litigation (Video)
July 2014 -- Herrick, Feinstein LLP
In this video interview, Herrick partner Ron Levine discusses how thinking like a plaintiff's lawyer can help food and beverage companies recognize the early warning signs of litigation. In doing so, Ron offers several commandments to live by during a crisis, and a roadmap for managing the "five stages of corporate grief," which naturally occur after litigation commences.
Woman suing Norton Simon for Nazi-looted art has Florida success
June 27, 2014 -- Los Angeles Times
Herrick, Feinstein's representation of Marei von Saher in her settlement with Jacksonville, Florida's Cummer Museum of Art and Gardens, is highlighted in the Los Angeles Times article "Woman suing Norton Simon for Nazi-looted art has Florida success."
NBC, Dish Talks Ease Tensions Over Ad-Skipping
June 27, 2014 -- Wall Street Journal
Barry Werbin, chair of Herrick’s Intellectual Property practice, is quoted in a Wall Street Journal report examining how the Supreme Court’s ruling in ABC v. Aereo might impact emerging broadcast TV delivery technologies such as Hopper, Dish Network’s ad-skipping digital video recorder.
Bond Insurer Syncora is Stubborn City Rival in Detroit's Bankruptcy
June 26, 2014 -- Reuters
Stephen Selbst, chair of Herrick’s Restructuring & Bankruptcy practice, is quoted in a Reuters report focused on bond insurer Syncora Guarantee and its emergence as Detroit's chief nemesis in the city's historic bankruptcy case. "If you’re a holdout creditor, doing everything you can to make everyone else miserable is an old-fashioned strategy and the core of that is to make it so uncomfortable for the debtor that they want to come to the table and settle,” Stephen explained.
June 24, 2014 -- NY1 News
Kevin Fullington appeared on the Consultants Corner segment of NY1 News’ Inside City Hall to discuss the Democratic primary in the 13th Congressional district and Governor Andrew Cuomo’s promise to help Democrats take back control of the State Senate.
NFL still standing with franchise on name
June 23, 2014 -- Sports Business Journal
Barry Werbin was quoted in the Sports Business Journal article "NFL still standing with franchise on name" (subscription required). In the article, Barry opines on the USPTO Trademark Trial & Appeal Board's cancellation of the Washington Redskins trademark, and the team's prospective use of common law to protect its trademark in the future. He adds that the matter is "also a big political issue, with the NFL having been pressured…by some 49 senators to force the team to change its name. Considering what happened with Sterling's racial remarks and the NBA forcing a sale of the Clippers, we probably are moving more and more to zero tolerance within the leagues respecting race and disparagement."
Fight Over Paintings Looted by Nazis May Get Trial Thanks to the 9th Cir
June 17, 2014 -- Bloomberg Law
Bloomberg BNA’s United States Law Week reports on a California federal court of appeals decision which will allow Herrick client Marei von Saher, sole heir of prominent Jewish art dealer Jacques Goudstikker, to proceed with her Nazi-looted art claim against the Norton Simon Museum of Pasadena. Bloomberg delves into the Court’s ruling that Ms. von Saher’s claim can proceed, because a judicial ruling on its merits would not be an intrusion on the federal government’s power to conduct foreign affairs.
POM Wonderful Scores ‘Resounding Victory’ at Supreme Court
June 12, 2014 -- FoodNavigator-USA
Ron Levine is quoted in a FoodNavigator report on the Supreme Court’s ruling in Pom Wonderful v. Coca-Cola Co. which rejected Coca-Cola’s arguments that federal labeling regulations trump a Lanham Act claim over false advertising, clearing the way for POM’s lawsuit alleging that Coca-Cola misled consumers with its Minute Maid pomegranate blueberry juice labels.
Appeals court revives case for art seized in WWII
June 7, 2014 -- Associated Press
Herrick Art Law Group co-chair Larry Kaye was quoted in the Associated Press article “Appeals court revives case for art seized in WWII.” The article details a California federal court of appeals victory for Marei von Saher in her litigation against the Norton Simon Museum of Pasadena, concerning ownership of the Nazi-looted paintings “Adam” and “Eve” by Lucas Cranach the Elder.
NYC woman's lawsuit over art looted by Nazis is revived
June 6, 2014 -- Reuters
Larry Kaye was quoted in the Reuters article “NYC woman's lawsuit over art looted by Nazis is revived.” The article details a California federal court of appeals victory for Marei von Saher in her litigation against the Norton Simon Museum of Pasadena, concerning ownership of the Nazi-looted paintings “Adam” and “Eve” by Lucas Cranach the Elder. In the article Larry comments, "Ms. Von Saher is very happy with the decision…she believes that after all this time and all this litigation, the museum should, as many museums are, finally do the right thing."
Norton Simon Museum dealt legal setback in 'Adam' and 'Eve' case
June 6, 2014 -- Los Angeles Times
Larry Kaye was quoted in the Los Angeles Times article "Norton Simon Museum dealt legal setback in 'Adam' and 'Eve' case." The article delves into a California federal court of appeals victory for Marei von Saher in her litigation against the Norton Simon Museum of Pasadena, concerning ownership of the Nazi-looted paintings "Adam" and "Eve" by Lucas Cranach the Elder. In the article, Larry says "We and our client are delighted by the decision. Her hope is that the Norton Simon will finally do the right thing and return the painting."
Nazi Art-Looting Case May Proceed, Court Rules
June 6, 2014 -- The New York Times
The New York Times article “Nazi Art-Looting Case May Proceed, Court Rules,” reports on a California federal court of appeals victory for Herrick client Marei von Saher, in her litigation against the Norton Simon Museum of Pasadena concerning ownership of the Nazi-looted paintings “Adam” and “Eve” by Lucas Cranach the Elder.
Candidate emerges for key city land-use post
June 4, 2014 -- Crain's New York Business
Mitch Korbey was quoted in the Crain's New York Business article "Candidate emerges for key city land-use post." In the article, Mitch calls Edison Properties vice president Anthony Borelli, Mayor Bill de Blasio’s rumored choice to chair the Board of Standards and Appeals, “…an excellent choice [who is] extremely well-grounded and versed in the public-service sector, but is also aware and appreciative of the development community.”
Exiting Your Business on Top: You Can Learn from Jay Leno
May 2014 -- Commerce Magazine
Glenn Stein was a featured contributor to the Commerce magazine article “Exiting Your Business on Top: You Can Learn from Jay Leno.” In the article, leading lawyers were asked to identify the key best practices for mergers and acquisitions involving family-owned businesses in New Jersey, and to discuss legal issues that are unique to family businesses. Among other things, Glenn stressed the need for family businesses, which often operate without corporate formalities or sophisticated internal controls, to hire experienced corporate counsel, and for the client to review its corporate and financial records well in advance of the due diligence process. According to Glenn, “the more sellers discover on their own, and address prior to initiating a sale process, the smoother the process will be and the more likely the sale will close.”
Is Food the Next Frontier For Mandatory Arbitration?
May 19, 2014 -- Bloomberg BNA Product Safety & Liability Reporter
Ron Levine was quoted in the Bloomberg BNA Product Safety & Liability Reporter article "Is Food the Next Frontier For Mandatory Arbitration?" In the article, which analyzes the viability of mandatory arbitration in the food and beverage industry, Ron commented that companies should look at the pros and cons of various types of dispute resolution, including arbitration. But, he said, "Those methods will only proceed, and succeed, if the companies can make the case that the alternatives provide real relief to consumers with legitimate claims, and the methods are not being set up to shield the companies from any and all liability, legitimate or not."
Fortress, Circling NYC’s Stuyvesant Town, Draws Sale Closer
May 19, 2014 -- Bloomberg News
Scott Tross was quoted in the Bloomberg News article "Fortress, Circling NYC's Stuyvesant Town, Draws Sale Closer." In the article, Scott opines on a rumored Stuyvesant Town bid by Fortress Investment Group, parent company of CWCapital, the special servicer managing Stuyvesant Town's debt. CWCapital, which has been in charge of Manhattan's largest apartment complex since its owners defaulted on a $3 billion mortgage in 2010, is holding a foreclosure sale on June 13 for $300 million of the property's junior loans.
Kashi Agrees to $5 Million Settlement; Will Remove ‘Natural' From Food Labels
May 9, 2014 -- Bloomberg BNA Class Action Litigation Report
Ron Levine was quoted in the Bloomberg BNA Class Action Litigation Report article "Kashi Agrees to $5 Million Settlement; Will Remove 'Natural' From Food Labels." In the article, which details a proposed settlement to a federal lawsuit regarding the company's use of the words "all natural" and "nothing artificial" on certain foods, Ron opines that "eventually, the majority of these actions are either dismissed or settled." Ron also added that "new products are hitting the market at a faster pace than the Food and Drug Administration can pass on certain wording," while expressing concern that "whatever words are used to replace 'natural' will prompt another onslaught of claims."
Housing plan praised by real estate community
May 5, 2014 -- Crain's New York Business
Mitch Korbey was quoted in the Crain’s New York Business article “Housing plan praised by real estate community,” which reported on New York City Mayor Bill de Blasio’s $41 billion plan to preserve and build 200,000 affordable housing units over the next ten years. Mitch, referring to Mayor de Blasio’s proposed changes to the development process, commented “These may sound technical or nuanced, but taken together they are really important steps.” Mitch’s comments were also featured in a related Christian Science Monitor article “New York Mayor de Blasio unveils sweeping plan to address housing crisis.”
So if I 'like' you, I can't sue you?
April 25, 2014 -- FoodNavigator-USA
Ron Levine was interviewed by FoodNavigator-USA regarding General Mills’ change to its online legal terms, and subsequent reversal of such terms. In the article, Ron discusses a wide range of topics raised by General Mills’ actions, including the merits and drawbacks of class actions and arbitration as dispute resolution methods in the food and beverage industry, and the inherent challenges in communicating corporate legal policies with consumers.
April 7, 2014 -- NY1 News
Kevin Fullington appeared on the Consultants Corner segment of NY1 News’ Inside City Hall, discussing Mayor Bill de Blasio’s first 100 days and the prospect of Governor Andrew Cuomo facing opposition from the left during the 2014 election race.
Labeling Rules Shouldn’t Be Decided in Court
March 31, 2014 -- FoodNavigator.com
Ron Levine was interviewed by online news service FoodNavigator.com in an article discussing the proper role of the courts in food and beverage labeling class actions as well as the shorter window of time for addressing crisis.
Mortgage Observer Weekly Q&A with Belinda Schwartz
March 28, 2014 -- Mortgage Observer Weekly
Belinda Schwartz was profiled in the Mortgage Observer Weekly, a newsletter received by more than 12,000 real estate insiders. In the article, Belinda discusses her path to becoming a real estate lawyer, her current role at Herrick, and strategies for women looking to succeed in commercial real estate finance.
Panel Says Insurance Covers Theft by Armored Car Executive
March 12, 2014 -- The New York Law Journal
Alan Lyons is quoted in The New York Law Journal article "Panel Says Insurance Covers Theft by Armored Car Executives," which notes a unanimous New York State Appellate Division, First Department ruling in favor of Herrick client Metropolitan Commercial Bank, and the bank's CashZone subsidiary. The First Department, reversing a prior Manhattan Supreme Court decision, ruled that the "in transit" clause of Metropolitan Commercial Bank and CashZone's insurance policy covering cash being transported in armored cars also covers theft by the armored car company's executives while the money was in their vault as part of the contracted-for delivery process. Alan is quoted as saying, "The decision confirms New York courts' broad interpretation of 'in transit' clauses, in contrast to other states like California that have narrowly interpreted those clauses."
Ripped-Off Check-Cashing Co. Wins Coverage For Loss
March 12, 2014 -- Law 360
Alan Lyons is quoted in the Law360 article “Ripped-Off Check-Cashing Co. Wins Coverage For Loss,” which discusses a New York State Appellate Division, First Department ruling in favor of Herrick client Metropolitan Commercial Bank, and the bank's CashZone subsidiary. The First Department ruled that the “in transit” clause of CashZone’s insurance policy on transported cash refers to the entire time the armored car contractor possessed the cash. Alan said that the court correctly interpreted that policy “not in a vacuum,” but also in light of the contract between the insured and the armored car company, “which expressly contemplated a stoppage at the Mount Vernon facility.”
Sweet: Domino Sugar Deal Done. Sour: Smaller Victory than Touted
March 10, 2014 -- Crain’s New York Business
Mitch Korbey is quoted in the Crain’s New York Business article “Sweet: Domino Sugar Deal Done. Sour: Smaller Victory than Touted.” In the article, local real estate leaders analyzed the de Blasio administration’s recent compromise with Domino Sugar developer Two Trees, which Mitch hailed as “an example of an administration anxious to have a dialogue.”
March 3, 2014 -- NY1 News
Kevin Fullington appeared on the “Consultants Corner” segment of NY1 News’ Inside City Hall, discussing Mayor de Blasio's decision regarding city charter schools and Governor Andrew Cuomo's new campaign ads.
BCB and Paragon Trust Sued after $7m Trust Fund Investments Go Sour
March 3, 2014 -- The Royal Gazette
The Royal Gazette reported on Herrick’s representation of the plaintiff in LVAR, L.P. v. Bermuda Commercial Bank Limited, et al., a lawsuit commenced in the United States District Court for the Southern District of New York against international investment advisors and one of Bermuda’s major banks. Quoting heavily from our complaint, Bermuda’s only daily newspaper summarizes our client’s allegations that the offshore defendants committed “brazen and extraordinary” bad acts which resulted in the dissipation of nearly $7 million in trust assets.
11 Years’ War
March 1, 2014 -- The American Lawyer
The American Lawyer published the feature story "11 Years' War," which chronicled Herrick's successful defense of DataTreasury, a Long Island-based electronic check imaging patent holder, in two significant litigations. In the first, we defended the founder, chief executive officer, and general counsel of DataTreasury in a $15 billion lawsuit filed by a purported investor. In the second, we helped DataTreasury prevail in a 10-year, $100 million litigation with the company's former chief operating officer, who had sued over the value of 1.5 million stock options.
New York City Landlords Sue over Tenant Protections
February 24, 2014 -- The Wall Street Journal
A recent Wall Street Journal report discusses a case Herrick filed this month on behalf of its client, the Rent Stabilization Association of NYC, which challenges the legitimacy of the state's Tenant Protection Unit and a set of new rent regulations that favors renters.
If She Can Make It Here
January 29, 2014 -- Real Estate Bisnow: New York City Edition
Belinda Schwartz, chair of Herrick's 50-member Real Estate Department, was profiled in the January 28th New York City Real Estate Bisnow article “If She Can Make It Here.” Herrick Executive Committee chairman Irwin Kishner is also noted, as is the firm’s work on the sale of the YES Network to 21st Century Fox.
Heard Off the Street: Fidelity Investors Feel Shortchanged
January 24, 2014 -- The Pittsburgh Post-Gazette
Herrick partner Jason D’Angelo was quoted in the Pittsburgh Post-Gazette article “Heard Off the Street: Fidelity investors feel shortchanged.” The article analyzes recent class action lawsuits brought on behalf of Fidelity employees against Fidelity, alleging violations of fiduciary duties in connection with Fidelity’s 401(k) plan. In the article, Jason explains that U.S. Labor Department regulations allow mutual funds and other financial services companies to offer their own products and services to their employees, and that the cases will likely hinge on whether Fidelity acted prudently in analyzing and selecting investment options, and whether the fees were reasonable.
NYC: Belinda Schwartz Rises to Top
January 24, 2014 -- Real Estate Bisnow: National Edition
Belinda Schwartz, chair of Herrick's 50-member Real Estate Department, was profiled in the January 24th national edition of Real Estate Bisnow. In the article, Belinda discusses a number of topics, including her career path as a real estate lawyer, her love of solving complex problems and putting deals together, and her new role as one of the only female chairs of a major real estate law practice.
Herrick, Feinstein Appoints Real Estate Chair
January 22, 2014 -- Globest.com
Belinda Schwartz’s appointment as chair of Herrick's 50-member Real Estate Department was covered in the Globest.com article “Herrick, Feinstein Appoints Real Estate Chair.” In the article, which also highlights new Herrick Litigation Department co-chair Therese M. Doherty, and new Corporate Department co-chair Stephen D. Brodie, Therese and Belinda are noted as the first two women in senior leadership positions in the firm’s 86-year history.
Real Estate Regulation and Legislation to Watch in 2014
January 1, 2014 -- Law 360
Herrick Government Relations Group co-chair Kevin Fullington was quoted in the Law 360 article "Real Estate Regulation and Legislation to Watch in 2014." In the article, Kevin discusses affordable housing policy changes in New York City that could significantly impact the real estate community — one of the city's largest sources of city revenue — both directly and indirectly.
Lines Blur When Lobbyists Invest in Industries They Represent
December 26, 2013 -- The Wall Street Journal
Herrick Corporate Department Co-Chair Irwin A. Kishner was quoted in the Wall Street Journal article "Lines Blur When Lobbyists Invest in Industries They Represent." In the article, which reports on the laws and regulations concerning political lobbyists' use of market-moving information, gleaned from government sources, Mr. Kishner says, "it is illegal to make trades based on information from a company, but it can be entirely legal if you trade on information from the government. Clearly, that's a window that needs to be shut.”
Herrick’s Turkish Practice Leaders Profiled in Leading Turkish Business Magazine
November 19, 2013
Herrick's Turkish practice leaders Barbaros Karaahmet and Larry Kaye were profiled by Platin, a leading Turkish business and economics magazine. The interview covered the growth of Herrick's Turkish practice over the past 20 years, the opening of Herrick's new office in Istanbul and Herrick's plans on expanding in Turkey.
US Lawyers for Jewish Families Slam €1bn Nazi Art Seizure Process
November 6, 2013 -- International Business Times
Larry Kaye was quoted in the International Business Times article "US Lawyers for Jewish Families Slam €1bn Nazi Art Seizure Process." In the article Larry voices his dismay over the inability of victim’s families to access a full catalog of the $1.3 billion trove of Nazi-seized art found in Munich.
Outcry Grows Over Handling of Nazi-Seized Art
November 5, 2013 -- The Wall Street Journal
Herrick Art Law Group co-chair Larry Kaye was quoted in the Wall Street Journal article "Outcry Grows Over Handling of Nazi-Seized Art." In the article, Larry opines on the rights of the families of Nazi victims to review the entire catalog of recently discovered artworks. Herrick's representation of Marei von Saher, the heir of Jewish art dealer Jacques Goudstikker is also mentioned.
When Bad Things Happen to Good Retailers
October 2013 -- Convenience Store News
Ron Levine was quoted in the October 2013 Convenience Store News article “When Bad Things Happen to Good Retailers.” In the article, Ron compares a company crisis to a heart attack, detailing three ways a crisis can occur, and the seven typical sins companies need to avoid when in crisis mode.
New York Law Journal Publishes Essay on Lifetime Achievement Award Winner Hon. Milton Mollen
October 30, 2013
An essay on the civic and judicial achievements of New York Law Journal Lifetime Achievement award winner Hon. Milton Mollen was featured in the Journal. The essay, written by Kramer Levin partner Gary Naftalis, was one in a series of essays written by friends and colleagues of the sixteen award winners, each of whom received the award for their profound impact on New York's legal community.
Broadcasters Consider Supreme Court Petition on Aereo
October 11, 2013 -- The Wall Street Journal
Barry Werbin was quoted in The Wall Street Journal article "Broadcasters Consider Supreme Court Petition on Aereo." In the article, Barry predicted the Supreme Court "ultimately will have to intervene in the matter, because of the significant potential impact these services could have on broadcast television and the public."
Herrick, Feinstein Expands With DC, Turkey Offices
October 10, 2013 -- Law 360
Law 360 reports on Herrick’s opening of two new offices in Washington, D.C., and Istanbul, Turkey which expands the firm’s national and international capabilities. The D.C. office adds to the firm's existing state and local government relations capabilities, while the Istanbul office strengthens the firm's ability to serve Turkish interests in the United States and enhance its efforts to support U.S. clients with Turkish interests.
Settlement in Great Neck Office Foreclosure
September 9, 2013 -- Long Island Business News
In this article, the Long Island Business News discusses court-appointed receiver Scott E. Mollen’s proactive efforts to lease-up 111 Great Neck Road, a property that has been in receivership since 2010. The 164,000 square-foot office building, which is now out of receivership is 92 percent occupied. Recently signed leases include Convermat Corp. for 8,610 square feet, Korea Argo Trade Center of New York for 2,088 square feet and a lease renewal with Starr & Co. for 2,369 square feet.
Dealer Pleads Guilty to Sale of Phony Lithograph
September 6, 2013 -- The Connecticut Law Tribune
Herrick Intellectual Property and Technology Group Chair Barry Werbin’s comments on Internet-based art fraud were featured in the Connecticut Law Tribune article “Dealer Pleads Guilty to Sale of Phony Lithograph.” In the article, Barry opines that “assessing the legitimacy of art at a gallery or auction house, where the work can be seen in person and examined by a buyer’s art consultant…is not certain to result in the purchase of a bona fide original.”
Next NYC Mayor Faces Real Estate Balancing Act
August 23, 2013 -- Real Estate Law 360
Mitchell A. Korbey was quoted in the Real Estate Law 360 article “Next NYC Mayor Faces Real Estate Balancing Act.” In the article, which includes opinions from many of the City’s top commercial real estate attorneys, Mitch commented that “it is hugely important who the chief elected official is in terms of the City’s regulatory framework for development.” He added there will be a “major shift, depending on who will be filling positions at the [Board of Standards and Appeals and the City Planning Commission].”
Costly Rents Push Brooklynites to Queens
August 17, 2013 -- The New York Times
Herrick Land Use and Environmental Group Chair Mitchell A. Korbey and our client, Read Property Group, the developer of the former Rheingold Brewery site in Bushwick, Brooklyn, are mentioned in The New York Times article "Costly Rents Push Brooklynites to Queens." The article delves into rising rents in the borough, a trend which is pushing renters and buyers to neighborhoods on the fringes of the Brooklyn-Queens border, such as Ridgewood and Bushwick. Read Property Group is planning to build a 977-unit complex in Bushwick – one of the largest planned developments in the city.
Department of Buildings Relaxes Rules on Yoga Studios
August 13, 2013 -- The Real Deal
Herrick Partner and Land Use and Environmental Chair Mitchell A. Korbey was quoted in the Real Deal article “DOB Relaxes Rules on Yoga Studios.” In the article, which discusses a recent Department of Buildings change allowing small yoga studios to operate without a special permit, Mitch commented that the city occasionally issues such clarifications because “city zoning regulations, while voluminous, don’t include a definition for every possible land or business use.”
Law 360 Profiles Herrick Partner and Intellectual Property Group Chair
August 8, 2013 -- Law 360
Herrick Intellectual Property and Technology Group Chair Barry Werbin was profiled in the Law 360 interview “Q&A With Herrick, Feinstein’s Barry Werbin.” In the interview, Barry delves into Herrick’s successful representation of the estate of Michael Arnone, an original member of the Duprees and the owner of the underlying trademark rights to the group’s name. Barry also discusses, among other topics, the 1976 Copyright Act, and the extension of the fair use doctrine in the context of digital media and content delivery.
Beauty School Students Left With Broken Promises and Large Debts
July 28, 2013 -- The New York Times
David Feuerstein and Jonathan Adler have been working with the New York Lawyer's for the Public Interest on a student loan discharge pro bono project. Herrick is currently handling six student loan discharge cases, five of which are active or pending.
Naysayers Vamoose: Forum Asserts that ADR is a Possible Solution in Antiquity Disputes
July 25, 2013 -- The Center For Art Law
On July 25, 2013 The Center For Art Law posted a blog titled "Naysayers Vamoose: Forum Asserts that ADR is a Possible Solution in Antiquity Disputes" discussing Larry Kaye's presentation on July 17, 2013 at the “Alternatives in Art Law: The International Struggle for Antiquities” panel discussion at the EDNY Alternative Dispute Resolution Forum and Reception at the Brooklyn Courthouse. Click here to view the blog post.
United States Returns Stolen Rare Books to the National Library of Sweden
Herrick's work to help facilitate the return of two rare books to our client, the National Library of Sweden, is noted in The New York Times, The Wall Street Journal and Bloomberg News. The books, a priceless part of Sweden's cultural heritage, were part of a larger theft of 62 rare or one-of-a-kind volumes, stolen by the former chief of the Library's Manuscript Department.
AG Clarifies Rules on Syndication Offerings
July 8, 2013 -- The Real Deal
Douglas Heller’s comments on the New York Attorney General’s recent clarification of the rules governing syndicated investments in condominium developments were featured in the Real Deal article, “AG Clarifies Rules on Syndication Offerings…”
CFTC Likely to Charge MF Global Execs Beyond Corzine
June 25, 2013 -- Reuters
Herrick Litigation Partner Therese M. Doherty’s comments on the Commodity Futures Trading Commission’s potential suit against MF Global Chief Executive Jon Corzine were featured the Reuters article, “CFTC likely to charge MF Global execs beyond Corzine.” Ms. Doherty serves as the Co-Chair of Herrick’s Securities and Derivatives Litigation and Regulatory Practice Group and regularly defends firms and individuals against CFTC enforcement proceedings.
High-powered panel of leaders shows we have a long, long way to go with social media
June 25, 2013 -- Holtz Communication Blog
Ronald Levine participated in a Socratic Dialogue on corporate crisis at the International Association of Business Communicator conference on Monday, June 24th. The IABC discussed best practices for understanding how to respond to an online attack. The session featured 10 impeccably-credentialed professionals, each of whom would play a role in an online crisis scenario.
Appeals court rules in Lazare Kaplan’s favor
June 24, 2013 -- National Jeweler
A recent U.S Court of Appeals ruling in favor of our client, global diamond manufacturer and distributor Lazare Kaplan, is noted in the National Jeweler article "Appeals court rules in Lazare Kaplan's favor."
Explosion of Consumer Fraud Lawsuits Has Industry on its Heels
June 17, 2013 -- BevNET.com
Ron Levine was quoted in the BevNET article "Explosion of Consumer Fraud Lawsuits Has Industry on its Heels." In the article, which explores the dramatic leap in class action consumer fraud suits brought against U.S. food and beverage companies, Ron opines that "the groundswell of litigation…will eventually dissipate with shifting focus, financial settlements and new labeling and marketing standards.
Food Companies Confront Spike in Consumer Fraud Lawsuits
June 13, 2013 -- Reuters
Ron Levine comments on litigation trends affecting the food and beverage industry were covered in the Reuters Legal article, “Food Companies Confront Spike in Consumer Fraud Lawsuits.” In the article, Mr. Levine noted that the recent wave of litigation against the food and beverage industry has created a fear among industry leaders that they are being targeted by plaintiffs’ lawyers in the same way tobacco companies were in previous decades.
Herrick Celebrates 85th Anniversary
June 12, 2013 -- Real Estate Weekly
Real Estate Weekly featured an online gallery of photos from Herrick, Feinstein's Real Estate Group cocktail celebration held June 6th at the Eventi Hotel in honor of the firm's 85th anniversary and to toast the bright outlook for New York City's commercial real estate industry.
Great Depression to Great Recession
June 10, 2012 -- Bisnow
On June 6th, more than 300 leading commercial real estate developers, owners, financiers, brokers and government officials joined Herrick, Feinstein LLP at the Eventi Hotel, in honor of the firm's 85th anniversary and to toast the bright outlook for New York City's commercial real estate market. Real Estate Bisnow covered the cocktail event and included photos of Herrick’s 50-member real estate department. In the article Scott Mollen notes that Herrick attorneys are working to bring together retail, hotel and office developers on potential projects. The article also describes Herrick's long history in NYC real estate, noting the firm's work with banks during the Great Depression and the firm's representation of William Zeckendorf on the sale of the Chrysler Building in the 1950s.
2013 Rising Stars
June 4, 2013 -- New York Law Journal
Herrick, Feinstein Litigation Partner David T. Feuerstein was included in the New York Law Journal's inaugural class of "Rising Stars" which recognizes lawyers under age 40 who have already had an impact on the legal community in New York.
Q&A with Herrick, Feinstein’s Arthur Jakoby
May 30, 2013 -- Law360
Herrick, Feinstein Partner Arthur G. Jakoby, who co-chairs the firm's securities and commodities litigation and regulatory group, is featured in a Q&A on his practice.
Ex-President of Guatemala Faces Judge in Manhattan
May 28, 2013 -- The New York Times
Former Guatemalan President Alfonso Portillo appeared before a federal court judge in Manhattan and entered a not guilty plea to charges of embezzlement and money laundering while in office. Herrick, Feinstein attorney David M. Rosenfield said his client would seek bail.
Decimalization Revisited: Does Every Penny Count?
May 24, 2013 -- Law360
Herrick, Feinstein Partner Louis Goldberg authored a Law360 "Expert Analysis" column discussing a study of the decimalization system conducted by the U.S. Securities and Exchange Commission. Spurred by the Jumpstart Our Business Startups Act of 2012 (JOBS Act), Section 106(b), the study charts the system's impact on initial public offerings and liquidity of small and mid-cap company securities.
A legal potboiler that would make Grisham grimace
May 24, 2013 -- Long Island Business News
Herrick, Feinstein Partner Scott Mollen is quoted on fraud claims against DataTreasury. Mollen, who represented DataTreasury founder Claudio Ballard and two other individuals, said the suit “transcends intellectual property and impacts the entire field of business contracts.” He added, “Many businesses have defended claims based on oral joint ventures, where the plaintiffs don’t have written contracts memorializing the alleged agreements.”
Six Am Law Firms Help Bring Big League Soccer to NYC
May 22, 2013 -- The Am Law Daily
Herrick, Feinstein Chairman Irwin Kishner and Corporate Partner Daniel Etna are noted for advising the New York Yankees in its joint venture with the English Premier League's Manchester City Football Club for the creation of a New York soccer team in 2015, a $100 million deal announced by Major League Soccer.
$15B suit against DataTreasury dismissed
May 18, 2013 -- Newsday
New York State Supreme Court Justice Elizabeth Emerson dismissed a $15 billion lawsuit against DataTreasury Corp., which was founded in Melville (Long Island), ruling the claim was filed well beyond the statute of limitations. Herrick, Feinstein Partner Scott E. Mollen, who represented DataTreasury founder Claudio Ballard and two other individuals in the suit, said the company "is extremely gratified that the court carefully analyzed the 433-paragraph complaint."
Judge Rebuffs Investor's Bid for a Big Share of Patent Holding Company's Licensing Fees
May 16, 2013 -- New York Law Journal
On May 10, Suffolk County Supreme Court Justice Elizabeth Emerson dismissed all 38 claims against DataTreasury Corp. and several of its executives, including founder Claudio Ballard. Herrick, Feinstein Partner Scott E. Mollen, who represented Ballard and two other individuals in the suit, said he was "extremely gratified" by Emerson's ruling.
Scott Mollen Represents the Founder, CEO and General Counsel of DataTreasury Corporation in Dismissal of $15 Billion Lawsuit
May 15, 2013 -- BNA Banking Daily
The recent decision to dismiss a $15 billion lawsuit against DataTreasury, which patented check imaging technology used by most banks, is good news for those banks and financial institutions that are named as co-defendants in pending lawsuits. Herrick, Feinstein Partner Scott E. Mollen, who represented DataTreasury founder Claudio Ballard and two other individuals in the suit, said, "This paves the way for the banks to move to dismiss if the plaintiff doesn't voluntarily withdraw."
Check-Imaging Patent Owner Ducks $15B Fraud Suit
May 13, 2013 -- Law 360
The NYS Supreme Court dismissed a $15 billion lawsuit against DataTreasury Corp and its founder Claudio Ballard brought by a purported investor who claimed he was defrauded out of profits the company made by licensing its check imaging technology to major banks. Herrick, Feinstein Partner Scott E. Mollen, counsel to Mr. Ballard and other defendants, said he was "gratified that the court carefully weeded through the 433-paragraph complaint and concluded that every single claim should be dismissed." He also noted that the decision "paved the way" for the dismissal of the pending claims against the banks by the defendant.
Herrick, Weil Knock Out Investor's Suit Against DataTreasury
May 13, 2013 -- Investment Advisors
In a story about the dismissal of the $15 billion lawsuit against DataTreasury by a purported investor, it is noted that Herrick, Feinstein Partner Scott E. Mollen and Associate Marissa Leto successfully represented DataTreasury founder Claudio Ballard and other co-defendants. Mr. Mollen said that he was "extremely gratified" by the court's decision.
May 10, 2013 -- The Deal
The successful merger of US Airways with bankrupt AMR Corp is part of growing trends in bankruptcy and M&A, with many more companies exiting bankruptcy through mergers or acquisitions than in years past. Stephen B. Selbst, chair of Herrick, Feinstein LLP's Bankruptcy Practice Group, is quoted in the article, saying, "Any company that enters Chapter 11 today is an M&A target. When I represent debtors one of the first things I tell the board and the management team is to understand, you are now in play."
Barbaros Karaahmet Joins 85 Year old Herrick, Feinstein
Winter 2013 -- Turk of America
Herrick’s Turkish Practice co-chair Barbaros Karaahmet was profiled in the Turk of America magazine. The article discusses Mr. Karaahmet’s professional career and his decision to join Lawrence Kaye at Herrick, who is known as “a hunter of Turkish treasures smuggled from Turkey”.
Betting on NYC
May 7, 2013 -- Real Estate BisNow
The newsletter included a photo and summary of the Herrick Women's Networking Series Poker Night Event which took place on May 2nd at the Manhattan Penthouse on Fifth Avenue.
What is This, Europe?
May 6, 2013 -- BisNow
In an article summarizing the highlights of the Bisnow Future of Long Island City event, which was attended by more than 300 guests, it is noted that Partner and co-chair of Herrick, Feinstein's Land Use & Environmental Group Mitch A. Korbey moderated the lively panel discussion. "LIC is the best place in NYC to be under five years old," said Mr. Korbey in reference to the neighborhood's emergence as a family-friendly destination.
April 29, 2013 -- National Law Journal
The column included the news that Herrick, Feinstein named Louis Tuchman a partner in the New York office and the new co-chair of the Tax & Personal Planning Group.
Law360 Q&A With Herrick Feinstein’s Alan Kaplan
April 26, 2013 -- Law360
Alan D. Kaplan, co-chair of Herrick’s Product Liability Practice was interviewed in a Law360 (www.law360.com) Q&A profile answering questions about his practice, most challenging cases and aspects of product liability practice that need reform.
Lawyers on The Move
April 24, 2013 -- Reuters Career Tracker
The weekly round up of legal industry moves noted that Herrick, Feinstein added Louis Tuchman as a partner and the new co-chair of the firm’s Tax & Personal Planning Group.
Holtzman Returns to Watergate in Documentary
April 18, 2013 -- City & State
The magazine, dedicated to city and state politics in New York, reported on the premiere of a new documentary by Robert Redford entitled All the President's Men Revisited which features Herrick, Feinstein Government Relations Group co-chair and former U.S. Congresswoman Elizabeth Holtzman.
April 17, 2013 -- Crain’s New York Business
The column included the news that Herrick, Feinstein named Louis Tuchman a partner in the New York office and the new co-chair of the Tax & Personal Planning Group.
Court Bars Madoff Investor Lawsuits Against SEC
April 11, 2013 -- FINAlternatives
FINAlternatives reported on the Second U.S. Circuit Court of Appeals decision to uphold a lower court's rejection of claims by a number of defrauded Madoff investors against the SEC. Herrick, Feinstein Partner Howard Elisofon, who represented a group of investors in the suit, said, "We believed that our clients were wronged (both by Madoff and the SEC), and their rights needed to be vindicated. We recognized that challenging the SEC would be difficult, but this was a case that needed to be fought."
NY Appeals Court Backs Rite Aid In $2M Landlord Tax Row
Arpil 10, 2013 -- Law360
A New York state appeals court on Tuesday refused to dismiss claims by Rite Aid of New York Inc. alleging that a property manager overbilled the retail drugstore by at least $1.85 million for its share of property taxes, saying Rite Aid showed that they didn't have necessary information to determine they had been overcharged. Michael Berengarten of Herrick Feinstein LLP, who represents Rite Aid, hailed the decision.
Construction Spending Rises But Lenders Remain Wary
April 10, 2013 -- Real Estate Finance Intelligence
Stephen Brodie was quoted in an article regarding a rise in construction spending in 2013. "When there is an uncertain environment, banks will not go out of their way to extend credit," noted Stephen. Additionally, Stephen is quoted saying, "[y]ou can't make money on a safe investment these days. Banks know that over time investors grow impatient for returns. The regulatory environment further encourages the lenders' skepticism."
Madoff Investors Can’t Sue SEC, U.S. Appeals Court Rules
April 10, 2013 -- Bloomberg
Bloomberg reported on the decision by the U.S. Court of Appeals for the Second Circuit to uphold a lower-court decision to dismiss suits brought by Bernard Madoff's investors against the SEC for failing to uncover his massive Ponzi scheme. Herrick, Feinstein Partner Howard Elisofon, who represented several of the investors, said, "We believe that our clients were wronged (both by Madoff and the SEC), and their rights needed to be vindicated. We recognized that challenging the SEC would be difficult, but this was a case that needed to be fought."
Victims of Madoff fraud can't sue SEC -U.S. appeals court
April 10, 2013 -- Reuters
In an article about the decision by the U.S. Court of Appeals for the Second Circuit to uphold a lower-court decision to dismiss suits brought by Bernard Madoff's investors against the SEC for failing to uncover his massive Ponzi scheme it is noted that Herrick, Feinstein represented investors Phyllis Molchatsky and Steven Schneider. Herrick Partner Howard Elisofon was quoted saying he "recognized that challenging the SEC would be difficult, but this was a case that needed to be fought."
NY appeals court puts stop to Madoff SEC lawsuit
April 10, 2013 -- Associated Press
The Associated Press covered the decision by the Second U.S. Circuit Court of Appeals to uphold a lower-court decision to dismiss suits brought by Bernard Madoff's investors against the SEC for failing to uncover his massive Ponzi scheme. The article notes that Herrick, Feinstein, which represented a group of investors, believed the investors were wronged both by Madoff and the SEC and their rights needed to be vindicated. Herrick Partner Howard Elisofon said, "We recognized that challenging the SEC would be difficult, but this was a case that needed to be fought."
Second Appeals Court Rejects Investors' Bid To Sue SEC Over Madoff Fraud
April 10, 2013 -- The Wall Street Journal
In an article about the U.S. Court of Appeals for the Second Circuit decision to uphold a lower-court decision to dismiss suits brought by Bernard Madoff's investors against the SEC for failing to uncover his massive Ponzi scheme. It is noted that Herrick, Feinstein LLP represented a group of investors in the suit. Partner Howard Elisofon is quoted saying, "We believe that our clients were wronged (both by Madoff and the SEC), and their rights needed to be vindicated. We recognized that challenging the SEC would be difficult, but this was a case that needed to be fought."
SEC Not Liable for Missing Bernie Madoff Scheme: Court
April 10, 2013 -- ABC News
ABC News reported on the Second U.S. Circuit Court of Appeals decision to uphold a lower court's rejection of claims by a number of defrauded Madoff investors. The article quotes Herrick, Feinstein Partner Howard Elisofon who said, "We recognized that challenging the SEC would be difficult but this was a case that needed to be fought. We believe that our clients were wronged (both by Madoff and the SEC) and their rights needed to be vindicated."
2nd Circ. Shields SEC From Madoff Victims' Suit
April 10, 2013 -- Law360
In an article about the decision by the U.S. Court of Appeals for the Second Circuit to reject claims by a number of defrauded Madoff investors Herrick, Feinstein Partner Howard R. Elisofon, who represented a group of the plaintiffs, described how his clients had been wronged by both Madoff and the SEC.
Kaye Scholer tax partner jumps to Herrick
April 10, 2013 -- The National Law Journal
The publication highlighted the recent addition of Louis Tuchman to Herrick, Feinstein's Tax & Personal Planning Group. Mr. Tuchman, who joined as partner and the co-chair of the group, said of the move, "I've been a tax practitioner for a long time, but this is a new environment that's going to give me a chance to build a department and build a practice on my own."
Holtzman Amendment: A Commitment to Removal of Nazi Perpetrators
April 4, 2013 -- New York Law Journal
Elizabeth Holtzman served as Congresswoman from New York's 16th District from 1973-1981 and was Chair of the Immigration Subcommittee from 1978-1981. She was the first member of Congress to expose the presence of Nazi war criminals living in the United States and the government's inaction in their presence, and led the fight to bring them to justice.
Idaho Court’s Baseball Rule Balk Could Impact Other Sports
March 28, 2013 -- Law360
In an article about the Idaho Supreme Court's recent decision declining to adopt the so-called baseball rule, which prohibits fans injured by foul balls from suing team and stadium owners for negligence, Herrick, Feinstein Partner Daniel A. Etna is quoted on the impact of the ruling, saying, "I find it very unlikely that this will result in a paradigm shift for sports fan injuries nationwide. It's one out of 50 states, and I think it has to be viewed through that lens."
Landlords ask court to throw out Sandy class action
March 27, 2013 -- The Real Deal
Mara Levin is representing landlords in a class action suit in which the plaintiffs are seeking rent refunds for the period in which Hurricane Sandy left their units "uninhabitable."
NYC developer beats $2M judgment in case over failed Las Vegas W Hotel
March 22, 2013 -- The Real Deal
New York developer Jason Halpern has escaped having to pay more than $2 million to his former partner in the development of a failed W Hotel in Las Vegas, following a ruling from Nevada’s highest court. The Nevada State Supreme Court overturned the judgment in the indemnification case, effectively letting Halpern off the hook in New York as well. Bill Fried, chair of Herrick’s Construction Litigation Practice Group, is quoted stating “Mr. Halpern is gratified that the Nevada [Supreme Court] properly vacated a clearly erroneous decision.”
New City Law Will Permit Suit Over Bias Against Jobless
March 15, 2013 -- New York Law Journal
In an article exploring the potential effects of New York City's new unemployment anti-discrimination law, Mara B. Levin, partner and co-chair of Herrick, Feinstein's employment group, explains how the law allows an employer to consider the applicant's unemployment when there is a "substantially job-related reason" for doing so.
Life vs. Work – Managing Caregivers (Pt. 1 and 2)
March 14, 2013 -- LocalJobNetwork
In an extensive two-part interview Mara B. Levin, partner and co-chair of Herrick, Feinstein's employment group, analyzes the escalated consciousness of caregivers and their place in the workplace.
5 Ways To Hit A Home Run As A Sports Investor
March 14, 2013 -- Business Insider
Irwin Kishner has been quoted in an article re: various investment vehicles in sports. "The most important part is you have to deal with a reputable source when you buy or sell -- someone who can authenticate the item," says Irwin. He went on to note that, "People should only (invest in memorabilia) if they enjoy it," rather than to make money.
Extell in Gem of a Deal with Turkey’s Gulaylar
March 13, 2013 - NY Post
Turkey’s Gulaylar Group has bought the Gem Tower, a three-level, 12,000 square-foot retail condominium on West 47th Street in New York City.
Gulaylar Group is involved in the design, production, and distribution of jewelry to 55 countries, and is also active in hotel and shopping mall development.
Will the Next NYC Mayor Continue Bloomberg's Urban Planning Legacy?
March 2013 -- Governing
In an article exploring the legacy of the City Planning Department during the Bloomberg administration, Mitchell Korbey was quoted about the City Planning Department's efforts to upzone neighborhoods and areas of the city to allow for higher density and more as-of-right development.
Ladies with Designs on Building Tomorrow’s World
February 27, 2013 -- Real Estate Weekly
Belinda Schwartz moderated of the "Women Who Design" Panel at the recent Real Estate Weekly Women's Forum, discusses the topics that that would be addressed by the panelists.
Copyright Protection, Freedom of Expression, and Fashion Show Photographs?
February 22, 2013 -- Center For Art Law
The Center For Art Law excerpted and linked to a review of the Ashby Donald and others v. France decision written by Barry Werbin, partner and chair of the Intellectual Property and Technology Group, which was originally published by the New York State Bar Association's Entertainment, Arts and Sports Law Blog.
Appeals Court Affirms Competition Is Key in Chapter 11
February 21, 2013 -- Dow Jones Daily Bankruptcy Review
In an article discussing a recent decision by the U.S. Court of Appeals for the Seventh Circuit that reaffirms the critical role of competition in Chapter 11 to ensure the most value possible is secured for creditors, Herrick, Feinstein partner and chair of the Bankruptcy Practice Group Stephen Selbst is quoted about how the decision was not a surprise based on the landmark 203 North LaSalle case. "What the debtor tried to do was find a sneaky way around 203 North LaSalle, and the Seventh Circuit wasn't having any part of it," said Mr. Selbst.
Is It Time to Hock the Art?
February 16, 2013 -- The Wall Street Journal
The Weekend Investor column explores the trend of wealthy investors turning to private banks for low interest loans using assets such as private planes or art collections as collateral. Herrick, Feinstein partner and chair of the Financial Institutions Practice Stephen Brodie is quoted about the increase in these types of transactions. “Art loans are far more common today than they were three or four years ago,” says Mr. Brodie.
Mollen of Herrick, Feinstein brings 111 Great Neck Rd. to 89% occupied
February 12, 2013 -- New York Real Estate Journal
In an article about 111 Great Neck Road, a property that has been in receivership since 2010, it is noted that Scott E. Mollen, Co-Chair of Herrick, Feinstein LLP’s Real Estate Group and the court-appointed receiver of the property, has employed a forward-thinking, pro-active approach to managing the building in an effort to establish a strong tenant roster and position the building for the future.
More male caregivers, more discrimination at work
February 5, 2013 -- Fortune.com
In an article discussing the growing number of male caregivers and the spike in related employment discrimination claims, Herrick, Feinstein partner and co-chair of the Employment Practice Group Mara B. Levin is quoted about the increase in clients seeking advise on the topic.
Belinda Schwartz on The Stoler Report
February 5, 2013 -- The Stoler Report
Michael Stoler and his guests Belinda Schwartz, Herrick, Feinstein; Susan Hewitt, The Cheshire Group; Margarette Lee, YoungWoo Associates; Julia Hodgson, World Wide Holdings describe two important aspects in the business of developing properties: patience and negotiation in all aspects of the process. Development takes a long time and "patient capital" to move from the hole-in-the ground to the finished product.
Looking Ahead to 2013: The Hedge Fund Industry Speaks
January 2013 -- FINAlternatives
Irwin Kishner, Chairman of the Executive Committee and Co-Chair of the Corporate Department, was included in an annual report on what hedge fund industry leaders are expecting in 2013. Mr. Kishner notes, "Private equity activity is going to pick up on a number of fronts in 2013." He adds, "I expect an increase in M&A in general, including in the private equity arena, particularly in the middle market."
Personal Notes on Lawyers
January 18, 2013 -- New York Law Journal
The column noted that Herrick, Feinstein promoted four attorneys to the firm's partnership.
Oprah Interview Marks Beginning of Armstrong's Next Legal Battle
January 18, 2013 -- The AmLaw Daily
In an article detailing the potential legal issues still facing Lance Armstrong following his recent admission about his use of performance-enhancing drugs, it is noted that Armstrong’s former USPS teammates, Tom Danielson, Christian Vande Velde and David Zabriskie were represented by Herrick, Feinstein attorney David Rosenfield in their dealings with the U.S. Anti-Doping Agency.
Acquiring Inclusionary Air Rights In NYC: A Primer
January 3, 2013 -- Real Estate Law 360
A byline defining inclusionary air rights and the process by which they can be acquired and transferred by Herrick, Feinstein Associate Michael A. Smith and Senior Planning and Development Specialist Jennifer Dickson was featured in the Expert Analysis section of Real Estate Law360.
January 2, 2013 -- Real Estate Weekly
The column included the news that Herrick, Feinstein added experienced urban planner Arthur Huh to the firm’s Land Use & Zoning Group.
Herrick, Feinstein Team Helps Property Thrive in Receivership
December 27, 2012 -- Real Estate Weekly
In an article about 111 Great Neck Road, a property that has been in receivership since 2010, it is noted that Scott E. Mollen, Co-Chair of Herrick, Feinstein LLP’s Real Estate Group and the court-appointed receiver of the property, has employed a forward-thinking, pro-active approach to managing the building in an effort to establish a strong tenant roster and position the building for the future. Mr. Mollen is quoted, saying, “This property is one of the pre-eminent buildings in the Nassau County office marketplace and I knew that it was crucial to reassure existing tenants and communicate to potential tenants, that 111 Great Neck Road would continue to be run as a Class A building during receivership.”
Claims Narrowed in Lawsuit Alleging “Pay to Prosecute” Scheme
December 27, 2012 -- New York Law Journal
In an article detailing the ruling by a federal judge to narrow a lawsuit filed by Long Island attorney Robert Del Col and his client, Ted Doukas, against Nassau County DA Kathleen Rice and officials of DataTreasury, a Texas company founded in Melville, it is noted that Scott Mollen is representing several DataTreasury officials. District Judge Margo Brodie dismissed several claims in the suit, which alleges that campaign contributions made to Rice by DataTreasury officials led her office in 2009 to charge Del Col and Doukas with extortion. “Our clients are clearly gratified that so many claims have either been dismissed or withdrawn in an action that they believe is clearly baseless.”
Movers - Laterals
December 24, 2012 -- The National Law Journal
The column included the news that Herrick, Feinstein’s Real Estate Department added real estate industry veteran Richard Kalikow as a Partner in the New York office.
Huh Joins Herrick
December 21, 2012 -- CityFeet
In a brief article about the addition of Arthur Huh to Herrick, Feinstein’s Land Use and Environmental Group, it is noted that Mr. Huh was previously a City Planner in the Manhattan Borough Office of the Department of City Planning and that he has extensive experience in the areas of urban planning, land use and historic preservation.
Conspiracy Suit Against DA Rice Narrows
December 19, 2012 -- Newsday
In an article about a ruling by a federal judge to narrow a lawsuit filed by attorney Robert Del Col and his client, Ted Doukas, against Nassau County DA Kathleen Rice and officials of DataTreasury, a Texas company founded in Melville, it is noted that Scott Mollen is representing several DataTreasury officials. District Judge Margo Brodie threw out several claims in the suit, which alleges that campaign contributions made to Rice by DataTreasury officials led her office in 2009 to charge Del Col and Doukas with extortion. Mr. Mollen is quoted, saying he is “confident all the claims will fail in the end.”
December 19, 2012 -- Real Estate Weekly
The column included the news that Herrick, Feinstein’s Real Estate Department added real estate industry veteran Richard Kalikow as a Partner in the New York office.
Lawyer: Madoff May Be One of My Clients' Better Investments
December 18, 2012 -- Bloomberg Law Video “Rainmakers”
Arthur Jakoby was featured on Bloomberg Law's Rainmakers series with Spencer Mazyck. Mr. Jakoby discussed his representation of Beacon Associates LLC and Andover Associates LLP in the recently announced, unprecedented settlement of various litigations arising out of the collapse of Bernard L. Madoff Investment Securities LLC.
Madoff Settlement Could Net Hefty Profit for Hedge Funds and Investors
December 17, 2012 -- Hedge Funds Review
Arthur Jakoby, Herrick, Feinstein Partner and co-Chair of the firm’s Securities and Commodities Litigation and Regulatory Practice Group, is quoted in an article describing the unprecedented global settlement on behalf of Beacon Associates LLC and Andover Associates LLP, feeder funds which were defrauded by Bernard L. Madoff Investment Securities LLC. "We expect our clients to recover significantly more than their losses," said Mr. Jakoby. "If you look at what has happened with other Madoff investors, no one has made a profit on their Madoff investments."
Borrowers Press for Eased Covenants
December 14, 2012 -- Commercial Mortgage Alert
Herrick Partner John St. Jeanos is quoted in an article about the growing pressure by borrowers to have commercial banks negotiate lender protection clauses. Mr. St. Jeanos said, “Even though the economy in some people’s eyes may not be materially better, as competition increases you are going to see some lenders more willing to negotiate.”
Madoff Victims Get an Xmas Gift Card
December 13, 2012 -- Institutional Investor
In an article detailing the unprecedented recent global settlement on behalf of Beacon Associates LLC and Andover Associates LLP, feeder funds which were defrauded by Bernard L. Madoff Investment Securities LLC, Arthur Jakoby says, “With all of the settle amount combined, the investors are likely to recover more than 100 percent of their principal investment and make a profit on their Madoff investment."
December 13, 2012 -- Bloomberg Brief Bankruptcy & Restructuring
The column included the news that Herrick, Feinstein’s Real Estate Group added real estate industry veteran Richard Kalikow as a Partner in the New York office.
Herrick Feinstein Snags Real Estate Vet In New York
December 12, 2012 -- Law360
In an article announcing that Herrick, Feinstein’s Real Estate Group added real estate industry veteran Richard Kalikow as a Partner in the New York office, Mr. Kalikow is quoted about his new role. “I think there's a tremendous synergy between my practice and the firm's, which will enable me to serve my existing clients very well and expand my practice," he noted.
Personal Notes on Lawyers
December 12, 2012 -- The NY Law Journal
The column included the news that Herrick, Feinstein’s Real Estate Group added real estate industry veteran Richard Kalikow as a Partner in the New York office.
December 12, 2012 -- Crain’s New York Business
The column included the news that Herrick, Feinstein’s Real Estate Group added real estate industry veteran Richard Kalikow as a Partner in the New York office.
Women in Real Estate
December 11, 2012 -- The Commercial Observer
Herrick, Feinstein Partner and co-founder of Herrick’s Real Women of Real Estate forum, Belinda Schwartz was included in the Commercial Observer’s First Annual Women in Real Estate issue.
Career Tracker – Lawyers on the Move
December 11, 2012 -- Thomson Reuters News & Insight
The CareerTracker column noted that Herrick, Feinstein’s Real Estate Group added real estate industry veteran Richard Kalikow as a Partner in the New York office.
Business of Law: Moves
December 10, 2012 -- Bloomberg
The legal industry news round up included the news that Herrick, Feinstein added real estate industry veteran Richard Kalikow as a Partner in the firm’s Real Estate Group. The article mentions Mr. Kalikow’s extensive experience representing U.S. and international clients on a range of real estate matters.
December 7, 2012 -- The AmLaw Daily
In The Churn column, it is noted that Herrick, Feinstein’s Real Estate Group added real estate industry veteran Richard Kalikow as a Partner in the New York office.
Movers & Shakers
December 7, 2012 -- The Deal
In the Movers & Shakers column, it is noted that Herrick, Feinstein’s Real Estate Group added real estate industry veteran Richard Kalikow as a Partner in the New York office.
Judge Approves Settlement with Madoff Feeder Funds
December 5, 2012 -- DowJones Daily Bankruptcy Review and Wall Street Journal Bankruptcy Beat Blog
Dow Jones reported on Judge Burton R. Lifland’s approval of a settlement that, in connection with a separate pending settlement, will likely result in the complete recovery of investments for Beacon Associates LLC and Andover Associates LLP, feeder funds which were defrauded by Bernard L. Madoff Investment Securities LLC. In the article Arthur Jakoby, Herrick, Feinstein Partner and co-Chair of the firm’s Securities and Commodities Litigation and Regulatory Practice Group, who is counsel for the Beacon/Andover Funds, said that the settlement” virtually guarantees” that Beacon and Andover are “going to make a profit from Madoff."
Madoff Trustee, Feeder Funds Reach $24M Settlement
December 4, 2012 -- Law360
In an article detailing the approval by a New York bankruptcy judge of a $24 million settlement between the trustee for Bernard Madoff's Ponzi scheme and a number of feeder funds, Herrick, Feinstein LLP is noted for representing Beacon Associates LLC and Andover Associates LLP.
Bridgestone, BMW Skid Out Of Defective Tire Action
November 29, 2012 -- Law360
In an article detailing a New Jersey federal judge’s dismissal of a $5 million putative class action against BMW of North America and Bridgestone Americas, Inc., Herrick, Feinstein LLP is noted for representing defendants Bridgestone Americas, Inc., Bridgestone Americas Tire Operations LLC and Bridgestone Firestone North American Tire LLC.
NY Entitled To $11.5M For GGP Loan Default, 2nd Circ. Hears
November 26, 2012 -- Law360
In an article detailing arguments before the Second Circuit, Herrick, Feinstein Partner Andrew Gold is quoted urging the court to uphold a decision awarding New York State an $11.7M default interest penalty from the bankrupt General Growth Property Inc., which defaulted on a loan from the New York State Common Retirement Fund. Mr. Gold noted, “The debtor did rehabilitate, it did emerge solvent. There's no reason the debtor should not have to pay default interest.”
Five Firms Advise on News Corp. Acquisition of YES Network Stake
November 21, 2012 -- Bloomberg News
In an article discussing law firm involvement in the News Corp/YES Network deal, Herrick, Feinstein partners who served as lead counsel to the Yankees are mentioned, including: Irwin Kishner, Richard Morris, Edward Stevenson and Daniel Etna.
Seven Am Law 200 Firms in Lineup for Sale of YES Network Stake
November 20, 2012 -- AmLawDaily
In an article detailing law firm involvement in the News Corp/YES Network deal, Herrick, Feinstein partners involved in the deal as lead counsel to the Yankees are mentioned, including: Irwin Kishner, Richard Morris, Edward Stevenson and Daniel Etna.
Second Department Presents Mollen Awards
November 15, 2012 -- New York Law Journal
Named in honor of a former presiding justice in the Second Department who is now counsel to Herrick Feinstein, the award recognizes "the achievements and efforts of seven employees who have demonstrated professionalism, dedication and extraordinary service to their court or agency."
NY: $210M from Mellon co. to end Madoff lawsuits
November 13, 2012 -- Associated Press
In an article about a settlement reached with Ivy Asset Management, which advised clients to invest with Bernard Madoff, Herrick's Arthur Jakoby, is quoted describing what the settlement means for the investors in the Beacon and Andover Funds, which include union pension plans. The Associated Press report appeared in outlets including The Washington Post, ABC News, NBC News, Fox News, Bloomberg BusinessWeek and the Wall Street Journal online.
Ivy Asset Mgmt settles with NY for $210 million over Madoff
Novemer 13, 2012 -- Reuters
Herrick Partner Arthur Jakoby was quoted in an article about a settlement reached with Ivy Asset Management which advised clients to invest with Bernard Madoff. Arthur notes that, “investors in Beacon and Andover funds, which were feeder funds for Madoff, will receive about $99 million from the settlement.” The article further describes a second settlement Arthur negotiated with the Madoff Trustee on behalf of the Beacon and Andover Funds which will recover approximately $100 million more for investors.
BNY Mellon Unit To Pay $210M To End Madoff Investor Suits
November 13, 2012 -- Law360
Law360 reported on the settlement reached with Ivy Asset Management which advised clients to invest with Bernard Madoff. The article quotes Herrick's Arthur Jakoby, who represented the Beacon and Andover Funds, about what the outcome means for the investors in the Beacon and Andover funds. "The crimes perpetrated by Bernard Madoff against the Beacon/Andover Funds were financially devastating to our investors, but this settlement provides our investors with justice and will restore to our investors their hard earned monies," Jakoby said.
Area union pensions gain in Madoff deal
November 13, 2012 -- Albany Times Union
In a story about how the settlement agreement reached with Ivy Asset Management will impact New York State pension plans, the Albany Times Union quotes Arthur Jakoby who stated that the settlement, “provides our investors with justice and will restore to our investors their hard earned monies."
Labor Department settles with Ivy, 3 other firms over Madoff losses
November 13, 2012 -- Pensions & Investments
Arthur Jakoby is quoted in a report about the settlement with Ivy Asset Management which resolves litigation filed by both the Department of Labor and the New York Attorney General's office as well as private and class-action lawsuits brought by individuals and pension plans. On behalf of Beacon Associates and Andover Associates, Arthur states, “This settlement probably is the most favorable outcome for any investor who invested with Madoff through an investment feeder fund … this settlement provides our investors with justice and will restore … their hard-earned monies.”
NY Court of Appeals Judge Jones dies at 68
November 6, 2012 -- Thomson Reuters News & Insight
In an article about the passing of Judge Theodore Jones Jr. of the New York State Court of Appeals, Herrick, Feinstein Partner and co-Chair of the Real Estate Group, Scott Mollen is quoted among attorneys, judges and bar groups who praised Judge Jones. Mr. Mollen, who graduated with Jones from St. John's University School of Law in 1972, said "He was the antithesis of pompousness and arrogance."
Among Developers, City Midtown Zoning Push Draws Fans, Foes
November 6, 2012 -- The Commercial Observer
In an article exploring the proposed rezoning plan for the East Midtown area of Manhattan, Herrick, Feinstein Partner and Chair of the Land Use & Environmental Group, Mitchell Korbey, is quoted about the “stringent” public approval process that the rezoning would require for new, tall office towers. Mr. Korbey also notes that the proposed rezoning is “forward-thinking” and that the plan is about “the need to support East Midtown.”
The Picture on the Wall
October 28, 2012 -- Calcalist
Lawrence Kaye, on a recent trip to Israel, tells Calcalist about the long road to proving ownership and the successes worth tens of millions of dollars.
Rezoning Bid Starts Rolling in Bushwick
October 12, 2012 -- Wall Street Journal
An article discussing potential rezoning plans for the formerly industrial areas of the Bushwick neighborhood in Brooklyn, notes that Herrick, Feinstein Partner Mitchell Korbey, who chairs the Land Use & Environmental Group, is representing a Brooklyn-based private developer in its proposal to rezone the former Rheingold brewery site. In the piece, Mr. Korbey mentions that the developer is open to considering the suggestions of the community and the local elected officials as the approvals process for the rezoning moves forward.
USADA Lawyers Speak Out About Armstrong Probe, Pro Cycling's "Omertà"
October 12, 2012 -- The Am Law Daily
An article exploring the US Anti-Doping Agency's (USADA) recently released report which describes Lance Armstrong as the leader of a doping program designed to deceive regulators, notes that Herrick, Feinstein Litigation attorney David Rosenfield represented Tom Danielson, Christian Vande Velde and David Zabriskie - three of Armstrong's teammates on the U.S. Postal Service pro cycling team.
Excel Realty Advisors sues Engel Burman over Bristal sale
October 10, 2012 -- Long Island Business News
Herrick, Feinstein Litigation Partners Scott Mollen and John Goldman, were quoted in an article about the recent lawsuit filed in New York State Supreme Court by Excel Realty Advisors against The Engel Burman Group and several affiliates for breach of contract and refusal to compensate for brokerage and consulting services. Mr. Mollen and Mr. Goldman noted that Excel had “been specifically employed by Jan Burman to find a joint venture financial partner to reacquire and expand the Bristal chain of assisted care facilities,” And, after Excel ”accomplished precisely what it was asked to do”, the defendants are now seeking to “circumvent their contractual obligation to pay a commission.”
$899M Miami Hotel Suit Belongs In Fla., NY Judge Says
October 1, 2012 -- Law360
A New York state judge dismissed a Miami hotel owner's $899 million suit and called it out on possibly forum shopping the case, which accuses Wells Fargo Bank NA and other servicers of the hotel's mortgage of releasing confidential financial information. The dismissal comes as a win for Herrick’s clients, the loan servicers, which had argued their motion to dismiss the suit in August and blasted the plaintiff at the time for trying to avoid the Florida courts, where the hotel owner has lost repeatedly. Ray Hannigan is quoted in the article, saying Judge Ramos went out of his way to highlight the gamesmanship unfortunately being engaged in by Philips in New York.
Wells Fargo and LNR are represented by Raymond N. Hannigan and Daniella M. Muller of Herrick.
Cubans struggle to reclaim their art
September 2012 -- The Art Newspaper
In an article about a new book published by Cuban Cultural Heritage called The Pillage of Cuban Patrimony, Herrick's Mari-Claudia Jiménez is quoted about the numerous calls Herrick has received from Cubans wishing seeking restitution of their art.
Movers - Laterals
September 24, 2012 -- National Law Journal
The National Law Journal noted that Jeffrey Wasserman has joined Herrick, Feinstein’s Litigation Department and will be based in the firm’s Newark, NJ office. The brief mentioned that Jeffrey’s focus is on complex commercial litigation and that he was previously with Chadbourne & Parke.
Herrick Feinstein To Rep East Side Turkish Center
September 13, 2012 -- GlobeSt
In an article about Herrick, Feinstein's representation of the Republic of Turkey on all aspects of the development of its new Turkish Center, Partner Lawrence M. Kaye is quoted about the firm's long-standing relationship with the Turkish government. Real estate Partner Jonathan Adelsberg is also quoted in the article about the importance of this project. The article also notes the addition of Barbaros M. Karaahmet to the firm's Turkish Practice Group.
Herrick Feinstein Nabs Ex-Chadbourne Partner In Newark
September 5, 2012 -- Law360
In an article about the addition of Partner Jeffrey Wasserman to Herrick, Feinstein’s Litigation Department in the Newark office, Ronald J. Levine, partner and co-chair of the litigation practice, is quoted about the experience and depth that Jeffrey adds to the group and the expansion of the firm’s New Jersey presence. Mr. Wasserman is also quoted, stating that he is looking forward to “developing great client relationships and doing great work for those clients.”
Herrick, Feinstein picks up litigation partner from Chadbourne
September 5, 2012 -- The National Law Journal
New Herrick, Feinstein Litigation Department Partner Jeffrey Wasserman is quoted in an article discussing his move from former firm Chadbourne & Parke. On the topic of what attracted him to Herrick, Mr. Wasserman said, "Herrick's senior litigation partners are leaders in their fields with premier clients across the country and globally, which makes it an excellent fit for someone with my background."
A Picasso Online for Just $450? Yes, It Is a Steal
September 3, 2012 -- The New York Times
Barry Werbin, chair of Herrick’s Intellectual Property Group and a member of Herrick’s Art Law Group, is quoted in The New York Times article “A Picasso Online for Just $450? Yes, It Is a Steal,” which analyzes the proliferation of fake and misleadingly labeled art for sale on the Internet. In the article, Barry suggests that legitimate works of art are few and far between on the Internet, yet customers continue to buy art online, partly because of misguided notions gleaned from shows like “Antiques Roadshow.”
Vague FDA regulations spur suits over food labeling
August 27, 2012 -- Lawyers USA
Ronald J. Levine, partner and co-chair of Herrick, Feinstein’s litigation practice, is quoted in an article about the recent increase in class action law suits challenging the labeling on certain food products. In discussing the need for stricter preemption standards, Levine says, “It’s much too costly for a company to engage in litigation over terminology where there could have been a clear, bright line articulated either in the law or by the courts.”
Rheingold Homes in 2nd Round
August 13, 2012 -- New York Post
Herrick Partner Mitchell Korbey is noted for representing Read Property and is quoted on the developer’s recent zoning application as part of a plan to build 10 residential and mixed-use buildings on the site of the former Rheingold Brewery in the Bushwick section of Brooklyn. He says, “This is the very beginning of what will be a lengthy public-review process.”
Ultra Music, Ultra Music Festival Announce 'Global Alliance'
August 12, 2012 -- Billboard.biz
Days after Herrick successfully represented Ultra Enterprises, Inc. in a federal law suit against the largest independent electronic dance music (“EDM”) record label in a trademark infringement and breach of contract action in the U.S. District Court for the Southern District of New York, both parties agree to an alliance. The alliance is the result of a 13-hour settlement negotiation, spearheaded by Herrick, which benefits the growth of the Ultra brand.
The Benefit Corporation: A Silent Trend
August 10, 2012 -- Law 360
An article by Herrick, Feinstein’s Edward Stevenson, Partner, and Mark Falcon discussing the recent trend in state legislatures authorizing the formation of a new hybrid corporate legal structure called the benefit corporation was featured in the Expert Analysis section of Law 360.
NY Judge Weighs Move For $899M Miami Hotel Mortgage Suit
August 9, 2012 -- Law 360
In an article about a recent ruling in New York State Supreme Court in the Philips South Beach LLC v. NLIM Real Estate Mezzanine Fund II LP et al. case, it is noted that Partner Raymond N. Hannigan and Associate Daniella M. Muller of Herrick, Feinstein are representing Wells Fargo. The Court issued a stay in the case as it considers sending it back to Florida where it originated. Ray Hannigan is quoted, explaining that the plaintiff is trying “to get around a judge in Florida”.
Justice Department Watchdog Targets Bankruptcy Bonuses
August 3, 2012 -- Dow Jones Daily Bankruptcy Review
Stephen Selbst, Chair of Herrick's Bankruptcy Practice Group, is quoted in an article citing the recent trend of companies (Eastman Kodak Co., Hawker Beechcraft Inc. and Residential Capital LLC) paying bonuses to the same executives who led their companies into Chapter 11 protection. Stephen notes that debtors keep trying to set plans that at least notionally look like incentive plans but which are capable of being achieved. Mr. Selbst said it has led U.S. trustees to be especially vigilant in reviewing incentive plans, leading to a "cat-and-mouse game" between them and the companies they're monitoring. So while incentive plans are no longer new, they still remain a heavily contested subject in large corporate restructurings.
Justice Department Watchdog Targets Bankruptcy Bonuses
August 3, 2012 -- Dow Jones Daily Bankruptcy Review
Stephen Selbst is quoted extensively in an article discussing the recent efforts by the US Department of Justice’s bankruptcy division to block companies from paying incentive bonuses to the executives who led their companies into Chapter 11 protection. According to Mr. Selbst, “When companies in Chapter 11 seek to pay executive bonuses, even though employees are laid off and creditors lose their money, we are often the only party to enforce the bonus restrictions imposed by law.”
Women of Herrick Featured in Real Estate Weekly
July 18, 2012 -- Real Estate Weekly
The cover of Real Estate Weekly features Herrick's women lawyers at their "Cocktails at The Campbell Apartment Networking Event" in June. More than one hundred prominent women from diverse industries including real estate, finance, media, and the arts, joined together with Herrick's women lawyers for an engaging and lively evening of networking. Featured in the photo are Herrick lawyers with guest of honor, Alexandra Wilkis Wilson, co-founder of luxury e-retailer Gilt Groupe.
Midtown East Upzoning Plan Raises Debate Over Skyscraper District
July 13, 2012 -- GlobeSt.com
Herrick land use chair Mitch Korbey comments on the Department of City Planning’s Midtown East rezoning proposal in the Globest.com article, “Midtown East Upzoning Plan Raises Debate Over Skyscraper District.” In the article, Mitch says the rezoning “gives us a boost toward making these zones more economically, but given the size of some of the buildings, demolition and rebuilding could be difficult and may not be viable.”
Stolen atlas with first map of California is returned to Sweden
June 28, 2012 -- Los Angeles Times – Culture Monster
In a feature about the recovery of the Wytfliet Atlas, which contains the first printed map of California, and its return to the Royal Library, Herrick, Feinstein is noted for helping to lead the search.
Stolen 415-year-old atlas returned to Sweden
June 28, 2012 -- The Telegraph
Herrick, Feinstein is noted for assisting the Royal Library of Sweden in the search for the Wytfliet Atlas and the additional 55 books that were stolen by Anders Burius.
Herrick Lawyers Help Sweden Recover Atlas Stolen A Decade Ago
June 27, 2012 -- The American Lawyer
The American Lawyer describes Herrick’s assistance in the recovery of the stolen atlas as the latest success Lawrence Kaye and Howard Spiegler have enjoyed in a niche practice they first began to carve out for themselves more than 30 years ago.
Photo of the Day
June 27, 2012 -- ABC, Good Morning America – Yahoo! News
A photo of the Wytfliet Atlas, taken during the news conference at the Herrick, Feinstein offices announcing the book’s return to the Royal Library of Sweden, appeared as the first “Photo of the Day” in the online news outlet.
Rare stolen Swedish atlas recovered at NYC gallery
June 27, 2012 -- Associated Press
In a story about the retrieval of the Wytfliet Atlas, the firm is noted for representing the Royal Library of Sweden. The Associated Press story was picked up by hundreds of outlets across the country including The Wall Street Journal, The San Francisco Chronicle, The Boston Globe, The Huffington Post, The Washington Post, ABC News, CBS News, MSN Money, CNBC, ArtDaily, U.S. News & World Report and BusinessWeek.
Historic stolen atlas returned to Sweden
June 27, 2012 -- Agence-France Presse
Herrick, Feinstein is noted for representing the Royal Library of Sweden in an article discussing the recovery of the Wytfliet Atlas. The article ran in multiple languages and appeared in outlets around the world including L’Express, Le Parisien, Le Point, RTL, Le Vif, France 24, El Pais, El Diario, Metro Portal, Univision, Nederlands Dagblad and MediaFax.
Herrick Lawyers Help Sweden Recover Atlas Stolen a Decade Ago
June 27, 2012 -- The AM Law Daily
The publication featured an article about Herrick, Feinstein’s work with the Royal Library of Sweden to recover the Wytfliet Atlas and the additional 55 books that were stolen by a former employee of the library.
Swedes Find Stolen Atlas in New York
June 26, 2012 -- The New York Times
Howard Spiegler, Co-Chair of Herrick, Feinstein’s renowned International Art Law Practice, is noted for representing the Royal Library of Sweden in an in-depth article about the recovery of the Wytfliet Atlas, it's history and the ongoing effort to locate 55 other volumes that were stolen from the Library’s collection.
Hearing in McNamee's defamation suit against Clemens Wednesday
June 26, 2012 -- Newsday
In a story about the revival of Brian McNamee’s defamation lawsuit against Roger Clemens, Herrick, Feinstein’s John Goldman was quoted about the unlikelihood that Clemens would settle out of court saying, “This is the same guy and set of lawyers that took on the government with Clemens' liberty at stake, and they won. I cannot imagine they're going to write a check to McNamee to settle this case."
Canada urged to beef up legal protections for stolen art
June 25, 2012 -- Law Times
Howard Spiegler and Larry Kaye's experience reaches Canada as Justice Gloria Epstein says Canada could do a better job of protecting artwork from theft. Howard and Larry spoke at a symposium on criminality in the art and cultural property world recently at Osgoode Hall in Toronto which proved to be eye-opening for many.
Law Firms With Large Hedge Fund Practices
June 13, 2012 -- Hedge Fund Alert
Herrick, Feinstein is listed among the top 30 firms with significant hedge fund practices. The article indicates that Herrick specializes in "niche strategies such as energy and real estate lending."
A new Soho? Despite zoning issues, developers drool over Bushwick
June 1, 2012 -- The Real Deal Magazine
Mitch Korbey, the chair of Herrick's land use and environmental group, is quoted in this story, which notes developers growing zeal for building in the neighborhood. In it, Mitch discusses the North Brooklyn Industrial Business Zone, which encompasses part of Bushwick, and which he says was created by the Bloomberg administration as a "policy statement" on the desire for continued industrial and manufacturing uses in the area.
May 28, 2012 -- National Law Journal
David Pentlow is noted for joining Herrick, Feinstein as a corporate partner in the New York office.
Why Prosecute the Rocket
May 18, 2012 -- Sports Litigation Alert
The article, “Why Prosecute the Rocket,” by John Goldman was featured in Sports Litigation Alert.
Herrick, Feinstein appoints corporate partner
May 11, 2012 -- Financial News
The appointment of David Pentlow as a partner in the corporate department of Herrick, Feinstein was included in the “This Week” section of Financial News.
Pettitte's '50-50' recall a problem for Clemens prosecution
May 2, 2012 -- USA Today
Herrick, Feinstein litigation partner John Goldman is quoted on Andy Pettitte’s testimony in the government’s case against Roger Clemens and his alleged use of steroids or HGH. In his analysis of Mr. Pettitte’s testimony, John Goldman notes, "Andy Pettitte seems to have been positioned by the government as a star witness because of his close friendship with Clemens and his prior testimony that Clemens admitted to him in 1999 that Clemens had used HGH.”
Yankees' Pettitte: I may have misunderstood Clemens
May 2, 2012 -- Reuters
The article discusses Andy Pettitte’s testimony in the government’s case against Roger Clemens. John Goldman is quoted in relation to Mr. Pettitte’s testimony, noting that Mr. Pettitte may have “misunderstood” Clemens when they discussed the use of human growth hormone.
Developer Wins $50M Building Permit Appeal
May 2, 2012 -- Real Estate Weekly
The publication ran a feature discussing the ruling in Haberman vs. Zoning Board of Appeals. Scott Mollen is quoted in the piece, noting his client’s gratitude that the court system “recognizes the need to protect citizens from irresponsible public official who place political expediency above individual property rights.”
L.I. Shul Moves to Evict Caterer
May 1, 2012 -- The Jewish Week
The publication featured an article discussing Woodbury Jewish Center’s court filing to begin eviction proceedings against Morrell Caterers.
Claims Against Zoning Board Over Halted Project Upheld
May 1, 2012 -- New York Law Journal
Scott Mollen is quoted in an article about the ruling of the Woodbury Jewish Center and Morrell Caterers. Mollen notes, "The decision made it clear that while a licensee may sue for damages if it is wrongfully terminated, a licensor can retains the right to revoke a license."
Woodbury Jewish Center Moving Forward to Evict Morrell
April 30, 2012 -- Plainview Patch
An article discussing the eviction case between the Woodbury Jewish Center (WJC) and Morrell Caterers was featured on April 30. Scott Mollen is quoted on WJC’s plans to move forward with the removal of Morrell Caterers from its property.
Court rules developer can sue Long Beach
April 27, 2012 -- Newsday
Newsday featured an article highlighting the state appeals court ruling on Haberman vs. Zoning Board of Appeals. Scott Mollen is quoted on his representation of Haberman in the development lawsuit, noting that “The city has so tenaciously tried to obstruct this development.”
Court rules Haberman can sue Long Beach for $50M
April 24, 2012 -- Long Island Business News
Long Island Business News featured an article about the ruling of the Haberman vs. Zoning Board of Appeals. Herrick, Feinstein attorney, Scott Mollen, is quoted in the piece, noting that his client is grateful to have a court system that “recognizes the need to protect citizens from irresponsible public officials who place political expediency above individual property rights.”
Claims Against Zoning Board Over Halted Project Upheld
April 23, 2012 -- New York Law Journal
Scott Mollen is quoted on the ruling in the Haberman vs. Zoning Board of Appeals case, noting “this case makes it clear that the failure to disclose a personal interest does in fact provide a basis for a claim of lack of due process."
When Professional and Personal Lives Collide
April 13, 2012 -- Fox Business
Mara Levin was quoted in the Fox Business article "When Professional and Personal Lives Collide," which discusses situations in which an employee's personal life creates a basis for termination and how technology is blurring the once-rigid line between the personal and professional lives of workers.
Have You Heard? Duprees Singer's Suit Over Group's Name Is Thrown Out.
March 28, 2012 -- New Jersey Law Journal
Barry Werbin is quoted and Herrick’s win in federal court in New Jersey is noted in this article. A federal judge in New Jersey granted judgment to our client, the Estate of Michael Arnone, in a case that challenged the registered trademark ownership and rights of our client to use or license the name of The Duprees. The group, one of the world’s leading doo-wop groups, tours to this day and generates royalties. The judgment likely brings to a close the six-year dispute over the rights to the name and rejects the notion that early members of a band can use the group’s name if they leave the band without securing an agreement to the contrary or a license.
Athlete Franchisees Build Fast Food Careers After Sports
March 16, 2012 -- QSR Magazine
Dan Etna is quoted in “Athlete Franchisees Build Fast Food Careers After Sports” which discusses the appeal for athletes in investing in franchises. Dan explains that athletes are routinely pulled into hospitality and entertainment ventures, seeing them as “low-hanging apples on the tree of forbidden fruit” that athletes can’t seem to resist. Dan says that with restaurants, astute athletes see the franchising model as a lower-risk venture—even if franchising limits the individuality they can bring to the business.
A New Resource from the ABA White Collar Crime Committee
March 6, 2012 -- Corporate Counsel
This article notes that the White Collar Crime Committee of the ABA’s Business Law Section, which David Rosenfield chairs, has begun publishing a thrice-yearly newsletter that will cover the latest trends in how white collar crime affects businesses.
In Industry-Wide Shift, Law Firm Bankruptcy Practices Do It All
March 5, 2012 -- Dow Jones Daily Bankruptcy Review
Stephen Selbst notes and anlyzes the end of specialization in the practice of bankruptcy law. The story notes that in the past, boutique firms handled most debtors’ Chapter 11 filings while the creditor-side work went to the larger firms with relationships with banks and other major lenders. Now, even substantial, traditionally creditor-side firms have realized that many debtor-side representations can be lucrative, and the lines between debtor- and creditor-side firms have blurred.
Fuller Brush Man Knocks on Ch. 11's Door
February 23, 2012 -- The Deal Pipeline
Andy Gold is quoted in “Fuller Brush Man Knocks on Ch. 11's Door” which discusses how Fuller Brush—a company known for the salesmen who sell its cleaning products door-to-door—is trying to figure out in bankruptcy how best to retool its business model. Andrew Gold, who is serving as debtor counsel, explains that the company has secured $5 million in debtor-in-possession financing from lender Victory Park Capital Advisors LLC to provide working capital during the bankruptcy.
Commercial property foreclosures up in 2011
January 26, 2012 -- The Record
Scott Tross says the number of commercial real estate foreclosures is high and figures to go higher because many of the properties that secure the loans are worth less than the amount of outstanding debt. That makes refinancing difficult, he says.
Former Prosecutor Rosenfield on Insider Trading Arrests
January 18, 2012 -- Public Broadcasting System's Nightly Business Report
In a live interview on the evening's lead story, David Rosenfield discusses the filing of criminal insider trading charges by the Department of Justice against a number of people who had managed now-defunct hedge funds, and the SEC’s civil charges against the fund managers and two of the now-defunct funds. David notes that the charges were brought a year after a number of FBI raids, and he opines that the Department of Justice and SEC are looking to bring additional insider trading cases.
Javits' end promises new dawn for W. Side
January 8, 2012 -- Crain’s New York Business
Mitch Korbey examines Governor Cuomo’s vision of building a new convention center in Queens, razing the Javits Center on the far west side, and replacing it with a mixed-use, transformative development. He notes that environmental review and zoning changes could take three or four years, and that transforming the entire West Side neighborhood around the Javits Center could take that many decades.
Six Questions for Herrick, Feinstein’s Eldad Gothelf
January 2, 2012 -- GlobeSt.com
Eldad Gothelf says that decisions about zoning and planning in New York City must keep in mind at least one -- and preferably more -- of the overlapping, interwoven key factors of density, sustainability and affordability. Eldad makes these points in a Q & A that followed his publishing a commentary piece attached to the 50th anniversary of the city's zoning resolution.
Diamond dealer sues two Belgian banks
December 23, 2011 -- Financial Times
Our RICO complaint -- on behalf of our client, the diamond dealer Lazare Kaplan (LKI), against two Belgian banks -- is noted here. LKI alleges that the banks stole $135 million worth of diamonds by passing the money through a number of shell companies overseas. The article quotes heavily from our complaint and notes that Lazare Kaplan seeks $500 million in lost proceeds and consequential damages. Under our complaint, which alleges racketeering and money laundering, a court could treble the damages.
Density, Sustainability, Affordability
December 21, 2011 -- GlobeSt.com's CityViews
Eldad Gothelf says that decisions about zoning and planning in New York City must keep in mind at least one -- and preferably more -- of the overlapping, interwoven key factors of density, sustainability and affordability. Eldad makes these points in a Q & A that followed his publishing a commentary piece attached to the 50th anniversary of the city's zoning resolution.
Receiver tapped for 36 West Side apt. buildings
December 9, 2011 -- Crain's New York Business.com
Ray Hannigan contends that by filing a foreclosure action on a 36-property portfolio of apartment houses owned by Pinnacle Group and the Praedium Group, our client, Dune Real Estate Funds, is simply seeking to be repaid the money it is owed or bring the foreclosure to completion. The debt accrued as a result of a loan modification.
NYC, Owners of SRO Buildings Reach Settlement Over Residency
November 30, 2011 -- New York Law Journal
Scott Mollen is quoted and Jack Sheridan mentioned in this story, which notes that out client, an Upper West Side building known as the Montroyal, was among several properties that agreed as part of a settlement to rent units only to permanent residents, not transients and tourists. The settlement, which included no admission of liability, ended four years of litigation and was based largely on an amendment to the Multiple Dwelling Law that the state legislature passed.
Park51 developer Sharif El-Gamal gets more time to catch up on back rent to Con Edison
November 30, 2011 -- New York Daily News
Scott Mollen's representation of Consolidated Edison is noted in this story. Scott argued that Con Ed's tenant, who is in arrears on his rent, does not appear to have the wherewithal to bring himself current on what he owes. Scott also pointed out that the tenant is behind on his property taxes on a nearby property and is a defendant in two civil cases in which banks claim he owes them money.
American Airlines' Last-Mover Disadvantage
November 30, 2011 -- Bloomberg Businessweek
Stephen Selbst notes that all the major airlines -- except American -- reduced their wage-and-benefit costs years ago by having sought bankruptcy protection. Stephen says American and its parent company should have filed half a decade ago, on the heels of filings by Delta and Northwest. By filing now, after its competitors strengthened themselves by lowering direct and indirect employment costs, a bankrupt American is facing stronger competition.
American Airlines files for bankruptcy
November 29, 2011 -- Thomson Reuters News & Insight
Stephen Selbst ventures that the American Airlines Chapter 11 filing is short on specifics as to wage-and-benefit issues because the airline -- and its parent company, which also sought protection -- are negotiating those issues with the unions and don't want to jeopardize those talks.
Analysis: AMR bankruptcy clouds Boeing jet order
November 29, 2011 -- Reuters
Stephen Selbst says American Airlines' $40 billion order for new jets might be imperiled by the airlines' filing for Chapter 11 protection. The bulk of the order went to Boeing, with Airbus getting a smaller slice. Stephen says that American may want to shrink its overall operation -- including the size of its fleet -- which could shrink the size of its order or at least cause the airline to re-trade the contract with Boeing. In the meantime, he says, American's fleet is among the least fuel-efficient in the industry. And he questions whether a bankruptcy judge will authorize a major purchase before the airline files a formal reorganization plan.
American Airlines files for bankruptcy
November 29, 2011 -- Thomson Reuters News & Insight
Stephen Selbst says the Chapter 11 filing by American Airlines and its parent company, AMR Corp., is light on details about how the company will seek to lower its wage-and-benefit costs. That lack of specificity is probably because the company is negotiating with its unions about wage and pension issues and does not want to disturb those talks, says Stephen, who has worked on a number of airline bankruptcy filings from a variety of perspectives.
Corruption Case Against Developer Is to End
November 23, 2011 -- The New York Times
Scott Mollen is quoted in this story, which describes how he helped convince the U.S. Attorney's Office to drop charges against our client, the developer Aaron Malinsky, who had been indicted on corruption charges as part of the case against State Senator Carl Kruger. If Malinsky avoids legal trouble for six months, the charges will be dismissed with prejudice.
Time might be on the side of NBA players
November 22, 2011 -- Sports Business Journal
John Goldman predicts that if labor-related anti-trust litigation between NBA players and the league does not settle, the outcome will not be known for several years. The article says the NBA players may have a stronger case against the league than NFL players would have had against their league. The NBA players' union disbanded, and the players formed a trade association, allowing them to allege that the league violated anti-trust laws.
Con Ed wants to evict Ground Zero mosque developer over $1.7M back rent
November 17, 2011 -- New York Post
Scott Mollen is quoted in this story, which describes our representation of Con Edison in the utility's attempt to evict the would-be developer of a controversial community center and mosque near Ground Zero. Through Scott, Con Ed argues in court that Sharif el-Gamal cannot pay the $1.7 back rent that Con Ed alleges he owes.
NFL, union still fighting workers' comp battle
October 31, 2011 -- Sports Business Journal
Irwin Kishner says the NFL appears to be correct in insisting that New Orleans Saints players who signed contracts with clauses that call for them to file workers' compensation claims in Louisiana -- not California -- adhere to the terms of the contract. The dispute is headed for arbitration, with the players hoping to file their claims in the friendlier confines of the California workers' compensation system. This story notes that Irwin wrote an article on this very topic a year ago.
True to Mailer’s Life, a Brawl Over the Sale of His Brooklyn Heights Apartment
October 19, 2011 -- The New York Times
Our client's lawsuit against the estate of Norman Mailer, in which we seek the return of our client's $200,000 deposit on a co-op unit in Brooklyn where Mailer had lived, is reported here. Bill Fried is quoted as saying that our client wants his deposit back because the seller cannot prove that significant alterations to the unit were done lawfully.
Steinhardt Pledges Picassos for Real Estate as Art Loans Surge
October 18, 2011 -- Bloomberg News
Howard Spiegler says that lenders that never before made loans using fine art as collateral are now considering such arrangements because they tend to appeal to high-net-worth individuals. Stephen Brodie, who chairs our lending practice and has experience in both art-backed loans and real estate development loans, notes that real estate development is usually financed by two- or three-year, variable-interest renovation loans, which carry relatively high interest rates because lenders fear getting a half-finished project as collateral. Howard and Stephen commented on a loan from JPMorgan Chase to a former hedge fund manager and art collector, who put up as collateral 20 pieces of fine art -- including paintings by Pablo Picasso and Jackson Pollock -- to borrow money to finance the purchase of commercial real estate.
Second Department Creates Milton Mollen Award
October 14, 2011 -- New York Law Journal
This article notes the establishment of the Milton Mollen Commitment to Excellent Award, to be given annually to deserving Second Department employees whose attributes most closely mirror those of Judge Mollen. The articles names the first seven winners and notes that the initial awards will be presented Nov. 2 at a ceremony in the Appellate Division courthouse in Brooklyn.
Rajaratnam's Insider Trading Sentence
October 13, 2011 -- Public Broadcasting System's Nightly Business Report
David Rosenfield says the sentence of 11 years in prison that convicted insider trading defendant Raj Rajaratnam received is likely to deter other Wall Street traders who are contemplating violating securities laws. This segment notes that the sentence was a record for an insider trading case, but significantly less than what the prosecution had requested. To see David's segment, fast forward to the 5:23 mark.
Virtus Real Estate poised to amass $500 million fund
September 28, 2011 -- Austin Business Journal
Belinda Schwartz says that, with some caveats, this can be a good time to launch a commercial real estate fund. In this story, which describes how a Texas-based private equity real estate company is launching a fund that will look to buy commercial real estate properties, including those used for student housing, senior housing, medical offices and self-storage facilities. Belinda outlines the necessary elements for success. Included among them, she says, are an appropriate time horizon, the ability and willingness to hold property for some period of time rather than flip them, good management teams to oversee any properties acquired, some tolerance of risk, and the patience to buy property at a favorable price.
Weary Herakles statue returns home with Erdogan
September 25, 2011 -- Today's Zaman
Lawrence Kaye and Herrick are mentioned for having successfully engineered the return to Turkey of a $1.5 million statue known as Weary Herakles. The statue, which was smuggled from Turkey in the Eighties, had been in the possession of a Boston museum.
Landlord Is Ordered to Pay Fees of Tenant Who Averted Eviction
September 20, 2011 -- New York Law Journal
Scott Mollen analyzes a recent New York State appellate decision that clarifies when a tenant who prevails in litigation may recover legal fees under the state's real property laws. Even though this decision held that the landlord had to pay the tenant's legal fees, Scott says the decision helps landlords and tenants by clarifying the larger issue of when tenants may recover fees.
Regulators Eye Chinese Wall for Reverse Mergers
September 13, 2011 -- Compliance Week
Irwin Kishner notes that the major stock exchanges' regulations regarding companies that want to go public in the U.S. via a reverse merger are attributable to some highly publicized frauds and collapses of share prices among Chinese companies that employed reverse mergers. The major exchanges now require companies that want to go public via reverse mergers to to file annual reports with the SEC, list for at least a year on a regulated exchange and maintain a minimum share price.
Sbarro, creditors agree on auction plan
September 7, 2011 -- Thomson Reuters News & Insight
Our representation of creditors who originally objected to Sbarro's plan to sell itself out of bankruptcy but ultimately settled with the pizza chain is noted in this story. Stephen Selbst and Joshua Angel represented noteholders who objected to Sbarro's original plan to emerge but agreed to terms once Sbarro altered auction procedures.
Stock scam ensnares attorneys
August 29, 2011 -- The National Law Journal
Arthur Jakoby's representation of a former attorney who pleaded guilty to a charge of obstruction of justice, in a larger securities case in that involved manipulation of stock prices, is noted here. The article also notes that Arthur is co-chair of the firm's securities and commodities litigation and regulatory practice group.
Art in the Crossfire: A Jewish Sect’s Claims Have Led to a U.S.-Russia Embargo
August 16, 2011 -- The New York Observer
Howard Spiegler and Charles Goldstein, in his role as counsel to the Commission for Art Recovery, are quoted in this article, which examines how Chabad, a Brooklyn-based Jewish sect, is claiming to be the rightful owner of art, book and manuscripts that Russian possesses. The article notes that the dispute has led to a diplomatic strain between the U.S. and Russia, particularly as it relates to loans of artwork. The article refers to Herrick as an "art law powerhouse."
40 Under 40
August 15, 2011 -- New Jersey Law Journal
Jaimee Katz Sussner is named one of New Jersey's pre-eminent and most promising attorneys younger than 40 by virtue of being selected to the New Jersey Law Journal's 40 Under 40 list. The item notes Jaimee's various litigation successes, including prevailing in one matter before the state Supreme Court. It also mentions her prowess title insurance litigation and commercial real estate litigation.
Heir Awarded $1.43 Million by Hague for Goering-Looted Part of Old Master
August 15, 2011 -- Bloomberg News
Our representation of the heir of a Jewish art dealer whose gallery was looted by the Nazis, and the heir's $1.43 million settlement with The Hague city government, are noted. Our client, Marei von Saher, daughter-in-law to and heir of Jacques Goudstikker, entered into the settlement concerning the Jan Steen painting, “The Wedding Night of Tobias and Sarah," which hangs in the Bredius Museum in The Hague. The painting had been split into segments, with The Hague owning one segment, before being reunited by restorers in 1996, and the settlement allows the painting to remain as one work.
Mortgage Note on Upper West Side Apartment Buildings Sells for 7.8M
August 4, 2011 -- Citybiz Real Estate
Our representation of a European bank at a foreclosure sale of a defaulted mortgage note is mentioned. John St. Jeanos represented the bank, which sold the note for $7.8 million. The note was related to two adjacent 20-unit apartment buildings on the Upper West Side.
July 9, 2011 -- NY 1
Liz Holtzman appeared on the show “Close Up,” which initially aired on Saturday night at 10 and was run again on Sunday morning. Among other topics, Liz discussed the Congressional seat vacated by Anthony Weiner and the special election to fill it as well as a then-and-now look at Congress from when she served and the present.
Toto, I've a feeling we're not in the public domain anymore
July 13, 2011 -- Thomson Reuters News & Insight
Barry Werbin weighs in on the possibility of appeal from or en banc reconsideration of a complex Eighth Circuit decision regarding rights to publicity photos shot on movie sets, based on the 1909 Copyright Act. This article notes that Barry is chair of the New York City Bar Association's copyright committee and mentions his view that portions of the plaintiff-friendly decision might be ripe for appeal, but that en banc reconsideration is unlikely, given the absence of a dissenting opinion from the three-judge panel.
In Major Retail Shift, Stores Begin to Shrink
July 11, 2011 -- Women's Wear Daily
In this story about how retailers are turning their attention to smaller stores, particularly in urban settings, Mitch Korbey describes how population shifts are bringing people back to downtown areas. Retailers, meanwhile, are looking to meet urban dwellers' needs by locating stores near where people live.
Insurers Settle Lazare Diamond Coverage Row For $32M
July 6, 2011 -- Law360
Our representation of Lazare Kaplan International is noted in this article, which reports LKI's settlement with American and British insurance carriers. According to LKI's mandatory 8K filing, the $32 million is on top of the approximately $28 million that Herrick obtained for LKI from insurers prior to commencement of the lawsuits, thus bringing the total recovery to more than $60 million for losses stemming from the theft of LKI's diamonds. The story names Chris Sullivan and Jason D'Angelo as counsel to LKI.
Labor sides find 'deadline' in 8th Circuit ruling
June 20, 2011 -- Sports Business Journal
Analyzing the labor dispute between the NFL and the players' union, John Goldman says the Eighth Circuit U.S. Court of Appeals' stay of a lower-court ruling amounts only to the equivalent of an advisory opinion. John makes his observation in this article, which describes how the two sides are trying to hammer out a new collective-bargaining agreement before the appellate court rules on a key lockout issue.
Law Firms With Large Hedge Fund Practices
June 15, 2011 -- Hedge Fund Alert
Our hedge fund practice is included in this publication's listing of 30 law firms nationwide with significant practices in that industry. It notes that as to hedge funds, Herrick specializes in "working with start-ups and mid-sized managers, both onshore and offshore, across all asset classes and strategies" and on operational issues.
Underwriter Says Title Insurer Swiped Millions
June 3, 2011 -- Courthouse News Service
Our representation of WFG National Title Insurance Co. is noted in this story, which mentions that Arthur Jakoby is counsel to WFG in its action against TitleServ, one of the largest title agencies in the country. WFG alleges that TitleServ allegedly stole $7.9 million from customers' escrow funds.
Chabad Court Victory Sparks Russia-U.S. Art War
May 19, 2011 -- Associated Press
Howard Spiegler is quoted in “Chabad Court Victory Sparks Russia-U.S. Art War,” which describes how a long-running dispute between Russia and Chabad over ownership of centuries-old holy texts has cast doubt on whether major Western institutions will lend art and other cultural property to Russia. Howard says Russia is disingenuous in trying to blame Chabad for the dispute and notes that exhibitions imported from abroad are protected from seizure as long as the U.S. State Department has certified them.
Bankruptcy Derails Flatiron Hotel Debt Auction
May 17, 2011 -- Crain’s New York Business.com
Joshua Angel is quoted in “Bankruptcy Derails Flatiron Hotel Debt Auction,” which notes that a Chapter 11 filing by the developer of a boutique hotel delayed the scheduled foreclosure auction on a piece of the debt attached to the project. Josh notes that filing for bankruptcy is a common strategy among developers looking to buy time to reorganize and restructure their debt.
Galleon's Rajaratnam convicted on all counts
May 11, 2011 -- CNBC
David Rosenfield tells a live network audience that the government scored a huge win in getting convictions on all 14 counts related to Raj Rajaratnam's trading activities. David says that based on the convictions, he envisions more insider trading cases, more use of wiretaps in financial investigations and an empowered and energized Department of Justice. He adds that traders should avoid talking to employees of companies -- making their trading decisions on information already in the public domain -- or, at the very least, to use extreme caution when having those discussions and acting on information gleaned. To see David's portions of this segment, go to the 0:35 and 6:45 marks.
Too Early To Rule On Diamond Coverage Row, Judge Says
May 11, 2011 -- Law360
This story notes our representation of Lazare Kaplan International in an insurance coverage litigation, in which LKI is suing for coverage over the disappearance of $135 million worth of diamonds. Despite having directed LKI and the insurance carriers to file motions for summary judgment, a federal court judge denied those motions as premature, but the judge generally adopted our view of the case, which was brought by Christopher Sullivan and Jason D'Angelo.
Making a last stand in SoHo
May 8, 2011 -- New York Post
Barry Werbin describes our partition action, in Manhattan Supreme Court, on behalf of a consortium that owns the majority of one of SoHo's last undeveloped parcels. Barry describes how our clients -- all senior citizens -- want to sell the property to enjoy the fruits of the sale during their lifetimes.
If Mortgage Fraud Was Rampant, Why Aren't Criminal Charges?
May 6, 2011 -- Fox Business.com
David Feuerstein says the Department of Justice filed a civil action -- but not criminal charges -- against Deutsche Bank in connection with the residential mortgage meltdown as a result of the higher burden of proof in criminal cases, the government's failure to convict Bear Stearns executives in an earlier criminal case, and Deutsche's possible defenses. Those defenses, David says, could include the possibility that mortgage brokers and borrowers provided the bank with false information.
Justice Department Sues Deutsche Bank AG (NYSE: DB) for 'Reckless Lending'
May 5, 2011 -- Money Morning
Analyzing the federal government's civil suit against Deutsche Bank, which alleges it defrauded the FHA by making FHA-backed residential mortgage loans to people who were not eligible, David Feuerstein suggests the government would have filed criminal charges if it were more confident in its case. He notes that the statute under which the suit was filed, the False Claims Act, allows for either criminal or civil litigation, or both.
Have lying mortgage bankers met their match?
May 4, 2011 -- CNNMoney.com
David Feuerstein casts skepticism on the strength of the government's civil suit against Deustche Bank -- filed as a result of the mortgage meltdown -- and suggests that if the Department of Justice had a stronger case, it might have filed a criminal action.
Judge's decisions on evidence may figure in NFL appeal
May 2, 2011 -- Sports Business Journal
John Goldman says a federal judge's decision to recognize the validity of the NFL players' union's decertification imperils collective bargaining in the professional sports world. He says that fairness to the NFL -- and pro sports leagues in general -- dictates that the union should be held to a higher standard than "simply [saying] 'we don't want to do this.'"
Eagle of Justice
April 18, 2011 -- Legal Bisnow
This online publication covering the legal profession profiles Elizabeth Holtzman and examines her career -- as Brooklyn District Attorney, New York City Comptroller, and four-term member of Congress -- and her current events as co-chair of our government relations practice. This item notes that she has been a leading activist on issues relating to the deportation of Nazis and is lobbying for legislation that would allow women with genetic diseases, such as breast cancer, to have access to genetic testing without the risk of infringing on patents.
Zoning Laws May Be Dated; Call for Change as Resolution Turns 50
April 18, 2011 -- The Wall Street Journal
As New York City's zoning resolution turns 50 and some call for a thorough overhaul, Eldad Gothelf says the resolution is dense and layered because it must be, given the variety and number of buildings and neighborhoods.
Donate a Collection and Get a Tax Break
April 2011 -- Kiplinger's Retirement Report
Michael Kessel describes the tax scenarios of donating art or antiquities to various recipients. A donation of artwork that is unrelated to the recipient's exempt purpose, for instance, would result in a deduction only of the donor's basis, he says.
Security Locks and Aesthetics
March 31, 2011 -- The New York Times
Douglas Heller answers a reader's question in the Sunday real estate Q&A column by noting that under the state’s Multiple Dwelling Law residents, including co-op shareholders, are entitled to install a second lock on the door to their unit. The reader wondered whether the board could insist that she and her neighbors remove all but one lock per unit, and Doug opines that notwithstanding the business judgment rule -- which generally gives co-op and condo boards latitutde and discretion in making rules -- the residents probably can insist on second locks.
Getty Returns Nazi-Looted Painting to Heir of Amsterdam Dealer
March 29, 2011 -- Bloomberg News
Larry Kaye describes how the Los Angeles-based Getty Museum will return 'Landscape With Cottage and Figures' to the heir of Dutch art dealer Jacques Goudstikker, our client, Marei von Saher, who sued for its return in 2007. The Nazis looted the 17th Century painting when the dealer fled his native Holland when the Nazis invaded.
NFL warning sponsors about deals with players trade group
March 27, 2011 -- Sports Business Journal
Barry Werbin says the NFL's and franchises' websites are primarily informational -- and the players public figures -- which means the league is probably on safe ground continuing to use players' likenesses during the lockout. He says he understands the players' ire but says the league's First Amendment rights to disseminate information probably will prevail.
Law Firms Advise on Colgate-Unilever Double Deal
March 25, 2011 -- The AmLaw Daily
Herrick partner Ed Stevenson and Unilever's associate general counsel David Schwartz are mentioned in this story, which describes Unilever's $215 million acquisition of Colgate-Palmolive Company's Colombian laundry detergent business.
Aisle Be Damned! Navy Yard Fires Supermarket Developer
March 21, 2011 -- The Brooklyn Paper
Scott Mollen is quoted, and our representation of Aaron Malinsky in a bribery scandal is noted, in “Aisle Be Damned! Navy Yard Fires Supermarket Developer.” The article discusses how The Brooklyn Navy Yard fired Malinsky as developer of the $60-million ShopRite supermarket at the corner of Flushing Avenue and Navy Street. Mollen explains that there is a difference between making allegations and proving those allegations in court.
March 15, 2011 -- Real Estate Bisnow
Herrick, Feinstein's office condo seminar is featured in this item, which includes photos of the panelists and information on why more developers are converting office buildings to commercial condos and why more business owners are buying their spaces instead of renting. The coverage quotes Douglas Heller on the process by which rental office may be converted to office condos and on the market for such properties.
Brooklyn Navy Yard fires development firm linked to bribery scheme
March 11, 2011 -- The Real Deal Online
Scott Mollen says that our client, white collar defendant Aaron Malinsky, is seeking to withdraw from ownership and management of the real estate development company of which he is a principal and founder. He also notes the vast difference between making allegations and proving them.
Realty Law Digest
March 2, 2011 -- New York Law Journal
Stephen Brodie is quoted in Herrick attorney Scott Mollen's column, “Realty Law Digest,” regarding a recent federal court decision in which U.S. District Court Judge Richard Sullivan rejected multiple legal challenges to a pre-negotiation agreement.
SEC order against Hackensack company is rare
March 2, 2011 -- The Record
Louis Goldberg says the SEC's denial of a New Jersey company's request to withdraw its plans to conduct an initial public offering can be due to a variety of reasons: an inquiry by its enforcement division, adverse financial issues, or a company's attempts to sell shares privately. Whatever the reason, he says, the denial will complicate any effort by Wave2Wave to raise capital in private or public markets.
Wise Guys Show
February 2011 -- NY1
Liz Holtzman made two appearances on the “Wise Guys Show.” She was joined by former U.S. Senator Alfonse D’Amato and former State Comptroller Carl McCall to discuss the state and federal budget fight and other issues.
Commercial real estate looking up, but distress continues
February 20, 2011 -- The Record
Scott Tross tells New Jersey's second-largest newspaper that there is a steady flow of foreclosures on commercial properties in the state, with no end in sight. He says the foreclosures are split about equally between maturity defaults, where a loan has matured and the borrower cannot secure new financing, and payment defaults, where the borrowers stop paying debt service, often as a result of tenants' having departed or gone under.
Renting Rules for Condo Owners
February 13, 2011 -- The New York Times
Doug Heller tackles a reader's question about what a condo board can do to restrict unit-owners from renting their units -- or charge a transactional fee -- when the condominium declaration allows rentals but is silent on the issue of restrictions and fees.
A Harlem Cultural Hub Is Threatened by Debt
February 1, 2011
Ray Hannigan is quoted in The New York Times article “A Harlem Cultural Hub Is Threatened by Debt." The article discusses the foreclosure action brought against our client, the National Black Theatre, which threatens to close the doors of one of Harlem’s most prestigious cultural and educational institutions.
Firms Train Sights on MTA Licenses
January 30, 2011 -- Crain’s New York Business
Barry Werbin is quoted in “Firms Train Sights on MTA Licenses,” which discusses the growing popularity of New York City subway merchandise and how several entrepreneurs have licensing contracts with the MTA. Barry explains that entrepreneurs must have solid projections of what they can sell and how much demand there is for their product before entering into these contracts.
Gerova Financial Unit’s Assets Were Questioned in SEC Wells Notice
January 25, 2011 -- Forbes.com
Arthur Jakoby is quoted, and our representation of Stillwater Capital Partners is noted, in the blog entry “Gerova Financial Unit’s Assets Were Questioned in SEC Wells Notice,” which discusses the Wells Notice that Stillwater received in June 2010.
‘Bad Boy’ Guarantees Snarl Billions in Real Estate Debt
January 19, 2011 -- The New York Times
Ray Hannigan analyzes the role of springing guarantees -- or so-called bad boy guarantees -- in commercial real estate lending workouts. Ray notes that in the last downturn -- in the late Eighties and early Nineties -- defaulting borrowers would file for Chapter 11 protection just before lenders moved to foreclose.
Attorney: Charters can create development opportunities
January 19, 2011 -- NJ Biz -- The Daily
In a story about New Jersey Governor Chris Christie's approval of 23 new charter schools, mostly in Newark, Dena Cohen says the schools can spur residential and retail development in economically depressed areas.
Midtown south's moment has arrived
January 17, 2011 -- Crain's New York Business
In this commercial real estate article about midtown south's new-found panache, Jonathan Adelsberg compares that market to midtown and downtown. People with open collars and iPhones are emblematic of midtown south, he says, while the BlackBerry is more prevalent in midtown and downtown.
Hudson Yards development tries to tempt a tenant
January 17, 2011 -- Crain's New York Business
In this front-page story about how The Related Cos. is seeking office and retail tenants at Hudson Yards, Richard Brown says finding the first tenant is critical, with others sure to follow. Richard says that is the norm when owners seek to lease space in previously undeveloped or underdeveloped markets.
Related Cos. to pay $82.8M for Rector Sq. project
January 13, 2011 -- Crain's New York Business.com
The firm's work on behalf of Anglo Irish Bank is noted in this story, which describes how we helped the bank foreclose on its borrower, Yair Levy, and then assist the bank at a foreclosure auction. The story says the bank is likely to assign its winning credit bid to Related next week.
SEC Rule Has Swaps Traders Running Scared
January 12, 2011 -- Hedge Fund Alert
Patrick Sweeney notes that a new SEC rule -- which traders did anticipate -- covers security-based swaps for the life of the contract. Pat notes that under the newly promulgated rule, traders can be liable in cases of ordinary disputes about calculating values or netting cash payments.
Where's The Capital?
January 2011 -- Real Estate Forum
Funds formed to acquire distressed assets have in some cases been forced to return capital to investors or deploy the money in questionable deals, Neil Shapiro says. Meanwhile, he adds, pensions funds and other investors in such funds are declining to commit money until deals are actually in place. The one bright spot in the real estate finance landscape, he says, is in stable, income-producing property.
401(k) fear: Can workers' stock decisions figure in layoffs?
December 26, 2010 -- USA Today.com
Employees who sell shares of company stock from their 401(k) plans are immune from retribution if they follow the rules of the plan, Fred Green says in a Q&A. Companies that establish 401(k) plans that seek to comply with ERISA Section 404(c) cannot even find out whether employees are selling company stock, whereas the plans that do not seek to comply with 404(c) allow employers to monitor -- but not act on -- employees' sales of such stock.
Report Details Ties Between US And Ex-Nazis
December 11, 2010 -- Associated Press & NPR
Liz Holtzman is quoted in “Report Details Ties Between US And Ex-Nazis,” an article about declassified CIA files that indicate that US intelligence officials went to great lengths to protect a Ukrainian fascist leader and suspected Nazi collaborator from prosecution after World War II. Liz says that releasing the files is a mark of governmental and national courage.
Poetic ‘wordsmithing’? Teachers’ says it has no ‘firm offer’ for Leafs
December 3, 2010 -- The Toronto Star
A Canadian sports enterprise owner's lukewarm denial that it will sell its holdings -- including teams in the NHL, NBA and professional soccer, and sports venues -- actually reveals little about the owner's plans, Irwin Kishner says. He helps analyze the likelihood that a major Canadian media company is poised to buy one of that nation's premier portfolios of pro sports teams and venues.
Rogers gets a look at Leafs' books
December 3, 2010 -- The Toronto Star
Irwin Kishner helps examine the possibility that Canadian cable company Rogers Communications, which already owns Major League Baseball's Toronto Blue Jays, would buy a controlling share of Maple Leafs Sports and Entertainment, which owns the NHL's Maple Leafs, NBA's Raptors, a soccer team, a minor league hockey team, and several arenas. He notes that media companies and sports enterprises tend to be a good match, and that locking up a local market is valuable, making a Rogers ownership of MLSE a sensible move.
Letters: Looted Art
December 1, 2010 -- New York Times
Howard Spiegler and Larry Kaye's letter to the editor of the The New York Times ' travel section was published. They commented on the article "In Paris, on the Trail of Art Looted by Nazis” and explained that there are still an enormous number of artworks that have not been returned to their rightful owners.
Wall Street Witch Hunt
November 23, 2010 -- CNBC's Power Lunch
In this live network segment, Jason D'Angelo says the public wants the government to be aggressive in investigating and prosecurting insider trading cases, but he cautions against over-reaching. He says he sees some instances of the government's expanding the definition of insider trading and notes that the whistleblower provisions of Dodd-Frank give the government more resources but believes most of the civil and criminal prosecutions will be based on traditional insider trading methods.
Battery Park Condo Project Goes to Lender
November 18, 2010 -- GlobeSt.com
Christopher Sullivan says the plaintiff in the Rector Square foreclosure action -- our client Anglo Irish or its designee or assignee -- is entitled to hold or sell the project and also may pursue the borrower or guarantor for any deficiency arising from the sale of the project at auction. The lender was the sole bidder, taking back the project for $82.75 million, which Chris views as "a good result given the circumstances and economic landscape."
Anglo Irish Keeps Control of 232 Unsold Condos in NYC's Battery Park City
November 18, 2010 -- Bloomberg News
Christopher Sullivan says Anglo Irish Bank, which was the sole bidder at the foreclosure auction of 225 Rector Place, may take title to the property and then sell it, or sell its winning bid to another party. He says if Anglo Irish sells its bid, the buyer would take title to the condos, a 114-space parking garage and 2,000 square feet of commercial space by the court-mandated closing date of Dec. 15.
The Haggling Begins for Troubled Assets
November 11, 2010 -- New York Times
Patrick Sweeney is quoted in this lead business-page story about how banks are considering selling some financial assets, including some troubled CDOs and derivatives, in part to comply with stiffer regulations and in part simply to shed assets. The story notes that the hedge funds and private equity funds that are interested in buying those assets generally are not bidding enough to satisfy the banks' price targets.
Once on Sleepy Beat, Regulator Is Suddenly Busy
November 5, 2010 -- The New York Times
Therese Doherty, who routinely represents financial institutions before the CFTC, says the regulator has grown in size and stature, but also in ambition. The CFTC's goal to regulate a wider swath of the market will present new challenges even as it ramps up its operations.
Real estate pros mixed on Schneiderman, Cuomo victories
November 3, 2010 -- The Real Deal.com
Douglas Heller says Attorney General-elect Eric Schneiderman should quickly appoint a new head of the office's Real Estate Finance Bureau because the retirement of the previous leader has slowed the department's operations in a number of crucial ways.
How to strengthen the CPA/attorney relationship
November 1, 2010 -- Accounting Web.com
Brian Raftery says he often refers high-net-worth clients to CPAs, especially when their personal tax needs are more sophisticated than the tools they are using. This article notes that Brian is also a CPA, and he says he tries to match clients' personalities and tax needs with accountants' personalities and capabilities.
FDIC’s Plan to Securitize Assets Could Boost CMBS
October 21, 2010 -- GlobeSt.com
Scott Tross says the FDIC's apparent plan to bundle performing real estate loans and sell them as CMBS is likely to attract the usual buyers of CMBS -- pension funds, insurance companies, mutual funds, institutions and wealthy individual investors. He notes that there are more factors indicating the market will want the securities -- undeployed cash, a paucity of CMBS for several years, and an apparent strengthening of the real estate and credit markets -- than factors arguing against market acceptance.
Rules To Remember About Investing In Memorabilia
October 18, 2010 -- CNBC.com
Irwin Kishner is quoted in this special section on alternative investing, noting that collectors of sports memorabilia can be divided into two groups: those who collect for the love of the items, and those who collect for possible profit. Among his other observations, Irwin advises the buyers of memorabilia deal with auction houses and other reputable dealers to minimize the chance of fraud, and to be aware of events -- an athlete's death, for instance, or winning a championship -- that could affect the value of some items.
Cuban, Crane want fees on failed Rangers bid
October 11, 2010 -- Sports Business Journal
Gary Eisenberg casts doubt on the likelihood that Mark Cuban and Jim Crane, unsuccessful bankruptcy bidders for the Texas Rangers, will be awarded the aggregate $2.65 million they seek to recover legal fees and other expenses stemming from their failed bid. He says such an award would set a precedent because it would erode creditors' recoveries, which is anathema to bankruptcy court proceedings.
High Court Seeks SG Brief On California Looted Art Law
October 4, 2010 -- Law360
Larry Kaye is quoted in the Law360 article "High Court Seeks SG Brief on California Looted Art Law" which disucsses our client, Marei von Saher's case involving California's law for the recovery of artworks stolen during the Holocaust.
Auction looms for Rector Square housing
September 30, 2010 -- Crain's New York Business.com
Christopher Sullivan is quoted regarding the upcoming auction of Rector Square, the condominium project that Herrick, Feinstein foreclosed on, on behalf of our client, Anglo Irish Bank. He notes that large, well-capitalized, credit-worthy organizations -- such as investment funds -- have expressed interest in buying the project, which will be auctioned off as one bloc.
Anglo to auction off Rector Square Nov. 17
September 30, 2010 -- The Real Deal.com
Christopher Sullivan, lead litigation counsel to Anglo Irish Bank in its forceclosure on the condominium project Rector Square, notes that the entire project -- condo units, commercial components and parking garage -- will be sold Nov. 17 at auction.
Charity Fingers SEC For $20M Lost In Madoff Scheme
September 27, 2010 -- Law360
This story notes Howard Elisofon's and Herrick, Feinstein's representation of the Litwin Foundation, which sued the SEC based on the commissions actions and inactions in the Madoff fraud. The story notes that our firm has filed four suits on behalf of six victims.
Ready for Action
September 6-12, 2010
Irwin Kishner is quoted in the article "Ready for Action", which appeared in a special New Meadowlands Stadium section of the SportsBusiness Journal. In it, he mentions various projects Herrick's sports law practice is working on, including serving as lead counsel for matters related to the new Yankee Stadium.
Condos still hot in Chelsea
September 15, 2010 -- Real Estate Weekly
Scott Mollen, who acted as receiver, and Jack Sheridan, who represented the seller, are mentioned in a story that notes the sale of 559 West 23rd Street, a High Line development site.
For Collectors, a Hard Lesson in the Art of the Swindle
September 13, 2010 -- Crain's New York Business
Larry Kaye is quoted in "For Collectors, A Hard Lesson in the Art of the Swindle" in which he notes that most insurance claims in the fine arts field are for injury to artwok sustained in transit or installation.
Stolen art superhero?
August 24, 2010 -- European Radio Network
Howard Spiegler ("often compared to Indiana Jones") and Herrick's art law practice are profiled in this radio clip and online written story, which focus on Howard's representation of victims of the Nazis during the Holocaust era, to help them recover stolen art and antiquities.
Little-Used Law Gives Condo Buyers a Way Out
August 13, 2010 -- City Room, the law blog of The New York Times
Douglas Heller opines that the Interstate Land Sales Full Disclosure Act makes little sense in the New York City condo world because required disclosures contain irrelevant information that often duplicates what is in the offering plan. The posting analyzed a recent decision in federal court that allowed three buyers of condo units to rescind their contracts and retrieve their deposits because a condo sponsor had not made disclosures that the statute requires.
Timing of Lawyer's Thievery Saves Title Insurer From Liability to Buyers
August 4, 2010
A unanimous New Jersey State Supreme Court reversed an Appellate Division decision and found for our client, Stewart Title, in a case that looked at who is liable when a closing attorney steals a client's funds. In this case, Stewart Title had never even heard of the attorney -- or his clients, who sold a home and then bought another, entrusting their attorney with their money -- before the theft occurred. This story quotes Jaimee Katz Sussner, who successfully argued the case, about what the Court ruled on and what it deferred for another day.
Leaving a Co-op During Repairs
July 30, 2010 -- The New York Times
Doug Heller weighs in on what rights a co-op shareholder might have if the co-op board forces him and his family to leave for a week while repairs are performed, in this Q&A in the Sunday real estate section. Doug says the board has the business judgment rule on its side, the shareholder can point to no bright-line case law that declares a certain duration of absence unreasonable, and the proprietary lease does not obligate the co-op to pay for alternative housing.
Yikes! It’s a Garage
July 30, 2010 -- The New York Times
Eldad Gothelf is quoted about the thorny issues of curb cuts and private parking in New York City residential buildings, and notes that the city's Planning Department has sought counsel from a variety of groups as it grapples with the issue. The story mentions that Eldad is an author of the firm's environmental and zoning blog, ZONE.
Painting stolen by Nazi now on display in New York
July 29, 2010 -- CNN
Howard Spiegler is quoted in the CNN article "Painting stolen by Nazi now on display in New York." The article notes Howard's representation of the Estate of Lea Bondi Jaray and discusses the settlement with the Leopold Musueum.
Portrait of Notoriety
July 27, 2010 -- Wall Street Journal On-Line’s
Our representation of the Estate of Lea Bondi Jaray, and the settlement with the Leopold Museum, are noted in the Wall Street Journal On-Line's article “Portrait of Notoriety.”
Heirs of Jewish Art Dealer Win $19M Settlement Over Schiele Painting Looted by Nazis
July 26, 2010 -- American Lawyer’s Am Law Litigation Daily’s
Howard Spiegler, Herrick, our representation of the Estate of Lea Bondi Jaray and the settlement with the Leopold Museum are all mentioned in the American Lawyer's Am Law Litigation Daily article "Heirs of Jewish Art Dealer Win $19M Settlement Over Schiele Painting Looted by Nazis."
Shirley Sherrod and the Dark History of Baker County
July 22, 2010 -- Huffington Post
Elizabeth Holtzman, who as a law student in the Sixties worked with a civil rights lawyer in racially charged cases in southwest Georgia, describes what the atmosphere was like in Baker County and why, in her view, Shirley Sherrod is a hero.
Reviving art market offers brush with greatness
July 21, 2010 -- Crain's New York Business.com
Lawrence Kaye says the return of Russian buyers to the art market bodes well for the activity of that market, which is more vibrant than a year ago. The story notes that Herrick represented the seller of the Picasso that sold at a recent auction for the highest price ever paid for a piece of art at auction.
FX Luxury creditors propose plan
July 20, 2010 -- The Daily Deal
Our representation of W.R. Huff Asset Management Co. LLC, an investor in the bankruptcy case of FX Luxury Las Vegas I LLC, is noted in this story. Joshua Angel represented Huff.
Court reinstates Visteon retiree benefits
July 13, 2010 -- Reuters
Stephen Selbst says the Third Circuit's ruling in Visteon, which prohibited the bankrupt auto parts manufacturer from eliminating retirees' health and life insurance benefits, might go up to the Supreme Court. Stephen said this is the kind of case the Supreme Court is prone to hearing because it has a significant societal layer and because the various federal circuits are divided on the larger issue of whether bankruptcy discharges companies' obligations to pay retirees' benefits.
‘Transformative’ Brooklyn MXD Clears Hurdle
July 1, 2010 -- GlobeSt.com
Mitch Korbey is quoted discussing the unanimous approval of the Domino Sugar Development by the New York City Council's Land Use Committee. In the article, Mitch calls the mixed development plan for Domino a transformative one for the Williamsburg, Brooklyn waterfront neighborhood that has long been home to vacant property and empty lots.
Hire and Higher?
June 2010 -- New Jersey & Company
Patricia Graham, quoted at length, notes that a recently enacted New Jersey law legalizing marijuana for medicinal purposes does not protect employees in the workplace, does not proscribe employers from enunciating policies that prohibit workplace usage, and do not force employers to accommodate such workers. She notes that the statute doesn't address all issues, including how much protection workers have when the medical conditions that gave rise to their legalized marijuana use makes them part of a protected class.
Marijuana in the Workplace
July 1, 2010 -- CNBC's Power Lunch
States that have legalized marijuana for medicinal purposes have not protected users from being fired if their marijuana use conflicts with company policy, Carol Goodman tells a live network audience. Carol made her remarks in a five-minute segment that included former U.S. Rep. Asa Hutchinson, who later was administrator of the U.S. Drug Enforcement Agency, regarding a suit filed by a Wal-Mart worker who was fired for smoking prescribed pot to alleviate pain.
Todd DuBoef and the Future of Boxing
June 21, 2010 -- SecondsOut.com
Michael Heitner is quoted at length in this profile of Todd DuBoef, an executive with our client Top Rank, the boxing promoter.
SC Leaves Big Questions Open in Text-Message Privacy Case
June 18, 2010 -- E-Commerce Times
Barry Werbin says the Supreme Court's ruling in City of Ontario v. Quon was based on such a narrow and unusual fact pattern that it leaves open the larger questions of how much privacy employees can expect when they use employers' networks and systems for personal communications during work hours. Barry notes that as the cost of technology drops, more employees will have personal communications devices, which should lessen their reliance on employers' equipment.
Stephen Kinzer: The U.S. Needs to Reset its Own Foreign Policy
June 17, 2010 -- Lightmillennium.com
Larry Kaye is quoted in "Stephen Kinzer: The U.S. Needs to Reset its Own Foreign Policy" which covers a book event for Stephen Kinzer's "Reset: Iran, Turkey, and America's Future" at which Larry Spoke and introduced the author. The article notes Larry's position as Vice-Chairman of the American Turkish Society and as one of the co-presenters of the event.
The Bankruptcy Option
June 11, 2010 -- CNBC's Street Signs
Stephen Selbest tells a network audience that if BP files for bankruptcy, it should not do so until it caps the oil spill because damages that arise from spillage that occurs after the filing would not be disposed of in the bankruptcy proceeding.
AG Hits Levy With Fraud Suit at Rector Square
June 9, 2010 -- The Real Deal
Though Herrick isn't mentioned, our client Anglo Irish Bank and their foreclosure on 255 Rector Square is in the article "AG Hits Levy With Fraud Suit at Rector Square."
June 2010 -- Connections (Newark Regional Business Partnership's newsletter)
Ed Stevenson describes how law firms must tailor their services for not-for-profits, keeping in mind cost-containment and the fact that foundations and charities tend to mesh cause-driven passion with business sense. Because philanthopic giving tends to lag behind overall economic rebounds, he predicts that for-profit businesses will probably see an upturn more quickly than their not-for-profit counterparts.
Empty Desks May Slow Upturn in Real Estate
May 25, 2010 -- The New York Times
Ben Kursman says that so-called shadow space -- commercial space that is underutilized but not easily rented -- might stunt the rebound in the commercial leasing market because that space must be absorbed before companies take on new space.
How To Play The Changing Tax Picture in 2010
May 24, 2010 -- CNBC.com
Brian Raftery is quoted at length here, suggesting that that good tax and wealth preservation strategies include removing from estates assets that have lost value but are likely to rebound, and contributing to 529 college savings plans, which become more attractive when tax rates are rising.
Tax deals return to bite owners
May 17, 2010 -- Crain's New York Business
Commercial property owners who engaged in 1031 exchange transactions as a means of lessening or deferring taxes may find themselves paying higher taxes than they anticipated, Michael Kessel says. The expiration of Bush-era tax cuts is likely to increase the capital gains rate from its current 15 percent, which is the lowest in decades.
Herrick -- Committed to Its Clients' Success
April 2010 -- Corporate INTL
Herrick's Corporate Department is profiled in Corporate INTL's article "Herrick -- Committed to Its Clients' Success." The article highlights the sophisticated transactions Herrick handles and discusses Herrick's commitment to helping clients achieve their goals.
Panel Report: Perspectives on a proposed State Department Commission on Nazi Looted Art
Spring 2010 -- Cultural Heritage & Art Review
Charles Goldstein, and Herrick are mentioned in the first issue of Cultural Heritage & Art Review which was founded by the Interest Group on Cultural Heritage and the Arts at the American Society of International Law. The article notes Charles' role as a panalist in the ASIL Cultural Heritage & Arts Interest Group's inaugural panel.
MLB plans to move on Rangers
May 3, 2010 -- Sports Business Journal
On one hand, Major League Baseball wants to see the Texas Rangers sold quickly because the league has been supporting the team's payroll since it defaulted on its loans, Irwin Kishner says. On the other hand, if the creditors force the team into involuntary bankruptcy, the league would lose some of the influence it exerts on the club, creating a quandry for the league, he says.
Structuring Your Lease to Cover Retirement
April 21, 2010 -- Medical Office Today
Neil Shapiro says medical office leases should be signed under the name of the medical practice -- not the individual doctors -- to minimize the doctors' liability in this article about how to prepare for a doctor's retirement from a practice.
Pot & The Workplace
April 20, 2010 -- CNBC's Power Lunch
Carol Goodman tells a national cable audience that even in states that have legalized marijuana for medical purposes, workers can be dismissed if they use marijuana -- or even have traces of it in their bloodstreams -- contrary to their employers' policies. She cautions employers, however, to consider whether the marijuana has been prescribed for conditions that might quality as disabilities under various federal and state laws.
Harry Markopolos, Madoff's Nightmare
April 16, 2010 -- Investor's Business Daily
Howard Elisofon calls Harry Markopolos a hero in this story, which describes the former fund manager's efforts to convince regulators that Madoff was a fraud. The story mentions our lawsuit against the SEC on behalf of Madoff's victims, and notes that Elisofon says Markopolos' informal investigation, findings, and numerous reports to the SEC will be a component of our case.
Ripe for Conversion
April-May 2010 -- NYinc
Mitchell Korbey analyzes the rezoning of much of New York City and cites certain neighborhoods where the zoning changes have been most prevalent. He notes that over the last decade, an area as big as some mid-sized cities -- Providence, RI, for instance, or Newark, NJ -- was rezoned, sometimes for contextual purposes and sometimes to keep current with how the city's land is used.
When Do You Need a Real Estate Attorney? This is one specialist to have on your team.
April 14, 2010 -- Medical Office Today
Neil Shapiro, who represents doctors and medical practices as well as property owners looking to lease space to them, is quoted in this weekly e-newsletter. He opines that smaller medical practices and those without commercial real estate experience or professional management should call on commercial real estate attorneys early in the process of leasing or buying space, expanding the practice or anything else that would involve real estate.
When Cupid Strikes at the Cubicle
April 11, 2010 -- The New York Times
In the workplace column Career Couch, Mara Levin is quoted at length on what employers and employees should do when two employees begin -- or escalate -- an office romance. Mara insights include her dubious view of so-called love contracts, which, she says, offer little protection because they cover only the romance and not the break-up.
Tribune-creditor pact only delays legal battle
April 9, 2010
Stephen Selbst says a settlement between Tribune Co and its creditors -- aimed at ending the media company's bankruptcy and possibly the liability of its chairman, Sam Zell -- is not certain to be successful, in part because the original deal came at the height of the LBO fervor, failed shortly thereafter, and apparently was overleveraged.
The Tiger Woods Effect
April 2, 2010 -- Courthouse Confidential -- The NY Times law blog
Scott Mollen discusses his upcoming presentation on how to represent business executives and celebrities who are extortion or blackmail targets, emphasizing that using law enforcement and various investigative techniques can be effective in convincing would-be extortionists and blackmailers to back off.
Ranking New York’s top legal wranglers
April 1, 2010 -- The Real Deal
This article, which names the top New York City commercial real estate practices among law firms, notes Sheldon Chanales' representation of a consortium of Youngwoo & Associates and Kumbo Investment Bank in the acquisition of AIG's headquarters at 70 Pine Street in lower Manhattan. The 1.4 million-square-foot deal was listed as one of the top deals in the city in 2009.
Developers jump on program to restart stalled projects
March 25, 2010 -- Crain's New York Business.com
Zoning and land use partner Mitch Korbey extolls the benefits for developers and neighborhoods of a Department of Buildings initiative -- enabled by a local law passed late last year -- that allows developers to re-start stalled projects quickly, without waiting months for the city to re-approve zoning or other special permits. The story notes that the city's plan recognizes that even competent developers are hamstrung by a weak economy.
Sony Loses Bid to Enforce Agreement With Competitor's Top Executive
March 24, 2010 -- New York Law Journal
Lead defense attorney Mara Levin analyzes why our client, an executive with a major competitor to Sony Music Entertainment, prevailed on a motion to dismiss Sony's suit, in which it alleged that our client breached an employment contract. David Feuerstein was on the litigation team.
Marijuana In the Workplace
March 19, 2010 -- CNBC's Power Lunch
In a live network appearance, "Marijuana In the Workplace," Carol Goodman analyzes what workplace issues businesses must consider if they are in a state that has decriminalized marijuana and any of their employees have prescriptions for medicinal marijuana.
U.S. Sued Over SEC’s ‘Negligence’ in Madoff’s Fraud
March 18, 2010 -- Bloomberg News
This story notes that we sued the SEC on behalf of three clients -- a charity and two individual investors -- who lost money in the Madoff scheme. This was our firm's second round of suits against the commission, the first coming in 2009, and it follows by three months the SEC's motion to dismiss our first two complaints.
Wal-Mart worker fired over medical marijuana
March 17, 2010 -- MSNBC.com Your Career
Even though 14 states have laws legalizing marijuana for medicinal purposes, they have not enacted legislation requiring that employers accommodate the use of medical marijuana in the workplace, Carol Goodman says. She notes receiving numerous calls from employers, wondering whether they must accommodate such use or revisit their employee handbooks, particularly after New Jersey recently passed a medical marijuana law.
Court Weighs Title Insurer's Liability For Attorney's Theft of Client Funds.
March 15, 2010 -- New Jersey Law Journal
Jaimee Katz Sussner's argument before the New Jersey Supreme Court on behalf of our client Stewart Title is noted in this story. The story says the title insurance industry is closely watching this case, which will help determine when a title insurer is liable for a dishonest closing attorney's theft of money, especially when the theft occurred before the title policy was purchased.
BofA Lawyers Rebuked in Cabi Case
March 10, 2010 -- The Wall Street Journal
Bankruptcy judges tend to look with disfavor on creditors who are overly harsh with borrowers during difficult economic times, and those tactics can backfire, Stephen Selbst says.
To Tweet or Not to Tweet
March 9, 2010 -- NJ & Company
Companies should enunciate clear policies regarding employees' personal use of employers' computers, servers and other electronic communication devices and enforce those policies, Patricia Graham says. In this story, she analyzes the rights and responsibilities of employees and employers, both public and private.
Senior Counsel, Very Senior Counsel
February 21, 2010 -- The New York Times
Judge Milton Mollen is profiled in this New York Times story about nonagenarian attorneys who remain active in their practices. The story, based loosely on Robert Morgenthau's decision to join a law firm after not seeking re-election as Manhattan's district attorney, mentions Judge Mollen's career highlights and his busy arbitration practice.
Medical marijuana bill doesn't give employees free rein
February 15, 2010 -- The Star-Ledger
In New Jersey's largest newspaper, Carol Goodman analyzes the rights and responsibilities of the state's employers and employees under a new law that allows patients with certain conditions to use marijuana to relieve their symptoms. Carol addresses the law and practical solutions to various issues in this Q&A, which notes that she has been flooded with calls from New Jersey employment law clients on this topic.
Medical office condos take a hit from real estate slide
February 15, 2010 -- American Medical News
Neil Shapiro says that based on market conditions, doctors and medical groups that own medical office condominiums should wait to sell them if they are financially able to do so. This story notes that Neil is the chair of Herrick's health care practice group.
Industry Welcomes Unemployment Drop with Open Arms
February 5, 2010 -- GlobeSt.com
A drop in unemployment rates augers well for the commercial real estate market in New York and other office-heavy primary markets around the country, Benjamin Kursman says. Continued improvement in the employment outlook, coupled with absorption of sublease space and fewer corporate tenants looking to sublease their space, should stablize rent prices, which, in turn, makes commercial properties more valuable, he says.
Team official foresees success for pro soccer in Phila
January 25, 2010 -- Philadelphia Inquirer
An expansion soccer team's ability to sell 9,000 season tickets -- representing half its stadium's capacity -- several months before its inaugural game is a good sign that the team could succeed, Irwin Kishner says in this story about the Philadelphia Union. Our firm's representation of the New York Yankees and other major and minor league franchises is noted in this story, which measured the team's early season ticket sales against the backdrop of a struggling economy.
Planning can reduce bankruptcy pain
January 23, 2010 -- Raleigh News & Observer
In this story about how pre-packaged and pre-negotiated bankruptcies are on the rise, Joshua Angel says that because the up-front costs of pre-arranged bankruptcies are significant, only companies with $50 million or more in assets are well-positioned to file for protection that way.
NJ waterfront loses its competitive edge; Rents aren't low enough to lure businesses from NY
January 17, 2009 -- Crain's New York Business
Jonathan Adelsberg says this is a tenants' market -- not an owners' market -- in a story that examines relative values to be found on both sides of the Hudson River. Jonathan, co-chair of Herrick's commercial leasing practice, represents owners and corporate tenants in both New York and New Jersey, giving him insight into what both states offer.
Securities Fraud and Madoff Case
January 4, 2010 -- Lawline
Howard Elisofon discusses securities litigation, particularly as it relates to the Madoff fraud, in this taped television interview. He also discusses our firm's suit against the SEC on behalf of Madoff's victims.
Moinian Group sues to block Dwell95 auction
December 31, 2009 -- The Real Deal,com
Our representation of FBE Limited is noted in this story about developer Joe Moinian's lawsuit, which sought to block the auction of Dwell95, a luxury rental property on Wall Street.
The Fed Eases Out of Rescue Programs
December 18, 2009 -- GlobeSt.com
Liquidity in the commercial real estate market is more of a priority than minimizing the federal deficit, Sheldon Chanales says in an article about whether the Federal Reserve will continue pumping money into mortgage-backed securities and similar debt.
SEC Invokes Immunity in Negligence Suit by Madoff Victims
December 16, 2009 -- The AmLaw Litigation Daily
The government's motion to dismiss our suit against the SEC on behalf of two Madoff investors claims the SEC acted with proper discretion and therefore has immunity, this item notes.
SEC Seeks Dismissal of Madoff Victims Negligence Suit
December 15, 2009 -- Bloomberg News
Howard Elisofon, our lead attorney in our suit against the SEC on behalf of two Madoff investors, says the government's motion to dismiss -- and the grounds on which the government relies -- come as no surprise. The government claims immunity and that it had discretion to act as it did in handling the Madoff scheme.
Reduce, Reuse, Repurpose
December 2009 -- Go
Most cities' zoning plans allow for hotel development in commercial -- but not residential -- zones, making former warehouses and business sites ideal for redevelopment as hotels, Mitchell Korbey tells the in-flight magazine of AirTran. Cities often encourage redevelopment of commercial buildings as hotels because they attract tourists and bolster the local economies.
Implications for Bankruptcy Law
November 29, 2009 -- Lawline
Joshua Angel analyzes debtor-side corporate bankruptcy issues in this half-hour television show, opposite a creditor-side attorney.
Court To Hear Appeal of Title Insurer Made To Reimburse Lawyers' Fund
November 25, 2009 -- New Jersey Law Journal
Jaimee Katz Sussner says there will be national interest in the New Jersey Supreme Court's granting of cert in a dispute between our client -- a title insurer -- and the state's lawyers' fund for client protection. At issue are the respective roles of title insurers and closing attorneys, and whether attorneys should be present at real estate closings.
Start Date Is Critical in Ponzi Plan
November 24, 2009 -- The New York Times
Our motion on behalf of a Madoff investor -- which the Times and a disinterested attorney both called "novel" -- is highlighted in this story, which notes that the start date of the Madoff scheme may have a significant impact on the fortunes of entities that began investing with Madoff many years ago. Therese Doherty and John Oleske are both named in this story, which covers our attempts to recover money and protect the investor from a clawback action.
Stuyvesant Town woes may pave way for loan changes
November 11, 2009 -- Reuters
Scott Mollen opines that litigation surrounding Stuyvesant Town's rent rolls could last for years in this story about how the litigation might affect the value of the property.
Auction of Queens hospital sites stirs up controversy
November 4, 200 -- Crain's New York Business.com
A federal bankruptcy court is unlikely to entertain objections from a developer who bid unsuccessfully on two Queens hospitals that are in Chapter 11, Joshua Angel says. Bankruptcy courts tend to be more sensitive to criticism from creditors than from spurned bidders, he adds.
Commercial market report: Landlords dangle record amounts of free rent
November 1, 2009 -- The Real Deal
Commercial owners in New York have, in some instances, gone from offering a year's free rent to two years' worth, Jonathan Adelsberg says. He notes that some landlords prefer to offer a longer term of free rent in exchange for higher per-square-foot rates during the downturn.
Lenders get more help with "extending and pretending" commercial mortgages
November 1, 2009 -- The Real Deal
Some lenders are extending maturity dates on commercial real estate loans and others are requiring that the borrowers put up more equity, Paul Shapses says. This story notes that new tax rules are giving lenders pause about revealing current values of outstanding debt and that, in turn, is causing them to consider extending the maturities.
Quality Rules in Bigger Deals
October 23, 2009 -- Real Estate New York
Banks are assuming that office rents will decrease as they decide how to underwrite loans, as opposed to assuming automatic escalations as they did in past years, Jeffrey Kaufman says. He notes that some of his clients are sprucing up Class B properties, choosing to improve their portfolios incrementally, rather than going for "the big kill," so they can ride out the current doldrums.
Deals, No; Workouts, Yes
October 23, 2009 -- Real Estate New York
Neil Shapiro acknowledges concern over the length of time between Lehman's filing for bankruptcy protection and no substantial increase in availability of financing.
Two Investors Sue SEC Over Madoff Probe
October 15, 2009 -- The Wall Street Journal
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Madoff Victims Sue SEC
October 14, 2009 -- CNBC's Power Lunch
As we held a press conference to announce our lawsuit against the SEC on behalf of Madoff investors -- the first of its kind in the nation -- John Oleske simultaneously appears live on network television to describe the suit, what relief we seek for our clients, and why we believe we will prevail.
Madoff Victims Sue SEC
October 14, 2009 -- The Business Insider
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Madoff Victim Speaks Out
October 14, 2009 -- Fox Business Channel
As we hold a press conference to announce our lawsuit against the SEC on behalf of Madoff investors -- the first such action in the nation -- Therese Doherty and our client Phyllis Molchatsky appear live on network television to announce the suit, describe the relief we seek, and discuss why we believe we will prevail.
S.E.C. Sued Over Madoff Fraud
October 14, 2009 -- New York Times DealBook
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Madoff Victims File Suit Against SEC
October 14, 2009 -- The AmLaw Litigation Daily
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Madoff victims sue SEC for 'negligence'
October 14, 2009 -- CNNMoney.com
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Madoff Victims' Lawyer Elisofon Interview
October 14, 2009 -- Bloomberg Television
Howard Elisofon, appearing live, discusses our lawsuit against the SEC on behalf of two Madoff investors, and tells why we should prevail.
Capmark highlights woes of commercial real estate
October 13, 2009 -- Reuters
In a story about how Capmark Financial Group's likely demise highlights challenges facing the troubled market for retail and office buildings, Stephen Selbst disputes the notion that commercial real estate woes will not affect the broader economy. He equates the relationship between commercial real estate and the larger economy with the subprime market's woes and the economy, and notes that optimists' predictions that the subprime issues were contained and wouldn't be contageous proved incorrect.
Textual overtones: Digital dogging is new tool for office sexual harassers
October12, 2009 -- New York Post
Text messages and instant messages have overtaken email as tools of workplace sexual harassment, Mara Levin says in an article about how various forms of digitial technology are effective as work tools but can be misused to harass others. She notes that in general, instant messages and text messages can be used as evidence in trials where sexual harassment has been alleged.
Nazi Art Litigation Alert: Seized Schiele Painting Case Cleared for Trial
October 8, 2009 -- The AmLaw Litigation Daily
This item notes that Howard Spiegler and Herrick are representing the heirs of art dealer Lea Bondi, who are seeking the return of the painting "Portrait of Wally." Bondi's heirs and Austria's Leopold Museum have been fighting for custody and ownership of the painting, which has sat in a warehouse since 1997, when it was seized by the Manhattan DA's office because it was believed to be stolen from its rightful owners by the Nazis.
Bankruptcy Professional: Spotlight
October 8, 2009 -- Bankruptcy Professional
This Q&A profiles the career of Joshua Angel, including his recent success in bringing Ultra Stores Inc. into Chapter 11 and helping the company successfully emerge.
OUT OF THE 3Q WOODS
October 7, 2009 -- Real Estate Bisnow
Landlords, tenants, and lenders all need to be creative to make lease deals work in today's challenged market, Dena Cohen told the New York State Society of CPAs at an event that Bisnow covered.
Tenants call lease auditors for help; Landlords fight back
October 5, 2009 -- Crain's New York Business
In response to office tenants' retaining lease auditors to find overbillings, some commercial landlords are including in leases restrictions on who may perform audits and when, Richard Brown says. In a sidebar to the main story, Richard, who co-chairs the Herrick leasing practice group, says that some property owners drafting lease provisions that allow only CPAs from major accounting firms or fee-only auditors, and then only within 30 days of an annual statement.
The Madoff Exiles
September 27, 2009 -- New York Magazine
Howard Elisofon and our client Phyllis Molchatsky discuss how the firm -- on behalf of Phyllis -- came to file an action against the SEC over its actions and inactions in the Madoff fraud.
Federal Judge Dismisses RICO Claims Against Manhattan Real Estate Family
September 17, 2009 -- New York Law Journal
Scott Mollen is quoted on a federal judge's dismissal of a number of civil charges against our clients, the Seavey family and its various business entities, on summary judgment. A partner of the Seavey entities had sought $500 million and alleged that the Seaveys did not give him his fair share of the proceeds of the partnership.
Team Lazio: Getting the Pataki, Romney Band Back Together
September 16, 2009 -- New York Daily News.com
The "Daily Politics" column in the Daily News' on-line version notes that Kevin Fullington, co-chair of our government relations practice group, has taken a leave of absence to become campaign manager for Rick Lazio, who is running for governor of New York.
ANALYSIS - Madoff's Victims Face Uphill Fight Against SEC
September 10, 2009 -- Reuters
Howard Elisofon is quoted in the article “Madoff's Victims Face Uphill Fight Against SEC,” regarding the effect of the SEC Inspector General’s report on our litigation against the SEC on behalf of Madoff victims.
Madoff Fraud, SEC Report Continue to Raise Questions
September 4, 2009 -- AmLaw Daily
The article “Madoff Fraud, SEC Report Continue to Raise Questions” notes that Howard Elisofon has filed a number of complaints against the SEC on behalf of Madoff victims, and explores whether the SEC Inspector General’s report may bolster those actions.
Why Didn't the SEC Stop Madoff 17 Years Ago?
September 3, 2009 -- The Today Show
David Rosenfield appears in a Today Show segment entitled “Why Didn't the SEC Stop Madoff 17 Years Ago?” to discuss the SEC Inspector General’s report on the SEC's failure to adequately investigate the Madoff fraud.
After Its Madoff Report, Can Victims Sue the SEC?
September 3, 2009 -- Time.com
Howard Elisofon is quoted in “After Its Madoff Report, Can Victims Sue the SEC?” regarding the SEC internal-investigation report released on Wednesday stating that the SEC missed opportunities to discover Madoff’s criminal activities.
Instinet trades up to 100,000 square feet
August 31, 2009 -- Crain's New York Business.com
Richard Brown, co-chair of Herrick's leasing practice, represented Instinet in this lease, which Crain's describes as one of the largest office transactions this year.
Cotto, Pacquiao to meet Nov. 14
2009 -- ESPN.com
Michael Heitner is mentioned as Top Rank promoter Bob Arum’s attorney in an article discussing Top Rank's success in finalizing the fight agreement between two of boxing's most popular fighters, Manny Pacquiao and Miguel Cotto. The highly anticipated fight is scheduled to take place in the fall of 2009.
Hicks creditors look for response from NHL
August 17, 2009 -- Sports Business Journal
In a story about how creditors of the Dallas Stars are seeking repayment of loans they made, Irwin Kishner notes that most professional sports leagues' debt policies forbid creditors from taking over franchises in mid-season.
Critics Smell Spam in White House Healthcare Email Effort
August 17, 2009 -- E-Commerce Times
The Obama Administration's use of email to educate the public on health care and health insurance -- even if the communications contain advocacy -- does not violate the CAN-SPAM statute, Barry Werbin says. The emails constitute more of a political or public trust issue than a legal one.
New York Seeks Millions in Tax From Lehman
August 4, 2009 -- New York Times
Lehman's other creditors may object if New York City, which claims that Lehman owes the city more than $600 million in back taxes, attempts to move ahead of other creditors, Stephen Selbst tells the New York Times.
Can Offbeat Names Hurt Business?
August 3, 2009 -- SmartMoney's SmallBiz
Barry Werbin cautions entrepreneurs against using lewd names for their small businesses because, he says, U.S. trademark law prohibits registering marks that the general public would consider immoral or scandalous. Also, he reminds, landlords can reject tenants for any non-discriminatory reason.
The Problems With Me, Inc.
August 3, 2009 -- SmartMoney's SmallBiz
In an article about eponymous small businesses, Barry Werbin says that selling a company with a trademarked name requires relinquishing the good will, or pleasant associations, that customers attach to brands or company names. Barry notes that in the U.S., a sale of a trademark without good will voids the mark if it's ever challenged in court.
Ultra Stores Gets Green Light For Bankruptcy-Exit Plan
July 28, 2009 -- Dow Jones Daily Bankruptcy Review
Dow Jones Daily Bankruptcy Review notes that Josh Angel successfully guided Ultra Stores Inc., a retail jeweler, from Chapter 11 protection -- a rare example of a retailer that emerged from bankruptcy.
CIT Expects Loss of $1.5 Billion, May Seek Bankruptcy
July 21, 2009 -- Bloomberg News
CIT's acknowledgement in regulatory filings that it might have to seek bankruptcy protection despite an agreement with bondholders is to be expected because of securities regulations and concerns on the part of analysts, Rick Morris tells Bloomberg.
Judge Rules Against Applebee’s Lease in Harlem Building
July 17, 2009 -- New York Times blog City Room
This story notes that we prevailed in a piece of real estate litigation on behalf of our client, National Black Theater, which sued to prevent the opening of an Applebee's franchise on a Harlem property that NBT co-owned with a partner. The partner leased the space to the franchise, and NBT sued to block it, claiming that the presence of an Applebee's would be inconsistent with NBT's cultural integrity and mission. Raymond Hannigan, lead attorney in the case, noted that the primary plaintiff died during the proceedings but would have been pleased that the court vindicated her position.
Selling Your Trademarked Name
July 9, 2009 -- SmartMoney.com
Barry Werbin analyzes the legal and business issues behind selling companies' trademarked names in this question-and-answer column.
CPAs and Lawyers: Kindred Spirits?
July 9, 2009 -- NYSSCPA.ORG E-ZINE
Rick Morris is quoted in this story about how CPAs and attorneys face similar professional challenges and pressures, how their clients' needs and opportunities are similar, and how a recent meeting that offered CLE credit to attorneys and CPE credit to accountants covered that landscape.
Madoff Gets 150 Years
June 29, 2009 -- CNBC Reports
David Rosenfield analyzes what factors a judge considers when pronouncing sentence in a white collar criminal matter, in this live segment about Madoff's sentence.
So You Want to Start a Tech Business
June 24, 2009 -- E-Commerce Times
Owners of tech start-ups should use their attorneys, accountants, bankers and financial advisors as conduits to equity and debt investment by angel and venture capital funds, Ed Stevenson says. Ed, chair of our venture capital and emerging growth company practice group, also suggests that owners join groups and associations that bring together investors and tech start-ups that need investment dollars.
Victims Await Sentencing For Bernard Madoff
June 24, 2009 -- WCBS-TV
At a press conference where he announced that our firm filed seven new actions against the SEC, Howard Elisofon says the government should compensate Madoff victims because the SEC was negligent in how it investigated the fraud.
Madoff Victims Seethe at SEC
June 24, 2009 -- MyFox Channel 5
At a press conference announcing that we had filed seven new actions against the SEC on behalf of Madoff victims, Howard Elisofon says that the government should be held accountable and compensate the victims as a result of the SEC's negligence.
SEC rejects Madoff claim; investor may sue
June 24, 2009 -- Daily Finance
Our client, the Madoff victim Phyllis Molchatsky, has the right to sue the SEC now that the government has rejected her administrative claim, Howard Elisofon says.
SEC Won't Cover Investor's $1.7M In Madoff Losses
June 24, 2009 -- Law360
The SEC's rejection of our administrative claim on behalf of our client, the Madoff victim Phyllis Molchatsky, gives her legal standing to file a federal lawsuit against the SEC, alleging negligence in how it investigated the fraud, Howard Elisofon says.
Madoff Victims Express Anger at SEC
June 24, 2009 -- WNBC-TV
At a press conference announcing that the SEC had rejected our initial administrative claim on behalf of a Madoff victims and that our firm had filed seven new claims, Howard Elisofon describes why the government should be held liable for the SEC's actions.
SEC rejects Madoff investor claim for damages
June 23, 2009 -- Reuters
The SEC rejected our administrative claim against the SEC on behalf of our client Phyllis Molchatsky, clearing the way for us to sue on her behalf in federal court. She is seeking money damages as recompense for what she lost with Bernard Madoff. The story also notes that we envision filing similar actions on behalf of other Madoff vicitims shortly.
Battling Giants–An Attorney Takes On The SEC
June 9, 2009 -- www.madoff-help.com
In a section of the Madoff victims' website called "Meet The Pros," Howard Elisofon does a question-and-answer on our firm's work in clawback counsel and defense and on our action against the SEC on behalf of individual investors who lost money in the Madoff scam.
Judge In Adelphia Bankruptcy Gets GM Chapter 11 Case
June 1, 2009 -- Dow Jones Daily Bankruptcy Review
Robert Gerber, the bankruptcy judge assigned to oversee General Motors' Chapter 11 filing, is a good choice for that complex matter, says Joshua Angel, noting that Judge Gerber was a successful bankruptcy practitioner who joined the bench at great financial sacrifice.
Creativity Is The Key To Success
June 1, 2009 -- Mann on the Street
Herrick's bankruptcy practice is profiled in this cover story, focusing on the professional and personal creativity of the practitioners.
Some developers use downturn to plot comeback
May 29, 2009 -- The Real Deal
Slowdowns in the commercial real estate market generally represent an ideal time for property owners to apply for special permitting -- zoning and otherwise -- that will make their portfolios more valuable when the markets heat up again, Mitchell Korbey says.
How Supreme Nominee May Side in Industry Fee Case
May 28, 2009 -- Ignites.com
Judge Sonia Sotomayor, nominated for the Supreme Court, does not appear to be pro-business, Jason D'Angelo says, but she has decided cases for business defendants and appears to appreciate the issues that mutual funds face. That will be especially important as the Supreme Court decides an excessive-fee case.
May 23, 2009 -- Fox News Channel
Therese Doherty discusses clawbacks, and our client Phyllis Molchatsky discusses her action against the SEC, in this one-hour documentary on the Bernard Madoff scandal.
Obama's Chrysler Hold Up Sets Chilling Precedent
May 19, 2009 -- Fund Strategy
The Obama Administration's actions in the Chrysler bankruptcy -- essentially ignoring the wishes of secured creditors, contrary to bankruptcy law and precedent -- will have a chilling effect on lenders as they consider whether to lend to entities that might seek protection, Stephen Selbst says. Damage from the fallout may exceed benefit from the expedient handling of Chrysler's woes, he says in an article that was also printed in the publication Real Clear Markets.
NHL, Team in Bankruptcy Showdown
May 7, 2009 -- The Wall Street Journal
The creditors of the bankrupt Phoenix Coyotes -- including the current owner -- could prevail over the National Hockey League and its bylaws in a court battle over who will chart the franchise's future, Stephen Selbst says. Although the league generally controls who may own a team and strongly influence where it is located, creditors and bankruptcy judges keep an eye on enlarging the bankruptcy estate, he says.
May 6, 2009 -- The National Law Journal
The National Law Journal, in its Associate Movers column, notes that Marisa Leto joins Herrick as a litigation associate, coming over from Weil, Gotshal & Manges.
May 6, 2009 -- The National Law Journal
This item notes that Ross L. Hirsch and Hanh V. Huynh have joined Herrick in, respectively, the litigation and bankruptcy-restructuring groups.
Chrysler Goes Bankrupt
April 30, 2009 -- CNBC Reports
In a live segment on a panel that also included a Wall Street analyst and two prominent journalists, Stephen Selbst analyzes the legal, business and political layers of Chrysler's Chapter 11 filing. He says that Chrysler will emerge but in far longer than the 30 or 60 days the company -- and the Obama Administration -- hope. He also points out that hedge funds that are creditors will seek a better deal on the debt they hold than the administration was offering.
Lawyers: Madoff Investors Could Face Legal Action
April 23, 2009 -- Newsday.com
Howard Elisofon is quoted in this article about how some Madoff investors who received false profits could face legal action aimed at taking back money they withdrew before the Ponzi scheme was uncovered.
Madoff Strikes Again
April 23, 2009 -- CNBC
Howard Elisofon appears live to discuss the clawback letters that the SIPC trustee began sending to Madoff victims last Friday.
Trustee Seeking Return Of Withdrawn Funds
April 22, 2009 -- The Wall Street Journal
Howard Elisofon is quoted in this article about the request for Madoff investors to return money they withdrew in the six years before Madoff’s firm collapsed. Howard notes that this is an insensitive request since many lost more money from the fraud than they took out.
Hicks Sports Group’s Problems Date to Last Summer
April 20, 2009 -- Sports Business Journal
Irwin Kishner is quoted in this article about how the Office of the Comptroller of the Currency, before the credit markets imploded, downgraded the debt carried by Hicks Sports Group, signaling that the problems at the financially troubled company predated last month’s loan default.
Business triage: Kill what’s ailing
April 14, 2009 -- CNNMoney.com
Owners of businesses with multiple locations should form each location as its own entity, Edward Stevenson says in this small business advice column. Failing that, if several outposts are ailing and one is healthy, the owner should try to minimize or restructure the debt load, test the market to see if any of the flagging stores can be sold, and consider seeking bankruptcy protection.
Investors continue with plan to force Madoff into bankruptcy
April 14, 2009 -- USA Today
Creditors' attempts to force Bernard Madoff into bankruptcy against the wishes of the Department of Justice and court-appointed trustee would give indirect investors -- those who invested through feeder funds -- "a central legal forum" they lack otherwise, Stephen Selbst says. He cautions, however, that the on-going criminal investigation may delay a new bankruptcy trustee while prosecutors decide whether to turn over records.
Business triage: Kill what’s ailing
April 14, 2009 -- MSN Money
Edward Stevenson offers thoughts in this Q&A to an owner of three retail establishments, two of which are failing and one is healthy. The owner should see if creditors will reduce the liabilities or work out a payment plan, see if any of the outlets can be sold, consider Chapter 11 and, if so, structuring properly -- each store as its own corporate entity -- if the business emerges.
Only Cautious Optimism from Mark-to-Market Rule Changes
April 9, 2009 -- Multi-Family Executive
Changes to mark-to-market rules of the Financial Accounting Standards Board (FASB) will loosen liquidity and credit somewhat -- but hardly absolutely -- in multi-family projects, Neil Shapiro says. "It solves some problems, but it doesn't change banks overnight from having zero liquidity to being cash-rich. This brings things from the brink of insolvency back towards the middle where things are merely OK," he says.
GM & Bankruptcy
March 31, 2009 -- CNBC Reports
Stephen Selbst tells a live network audience why bankuptcy for General Motors now makes sense.
Morgan Stanley to pay $7 million in penalties
March 25, 2009 -- The Associated Press
Howard Elisofon is quoted in a story about FINRA's settlement with both Morgan Stanley and our client -- a branch manager at the brokerage -- of regulatory charges that both failed to supervise brokers.
Morgan Stanley Settles Claim Brokers Misled Retirees
March 25, 2009 -- Bloomberg News
Howard Elisofon is quoted regarding FINRA's settlement of regulatory charges against our client -- a branch manager for a major brokerage -- that he failed to supervise brokers in his branch office.
It's a Good Time to Hunt for Office Space in Manhattan
March 22, 2009 -- WNYC
In this radio spot on the local NPR affiliate, Richard Brown describes how increased availability of sublease space in Manhattan helps prospective tenants find inexpensive space but hurts property owners, who are competing with their own tenants to fill space.
Should the Gov't Bailout Madoff Victims?
March 17, 2009 -- CNBC's The Call
Therese Doherty advocates for government compensation for Madoff victims, in the form of tax relief, direct payments, or establishment of a victims' compensation fund, in this live debate.
Week in Review
March 13, 2009 -- The Jewish Channel
The Jewish Channel's "Week in Review" features a segment on the Goudstikker Exhibition at the Jewish Museum. Larry Kaye and Herrick clients Marei and Charlene von Saher are interviewed.
Madoff Pleads Guilty
March 12, 2009 -- Fox News Channel's Fox & Friends
Howard Elisofon and our client, Phyllis Molchatsky, a Madoff victim, discuss her action against the SEC and her feelings about Madoff and how he victimized so many people.
Madoff Hearing Underway
March 12, 2009 -- CNBC's Squawk On The Street
David Rosenfield gives a live overview of the criminal case against Madoff as his plea hearing begins.
Madoff Admits to Ponzi Scheme
March 12, 2009 -- CNBC's Squawk Box
David Rosenfield weighs in on Madoff's likely lifetime incarceration and other aspects of the criminal case against him in a live segment from CNBC's set at the New York Stock Exchange.
U.S. museum exhibits Old Master art looted by Nazis
March 10, 2009 -- Reuters
Larry Kaye tells Reuters that the majority of paintings once owned by Jacques Goudstikker is unaccounted for, although some 200 have been returned to his heirs. Kaye makes his remarks in Reuters story that notes that nearly 50 paintings by the Dutch Old Masters that were seized by the Nazis during World War II will be on display at the Jewish Museum in New York.
March 9, 2009 -- CNN Headline News
Howard Elisofon and our client, Phyllis Molchatsky, appear live to discuss the Madoff case and Phyllis' complaint against the SEC in which she hopes to recover money she lost.
Daughter joins Gabelli's board, raising new questions
March 3, 2009 -- The Journal News
Louis Goldberg analyzes why a daughter joining the board of directors of a public company controlled largely by her father is legally and ethically sound, as long as the company discloses the relationship and meets all other relevant requirements as to composition of the board. Louis notes that many Fortune 500 companies are essentially family businesses, with familial relationships among officers and directors.
How to Manage an Inherited Business
March 3, 2009 -- CNNMoney
Brian Raftery stresses the importance of succession planning for small business owners in “How to Manage an Inherited Business.”
How to manage an inherited business: When an entrepreneur dies, loved ones are forced to make tough decisions
March 3, 2009 -- CNNMoney.com
Brian Raftery advises that owners of small businesses have wills and succession plans in place long before they anticipate needing them, to avoid a hurried and possibly unsatisfactory forced succession plan if the owner dies without having planned properly. This is particularly true, he notes, in some jurisdictions that do not automatically transfer the business to the surviving spouse when there are children.
Lawyers wrangle as market slides
March 2009 -- The Real Deal
Douglas Heller discusses the state of the real estate industry -- and of the legal profession as it relates to the real estate industry -- in a Q&A. He notes that transactions have slowed, but workouts -- and strategic advice and planning -- are keeping attorneys busy.
Twenty Top Shows
March 1, 2009 -- Artnet
The Herrick-sponsored exhibit “Reclaimed: Paintings from the Collection of Jacques Goudstikker” at the Jewish Museum is featured in the article.
Bankruptcy Practice Gains Prominence Amid Financial Crisis
February 27, 2009 -- Dow Jones Newswire's Daily Bankruptcy Review
Joshua Angel is quoted on why, in relatively recent times, the practice of bankruptcy law has become more highly regarded in the legal and corporate worlds. The sophistication of the cases and their multi-disciplinary nature has elevated them to prominence, Josh says.
Chernin's Reel Deal
February 24, 2009 -- CNBC's Closing Bell
In a live segment opposite a major shareholder, Carol Goodman analyzes the package that News Corp's No. 2 executive will receive upon leaving the company. Carol acknowledges that the raw numbers are robust but notes that the deal was made in a far better economy and that News Corp received great value from his services.
R. Allen Stanford Still Not Charged
February 19, 2009 -- CNBC
In a live appearance, Therese Doherty explains that investors need to do their own due dilligence and not count on the SEC to protect them fully.
Madoff’s Victims are Mad, Mad, Mad But Do They Have a Right To Be?
February 6, 2009 -- Wall Street Journal Law Blog
Stephen Selbst weighs whether Irving Picard, the Madoff bankruptcy trustee, acted properly in releasing the names of Madoff's victims. Although he understands that victims will not be pleased to be named publicly, Stephen notes that the bankruptcy code encourages openness in such matters because it sometimes can help trustees find more money to enlarge the pot of money from which restitution will be made.
February 4, 2009 -- Wall Street Journal Bankruptcy Blog
Stephen Rathkopf discusses what led to -- and what results from -- the Third Circuit's finding in the WinStar bankruptcy matter, a huge success for our client.
A Nice, Staid Corner of Real Estate: Medical Offices
January 28, 2009 -- New York Times
Neil Shapiro, who heads our health care finance practice and routinely represents buyers and sellers of medical office buildings, says the sales-investment market for that product is far healthier than for other kinds of commercial real estate. Investors, lenders, developers and tenants perceive healthy leverage in medical office buildings, which results in better deal flow in that market, he says.
NY Investment Exec Charged in $370M Ponzi Scheme
January 28, 2009 -- Securities Law 360
This story is about the arrest of Nicholas Cosmo for allegedly running a Ponzi scheme on Long Island notes that Arthur Jakoby represents Cosmo and arranged for his voluntary surrender to authorities.
Cosmo Surrenders, Faces Mail-Fraud Charge in Alleged Scheme
January 27, 2009 -- Bloomberg News
This wire story, which was picked up in numerous publications nationally, notes that Arthur Jakoby represents Nicholas Cosmo, who was charged with running a Ponzi scheme on Long Island. The Herrick attorney arranged for Cosmo's voluntary surrender to authorities.
New City woman targets SEC for Madoff loss
January 23, 2009 -- The Journal News
Howard Elisofon discusses the etiology and legal basis for our complaint against the SEC on behalf of a Madoff victim, who appears on video in the newspaper's on-line version.
Victim: Madoff took 'all my money'
January 22, 2009 -- MSN Money
Howard Elisofon is quoted at length -- and appears in two video clips -- in this multi-media story about our client Phyllis Molchatsky, the first Madoff victim to commence an action against the SEC.
Feds put Madoff victims on hot seat
January 15, 2009 -- Crain's New York Daily Alert
Howard Elisofon warns that Madoff victims who redeemed principal and are considering applying for SIPC coverage may be giving the court-appointed trustee a road map to suing them to claw back the redemptions.
Defaults pummel real estate sector
January 14, 2009 -- The Record of Hackensack
Scott Tross acknowledges that 2009 figures to be a difficult year for commercial real estate owners with loans on their properties, with defaults and foreclosures rising and expected to go higher. Tross, who has a book credential on this topic, notes, however, that lenders are more apt to consider workouts than in past commercial real estate downturns.
Retail condos lose their luster: The coming deluge
January 12 - 18, 2009 -- Crain's New York Business
Neil Shapiro notes that Herrick has initiated four deals in as many months involving landlords and developers who are reluctantly selling retail condos because their banks and mezz lenders are pressuring them to raise capital.
Prosecutor: Madoff gifts included diamond necklace
January 6, 2009 -- USA Today
David Rosenfield tells USA Today that bail in federal criminal cases is to prevent defendants from fleeing or causing harm to the community, and that, by those standards, Madoff seems to be a candidate for bail, notwithstanding the public outcry against it.
Congress Probes SEC
January 5, 2009 -- CNBC Reports
David Rosenfield live, alongside former SEC Chairman Harvey Pitt, analyzes the SEC's failure to uncover the Madoff scheme.
The Madoff Agenda
December 31, 2008 -- CNBC's Power Lunch
David Rosenfield, in a live appearance during the trading day, analyzes which of Madoff's victims will have access to relief from SIPC, Madoff's likely disclosures to federal authorities about his remaining assets, whether he likely acted alone, and whether an insanity defense might fly.
Market's ripe for flimflams, broker scams
December 28, 2008 -- The Star-Ledger
Arthur Jakoby discusses how rogue securities brokers who repeatedly thwart regulators' attempts to reign them in pose a danger to legitimate investors. He notes this phenomenon in an article about a longtime New Jersey swindler and how difficult economic times breed financial misdeeds.
Madoff Litigation Mounts
December 24, 2008 -- Fox Business Channel
In a live segment, Howard Elisofon describes our action against the SEC on behalf of a client who lost her life savings in the Madoff affair. Howard discusses sovereign immunity, why we believe our claim against the SEC can trump that likely defense, tax issues that Madoff's victims face and the possibility of the court-appointed receiver's seeking claw-back disgorgements.
CRE Clarifies Its Fed Request
December 23, 2008 -- GlobeSt.com
Elizabeth Holtzman analyzes the obstacles that commercial real estate entities might face -- and how they might overcome them -- as they seek federal rescue money to prop up their flagging industry.
Madoff Victim Sues SEC
December 23, 2008 -- CNBC's Power Lunch
Howard Elisofon describes our action against the SEC on behalf of a client who lost money she had invested with Bernard Madoff's funds. He analyzes why -- despite sovereign immunity -- he believes the SEC is vulnerable here.
New York investor sues SEC over losses in Madoff fund
December 23, 2008 -- Bloomberg News
Howard Elisofon explains why we commenced an action against the SEC on behalf of our client, an investor who was nearly wiped out in the Madoff affair. He discusses why the SEC is potentially liable for money damages despite its likely claim of sovereign immunity.
Investor tries to hold SEC liable for Madoff losses
December 23, 2008 -- Reuters
In a story picked up nationally and internationally, Howard Elisofon explains why we commenced an action against the SEC on behalf of our client whose life savings were nearly wiped out in a fraud allegedly perpetrated by Bernard Madoff. Howard discusses the government's likely defense of sovereign immunity and explains why we view the SEC as potentially liable for money damages.
Investor Who Lost Money in Alleged Scheme Seeks Relief From SEC
December 23, 2008 -- The Wall Street Journal
Howard Elisofon announces that we are the first law firm to commence an action against the SEC on behalf of a victim who lost money in the fraud allegedly perpetrated by Bernard Madoff. Howard discusses the government's likely claim of sovereign immunity and our belief that the SEC's actions leave it liable for money damages for failing to detect or contain the fraud.
Suing the Hedge Funds
December 22, 2008 -- CNBC's Power Lunch
In a live segment, Therese Doherty argues that hedge funds, financial advisors and other intermediaries are not necessarily liable for investors' losses in the Madoff matter because they appear to have met the industry's standard of care.
Madoff's Many Victims?
December 16, 2008 -- CNBC Reports
Appearing live, Therese Doherty discusses the SEC's role in investigating alleged frauds such as the one that Bernard Madoff is accused of perpetrating.
Linens leaves ripple of concern
December 3, 2008 -- The Record of Hackensack
Scott Tross, who represents the special servicer administering a mortgage-backed security containing the mortgage on a New Jersey property where bankrupt Linens 'N' Things is a tenant, says that unless the property owner can find a new tenant, the landlord might default on its mortgage.
Gov. blasts all-male slate for chief judge
December 3, 2008 -- Crain's New York Daily Alert
Elizabeth Holtzman supports Governor Paterson for criticizing a nominating commission that did not include any women on its seven-person list of possible candidates for chief judge of the Court of Appeals. State law requires the governor to choose a chief judge from among those nominated by the commission, and the governor -- and Liz -- expressed dismay that the commission did not include any women.
Consumer Goods Companies Push Ch 11 Filings Above 1,000
December 3, 2008 -- Dow Jones Newswire
Joshua Angel says that a "triple whammy" is plaguing retailers and consumer goods companies, making them prominent among kinds of companies that have filed recently for Chapter 11 protection. Retailers have lost the confidence of secured lenders and trade suppliers, and customers, who could otherwise bail them out, are "on strike," he says.
Big Surprise, Recession Official
December 2, 2008 -- GlobeSt.com
John St. Jeanos says the official proclamation that we have been in recession for a year will do little to affect liquidity in the commercial real estate market because that announcement merely makes official what people in the industry have known for some time. Predictions of recession or a real-time sense of recession would hurt liquidity, but a statement of the obvious does not, he says.
Chewing Over a Big Three Chapter 11 Filing
December 1, 2008 -- Wall Street Journal Law Blog
Stephen Selbst discusses the difficulties that Big Three automakers would encounter if they file for Chapter 11 protection. He discusses the different agendas that companies have when they file for bankruptcy -- reorganization versus liquidation -- and how Chapter 11 would affect Chrysler, GM and Ford.
Meltdown far from over, new mortgage crisis looms
November 27, 2008 -- The Associated Press
Scott Tross predicts that mortgage woes will spread from the residential market to commercial, and that all parties in commercial mortgages will feel the pain.
Multifamily Benefits in TARP’s Latest Twist
November 26, 2008 -- GlobeSt.com
Neil Shapiro opines that the Fed's decision to buy up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks and as much as $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae will result in a short-term reduction in spreads on these obligations but not necessarily increase private investors' confidence.
Negotiating Your Severance Package
November 24, 2008 -- ExecuNet's CareerSmart Advisor
Carol Goodman is quoted on the best ways for executives to negotiate severance packages.
Global Retail Figures Tease, Fall Expected
November 21, 2008 -- GlobeSt.com
Andrew Gold analyzes changes in the economic climate since the end of the third fiscal quarter, and how those changes augur poorly for the health of shopping malls.
Attorney Hire Might Save GGP’s Hide
November 20, 2008 -- GlobeSt.com
Andrew Gold is quoted on the likelihood that General Growth Properties -- a mall REIT -- will have to seek bankruptcy protection because of mounting debts and limited assets. He says that if GGP files under Chapter 11, it may be the first of several mall owners to do so.
What if GM goes broke?
November 19, 2008 -- MSN Money
Stephen Selbst is quoted on the possible impacts of a bankruptcy filing by General Motors, including diminution of wages and pension payments.
Some local auto dealers urge lawmakers to rescue industry
November 14, 2008 -- The Boston Globe
In this story about New England-based auto dealers lobbying lawmakers to rescue the auto manufacturing industry, Stephen Selbst opines that each of the Big 3 has too many dealerships. He predicts that larger auto dealerships will survive but smaller ones will perish.
Wyeth admits to racial comment but wants lawsuit tossed
November 12, 2008 -- The Journal News
Carol Goodman notes here that courts generally do not find that a single offensive comment meets the standard for a hostile work environment. She is quoted as saying that for plaintiffs to prevail in discrimination suits, they generally must show that the company's actions interfered with their job performance.
Automakers & Bankruptcy
November 11, 2008 -- CNBC Reports
Stephen Selbst is part of a live, primetime panel analyzing what bankruptcy would mean to the Big 3 American automakers and the ancillary industries that supply them. He touches on the need for a government rescue package, possible job loss, ERISA/pension issues, historical perspective, consumer confidence and warranties.
Required: Empathy and Kleenex
November 9, 2008 -- New York Times
In this Fresh Starts column in the Sunday business section, Stephen Selbst examines the restructuring and workout job market for people laid off from financial services positions. He notes that professionals who put together the real estate finance deals that ultimately failed but understand collateral, and M&A bankers who have negotiating and deal-making skills, are best suited for the transition.
Retail rent drops offset by concessions
November 5, 2008 -- The Real Deal.com
Jonathan Adelsberg opines on the findings of an industry report on Manhattan retail rents and notes that there can be a large delta between asking rents and taking rents.
Work by Kazimir Malevich Sold for Record $60 Million
November 4, 2008 -- The International Herald Tribune
This article describes the November 4 auction at Sotheby’s where Kazimir Malevich’s Suprematist Composition, one of five paintings that Herrick helped recover from the City of Amsterdam for the heirs of Kazimir Malevich, sold for $60 million, a record price for the artist and a world record for Russian art.
Midsize deals suddenly the only game in town
November 3-9, 2008 -- Crain's New York Business
Rick Morris is quoted in a story that examines the M&A landscape and notes that the action has shifted from the multi-billion-dollar mega-deals to the middle market. Rick notes that larger law firms tend to overstaff middle market mergers, with an inference that their methods aren't cost-effective for middle market clients.
Should You Sue?
November 3, 2008 -- New York Post
In this sidebar to a main story in which she is also featured prominently, Mara Levin opines that there are relatively few causes of action upon which plaintiffs can rely to sue their employers successfully.
If This Picture Could Talk:
A Malevich painting's long route to the auction block
November 1, 2008 -- Wall Street Journal
This story mentions the efforts of Larry Kaye and Howard Spiegler to secure for our clients the return of valuable art, including a painting by Kazimir Malevich, that was looted by the Nazis. Kaye and Spiegler are noted for their seven-year negotiations with two museums that came into possession of the painting, as part of its 60-year odyssey that culminated in its sale at auction.
2008 Women of Influence
November 2008 -- Real Estate New York
Belinda Schwartz are profiled as women of influence in the New York real estate world.
Pro Bono Team Wins $4.6 Million For Aggrieved Food Deliverymen
October 31, 2008 -- New York Law Journal
A pro bono matter in which Jonathan Adler represented 36 bicycle deliverymen in a case against their employer who cheated them out of fair wages is the subject of the article, "Pro Bono Team Wins $4.6 Million For Aggrieved Food Deliverymen."
Google, Book Foes Propose Settlement To Copyright Lawsuit
October 29, 2008 -- Investor's Business Daily
Barry Werbin praises the settlement of widely watched copyright litigation between Google and two adversaries, the Authors Guild and the Association of American Publishers. Barry notes that the public will have a robust search mechanism, authors will receive appropriate royalties, and Google will develop significant revenue streams as a result of the settlement.
Meeting wife spawned love for art and new business
October 19, 2008 -- The Journal News
Larry Kaye was quoted, respectively, about the state of the art transaction market and the taxation implications of the disposition of art. Kaye notes that the art transaction market is booming for a variety of reasons.
DOJ Seeks Credit Crisis Roots, Increased Probes Likely
October 14, 2008 -- Compliance Week
David Rosenfield is quoted about possible charges arising from the FBI's criminal investigation into the meltdown of the financial sector. He speculates that Congress may initiate legislation that would be analogous to the Patriot Act or Sarbanes-Oxley.
The Art World
October 2008 -- American Lawyer
This item notes that Herrick has a renowned international art law practice without having offices overseas. It highlights some of our most notable wins in art recovery and quotes Mari-Claudia Jiménez on the likelihood that Cuba may be the next frontier for recovery of nationalized art, particularly as the political landscape there changes.
Think Global, Stay Local: Working From Home
October 2008 -- American Lawyer
This feature includes Herrick as one of the most prominent American law firms doing significant international legal work without having offices overseas. It mentions our insurance and reinsurance work in the U.K., France and Germany; Japanese corporate practice; and international art practice.
Instruments of Finance -- And Confusion
September 28, 2008 -- The Star-Ledger
Stephen Selbst is quoted in a front-page story on issues related to the $700 billion bailout/rescue -- what the fund's prospectus would look like, and the skepticism it would trigger, if there were a prospectus.
Politics Threaten Federal Rescue Plan
September 25, 2008 -- GlobeSt.com
Elizabeth Holtzman is quoted in a story on the $700 billion plan to rescue struggling Wall Street firms, opining that Congressional insistence on oversight, transparency and possible judicial review is necessary and not driven by partisan politics.
Unsealing of documents 'not great' for licensees
September 22, 2008 -- Sports Business Journal
Barry Werbin is quoted on the significance of a judge's unsealing of previously nonpublic documents -- including commercial license contracts -- in a lawsuit in which retired professional football players are suing the players' union over licensing income.
Sigue el saqueo del patrimonio nacional cubano
September 17, 2008 -- Diario de Las Americas
Mari-Claudia Jiménez is mentioned in an article from the Spanish language paper, Diario de Las Americas. The article is about the conference she participated in called "Cuba's Pillaged Patrimony 1959-2008."
Homeowners' Suit Over Access to Exclusive Club Goes Forward
September 16, 2008 -- New York Law Journal
John Goldman is quoted about a case in which a Suffolk County judge refused to dismiss allegations including fraud and breach of contract against our client, but expressed serious doubts about the plaintiffs' ability to prove their case.
Oil money props up slowing hotel sales
September 1, 2008 -- The Real Deal
Paul Shapses is quoted in this story on the dynamics in the hotel development market, noting that although the market has slowed, foreign interests continue to invest.
Despite unrest, Upshaw was still in charge
August 25, 2008 -- Sports Business Journal
Irwin Kishner is quoted in this article on the debate over a successor to NFL Players Association Executive Director Gene Upshaw. The article focuses on the dispute in the months prior to Upshaw's death.
In Slow Times, Rezoning Appeals To Developers
August 12, 2008 -- New York Times
Mitchell Korbey is quoted at length in a story about how in slow times for development, real estate developers look to rezone their underzoned properties and obtain other special permits.
Public Interest Projects
August 8, 2008 -- New York Law Journal
The New York Law Journal notes here that the firm and a number of its attorneys and staff contributed heavily to the first-ever Greg Wolf Foundation fundraiser.
Q&A with Lawrence M. Kaye
2008 -- Art & Cultural Heritage Law Newsletter
This newsletter features a Q&A with Lawrence Kaye on his career and accomplishments as an art law attorney.
Ban on 'SuperLawyer" Ads Could Be Lifted
July 14, 2008 -- The Record of Hackensack
Patricia Graham is quoted on the possibility that the New Jersey State Supreme Court will lift its ban on the state's lawyers using 'SuperLawyer' designations in advertising.
Cracking Down on Shoddy Condos
July 2008 -- The Real Deal
Doug Heller is quoted in an article on the attorney general's office's effectiveness in reviewing condo offering plans and enforcing codes.
Ruined by 401(k) Predators
July 2, 2008 -- Business Week
Howard Elisofon is quoted regarding allegations that financial advisers took advantage of retirees and damaged their retirement savings.
June 29, 2008 -- El Nuevo Herald
An interview with Mari-Claudia Jiménez is the subject of the article "Arte Recuperado" (Art Recovered), in which she discusses her work and Herrick's Art Law Practice.
Workplace Text-Messaging Ruling Wows Privacy Advocates
June 20, 2008 -- E-Commerce Times
Barry Werbin is quoted on a Ninth Circuit decision that held that employers using outside vendors to manage their text-messaging services generally do not have the right to ask the vendors for data about the employees' use of texting.
Reclamaciones de Arte a Dictaduras Nazis y Comunistas
June 17, 2008 -- El Nuevo Herald
Mari-Claudia Jiménez is mentioned in this article, which covers a conference at which she spoke, entitled "Plundered Patrimony: The Systematic Theft of Europe by the Nazis and Communists." The conference focused on the looting of Europe's cultural patrimony.
June 2008 -- ARTnews
Lawrence Kaye is quoted in this article about his work for the heirs of Kazimir Malevich in their successful settlement to reclaim their family's paintings.
How I Chill Out
May 18, 2008 -- The Star-Ledger
Patricia Graham is featured for her leisure-time activities of riding horses and engaging in local politics.
Macklowe Tower Rises Under Radar
May 16, 2008 -- The Real Deal
Jonathan Adelsberg is quoted on the prospect for leasing deals at Harry Macklowe's speculative office tower project at 510 Madison Ave.
Cuomo Cracks Down on NY Real Estate Fraud
May 7, 2008 -- Crain's New York Business
Doug Heller is quoted on initiatives of the Attorney General's Real Estate Finance Board to review condo plans more quickly and enforce habitability issues.
Have a Seat
May 2, 2008 -- Conde Nast Portfolio
Irwin Kishner is quoted on strategies that would-be corporate board members and directors can use to obtain an invitation to join a board -- particularly if it would be their first.
Seized, Reclaimed and Now on View
April 27, 2008 -- The New York Times
Larry Kaye is mentioned for having successfully represented Marei von Saher in her efforts to recover art seized by the Nazis from her father-in-law, a Dutch-Jewish art dealer.
Gauging the Glass Ceiling
April 21, 2008 -- CNBC
Carol Goodman, live on network television, discusses why more women are not on corporate boards and how more women can achieve that status.
Stringer Honors Holtzman
March 25, 2008 -- Daily News
Elizabeth Holtzman is the subject of an article noting that Manhattan Borough President Scott Stringer honored her as part of the celebration of Women’s History Month.
March 7, 2008 -- artinfo.com
Howard Spiegler's presentation on looted art, held March 4 at Cardozo School of Law, is discussed in this article.
Two More Co-Chairs for Carrion
March 6, 2008 -- The New York Observer
Elizabeth Holtzman is the subject of an article about her serving as co-chair of Adolfo Carrion's campaign for city comptroller.
Dolphins Handoff May Come Quickly
March 3, 2008 -- Sports Business Journal
Michael Kessel is quoted in an article analyzing how owners of professional sports franchises are considering selling now because of a likely upcoming increase in capital gains tax.
Grandmother Fights for Nazi-stolen Art
February 20, 2008 -- The Journal News
Elizabeth Holtzman is quoted in an article about attempts by her client Martha Nierenberg to reclaim family paintings that were stolen by the Nazis.
Endless Task: Keeping Unions Clean
February 10, 2008 -- The New York Times
Milton Mollen is quoted in a story about his work to keep organized crime out of a Teamsters local. The story noted that under his direction, about 50 officers and members were expelled from the union.
Court Ruling a Warning to Aggressive Landlords
February 8, 2008 -- The Real Deal
Scott Mollen is quoted on a court ruling that cautions commercial landlords not to exaggerate tenants' violations or be overzealous in their use of notices to cure.
A Fee That Developers Would Like to See Rise
February 6, 2008 -- The New York Times
Doug Heller is quoted regarding condo sponsors' willingness to pay higher filing fees on the assumption that the added money would increase staffing, which in turn would lead to speedier review of their condo plans. The sponsors are, in large numbers, backing legislation that would raise the fees.
February 2008 -- Smithsonian Magazine
Charles Goldstein is quoted in an article about the scale of cultural theft by the Nazis during World War II.
January 13, 2008 -- ABC
Elizabeth Holtzman discusses why women should vote for Hillary Clinton in the presidential race.
Not All Customers Loved It At Levitz
January 9, 2008 -- The Journal News
Andy Gold is quoted in a story about how customers who paid with cash or check will likely not receive refunds on their deposits following Levitz's bankruptcy filing.
Who's On The Hook? Brokers Shun Listing Duties
January 2, 2008 -- The Real Deal
Doug Heller is quoted in an article examining condo brokers' increasing reluctance to become listing brokers of record because of obligations and liabilities that attach to that designation.
Make The Grade
January 2008 -- Commercial Property News
Neil Shapiro is quoted in a story about how commercial real estate investors are becoming increasingly involved in developing and owning student housing.
Dubai Fund to Back Clean Energy
December 5, 2007 -- Financial Times
This story discusses a $150 million investment by a Dubai-based sovereign wealth fund into a newly formed private equity fund managed by Herrick, Feinstein client Sindicatum Carbon Capital.
Industry Debates Bush Bailout
December 5, 2007 -- GlobeSt.com
Scott Tross is quoted on the likely effects of the Bush Administration's plan to freeze rates on performing sub-prime mortgages.
Big Block Leasing Activity Taps the Brakes
December 5, 2007 -- The Real Deal
Richard Brown is quoted regarding how financial services companies have become more cautious about leasing large blocks of office space because of fears driven by uncertainty in the credit markets.
Realty Law Digest
November 12, 2007 -- New York Law Journal
Neil Shapiro is quoted, explaining that well-crafted lending documents give lenders broad discretion in how they handle loan collateral upon borrowers' defaults. Neil also analyze the need for loan officers to consult with counsel when loan issues arise, because letters, emails, and phone conversations may be exhibits in subsequent litigation.
Realty Law Digest
November 7, 2007 -- New York Law Journal
Ray Hannigan's litigation success on behalf of a commercial tenant who sued a landlord for failing to complete construction of a leased premises in a timely manner is mentioned in this column. The court awarded direct damages and attorneys' fees, and also damages arising from lost profits.
Scarano Pointing the Finger Back
November 2007 -- The Real Deal
Ray Hannigan is quoted on his client's suit against architect Robert Scarano over Scarano's alleged misuse of air rights above buildings adjacent to the "finger building" in Brooklyn.
Dealing With the Damage From Online Critics
October 4, 2007 -- The New York Times
Barry Werbin is quoted in this story, which explores various ways that companies can deal with on-line, negative postings about them.
Gender Discrimination Litigation
September 27, 2007 -- CNBC
Carol Goodman, live on network television, discusses gender discrimination litigation against Bloomberg LP and ways that companies can avoid and defend against such suits.
Got What It Takes For The ‘Best Job in Sports?'
September 7, 2007 -- Forbes.com
Dan Etna is quoted on the qualities candidates must possess to be considered for CEO positions with professional sports franchises -- in this case, the Green Bay Packers.
Pal Robbed Rodney: Widow
September 5, 2007 -- New York Post
This story notes that Rodney Dangerfield's widow sued his former business manager and partner, alleging that he stole money while the comedian was on his deathbed -- a matter in which we represented Dangerfield's widow.
City of Amsterdam Can be Sued in US
September 2007 -- The Art Newspaper
Howard Spiegler and Larry Kaye are mentioned regarding their representation of the heirs of the artist Kazimir Malevich in litigation to recover artwork from the Stedelijk Museum, which is owned by the city of Amsterdam.
The Big Comedown
September 1, 2007 -- Retail Traffic
Scott Tross is quoted in a story regarding investors' concerns with CMBS loans.
Building Prices Poised For a Drop-Off
September 2007 -- The Real Deal
Scott Tross is quoted analyzing how the subprime default threat was spreading and would likely threaten commercial real estate deals -- or at least prices for the deals -- in New York City.
Lead Paint Litigation Is Beginning to Fade
August 21, 2007 -- National Law Journal
This story examines lead paint litigation in which Herrick represented Sherwin Williams. The story arrives at the conclusion that lead paint claims were losing steam in the courts.
Celebrity Endorsement Contracts
August 14, 2007 -- CNBC
Dan Etna appears on CNBC’s “On the Money,” discussing Nike’s suspension of Michael Vick for violating an ethical conduct clause in his contract.
Anatomy of the Bolts Deal
August 8, 2007 -- The Tampa Tribune
Irwin Kishner is quoted in a story that examines the sale of the NHL franchise Tampa Bay Lightning. The story discusses what transpires behind closed doors when buyers and sellers of professional sports franchises negotiate price and terms.
A Look Inside the IPO Boom
July 31, 2007 -- Business Finance
Irwin Kishner is quoted on the on the flood of initial public offerings that began in 2006.
Let The Home Auction Bidder Beware
July 30, 2007 -- The Christian Science Monitor
Scott Tross is quoted -- and his relevant book title is mentioned -- in this story looking at possible pitfalls on bidding on homes in financial distress or approaching foreclosure.
Real Estate Round-Up
July 25, 2007 -- Brooklyn Daily Eagle
Irwin Kisnher is quoted on the regional market for luxury suits at stadiums and arenas, opining that the area would sustain many more than currently exist.
Sports Arenas Offer Suite Deals
July 23, 2007 -- Crain’s New York Business
Irwin Kishner is quoted on the market for state-of-the-art luxury-box seating at sports venues.
A Look at the Latest Mergers
July 3, 2007 -- CNBC
Dan Etna, in a live network appearance, discusses the landscape for mergers and acquisitions -- what factors are driving them, and what factors are stifling them.
Joe Scarborough Show
July 3 and July 9, 2007 -- MSNBC
Elizabeth Holtzman appeared on the “Joe Scarborough Show” to discuss impeachment and the White House’s invocation of its executive privilege.
Show Will Feature Paintings Looted by Nazis
July 1, 2007 -- The New York Times
Larry Kaye is mentioned in a story about an art exhibit that was to feature paintings looted by the Nazis. The story noted that the exhibit pointed out not only the caliber of much of looted art, but also the decades-long struggle that some rightful owners face when trying to recover valuable art that was misappropriated.
Former Nazi Loot to Tour
June 29, 2007 -- The New York Times
Larry Kaye is quoted in a story examining the international tour of paintings from the collection of Jacques Goudstikker, whose heirs are clients of Herrick, Feinstein.
Painter Malevich's Heirs Can Sue Amsterdam for Art
June 29, 2007 -- Reuters
Howard Spiegler and Larry Kaye are quoted in a story that notes that their client will be allowed to sue the city of Amsterdam in connection with the expropriation of the art, which hangs in a museum owned by the city.
KPMG Charges May Be Dismissed
June 28, 2007 -- The Journal News
Arthur Jakoby is quoted regarding the possibility that former KPMG executives will have their federal tax-related charges dismissed.
Bear Sterns Likely to Face Hedge Fund Lawsuits
June 28, 2007 -- The New York Times
Scott Tross is quoted in a story that examines the likelihood that Bear Sterns will be sued over the collapse of one of its hedge funds and the possible defenses it might raise.
Realty Law Digest
June 20, 2007 -- New York Law Journal
Arthur Jakoby is quoted on the importance of title-related litigation, emphasizing that title companies are entitled to prompt notice of claims and that purchases are obligated to conduct due diligence prior to a transaction.
Mortgage Fraud Skyrocketing in Jersey
June 17, 2007 -- The Star-Ledger
Jaimee Katz Sussner is quoted on the proliferation of mortgage fraud in New Jersey, and authorities; and attorneys' attempts to curb it.
Executive Compensation: Who Should Decide?
May 29, 2007 -- CNBC
Carol Goodman, live on network television, analyzes what roles the government and corporate boards of directors and compensation committees should have in determining executive compensation.
Realty Law Digest
May 9, 2007 -- New York Law Journal
Jonathan Adelsberg is quoted on the need to address carefully issues of percentage of gross receipts in assignment and subletting clauses in retail leases.
REBNY Wins Mitchell Lama Cast to Scrap Local Law 79
May 2, 2007 -- Real Estate Weekly
Scott Mollen, who successfully represented REBNY in this matter, is quoted on why overturning Local Law 79 is a just outcome and benefits affordable housing development.
REBNY's Win in Mitchell Lama Case Regarding Local Law 79
April 30, 2007 -- therealdeal.com's webcast
Scott Mollen is the subject of this webcast interview, in which he describes his successful representation of REBNY as it sought to strike Local Law 79 as it related to Mitchell Lama housing. Mollen also opined on why striking the law was a just outcome and will enable additional affordable housing development.
Equal vs. Splenda
April 25, 2007 -- CNBC
Barry Werbin discusses the litigation between Equal and Splenda, arguing that Splenda's slogan, "It's made from sugar so it tastes like sugar," is not misleading and that Equal's claims are without merit.
IMG: Company Not Up For Sale
April 23, 2007 -- Sports Business Journal
Irwin Kishner is quoted on private equity's role in the professional sports industry.
April 19, 2007 -- Forbes.com
Carol Goodman discusses on Forbes’ financial video program MoneyMasters why boards of directors are more qualified than shareholders to make compensation decisions.
Debating the Benefits of Eminent Domain
April 15, 2007 -- The Record of Hackensack
Scott Mollen is quoted on how the U.S. Supreme Court eminent domain ruling in Kelo did not create a license for abuse, and that private developer involvement is often necessary to accomplish projects that serve important public purposes.
Litigation Just Starting in Subprime Meltdown
April 12, 2007 -- New York Law Journal
Scott Mollen is quoted in a story on how the mortgage industry has been adversely affected by the collapse of lenders that provide subprime home mortgates to borrowers with poor credit.
Realty Law Digest
April 11, 2007 -- New York Law Journal
Doug Heller is quoted on warranties in condominium offering plans, as they relate to construction claims against condo sponsors and architects.
Stolen Artworks and the Lawyers Who Reclaim Them
March 28, 2007 -- The New York Times
Howard Spiegler and Lawrence Kaye are featured in this article about the Herrick, Feinstein art recovery practice and the larger issues in looted and stolen art and its recovery.
The Bounty Hunters
March 23, 2007 -- Wall Street Journal
Lawrence Kaye is the focus of this article -- and fellow Herrick art law partner Howard Spiegler is mentioned -- on the growth in the field of art recovery.
Bill Rips Times' Hill Bashing
March 16, 2007 -- New York Post
Elizabeth Holtzman is mentioned for having attended a fundraiser for Hilary Clinton at the apartment of prominent mortgage executive Keith Kantrowitz.
Class Action Lawyers Pounce on Subprime Crisis
March 14, 2007 -- Reuters
Scott Tross is quoted in this story about potential class action litigation against lenders and possibly their auditors and bankers, and possible defenses against investors' claims arising from the subprime meltdown.
Recovered Artworks Heading to Auction
February 22, 2007 -- The New York Times
Larry Kaye is quoted regarding the sale of more than 100 Old Master pictures from the famed Goudstikker collection by Herrick's client, Marei von Saher, Goudstikker's sole heir. Kaye notes that although the works were recovered after having been looted, they represented only a fraction of the valuable artwork that was pilfered.
How To Get Sued
January 15, 22 and 29, 2007 -- Real Law Central
Scott Mollen is quoted in this three-part series on why real estate brokers get sued and what they can do to avoid litigation and liability.
Restitution: Unfulfilled Promises
December 2006 -- Art News
Larry Kaye is quoted on how uncooperative American museums are regarding restitution claims when compared to their Western European counterparts.
Raising the Bar
2006 -- Art & Auction
Lawrence Kaye is profiled in this article about the different types of legal expertise needed in the art law industry. The article features Larry as the ‘art theft expert’ and describes his work in recovering stolen art and antiquities.
Hard Lessons Learned in Halliburton
December 1, 2006 -- Mergers & Acquisitions, The Dealmakers' Journal
Fred Green is quoted regarding a case where retirees were allowed to enforce merger agreement provisions despite the existence of a "no third-party beneficiaries" clause and the likely effect: M&A attorneys will try to limit the scope of deal covenants.
Cuomo Considered the Ultimate Pragmatist
December 2006 -- The Real Deal
Doug Heller is quoted regarding the likelihood that Andrew Cuomo, then incoming New York State Attorney General, would create processes for speedier review of condo plans.
Opening Up Their Books
November 6-12, 2006 -- Sports Business Journal
Dan Etna is quoted in the front page article “Opening Up Their Books” on how sports unions have changed the way they report financial information due to new Department of Labor disclosure requirements.
Platform Learning Gets DIP
October 25, 2006 -- The Daily Deal
Andy Gold is mentioned in a story about the approval of a loan that allowed a provider of educational services to finance a new business plan.
Platform Learning Seeks Final DIP OK
October 23, 2006 -- The Daily Deal
Andy Gold is mentioned in a story about the efforts of a provider of educational services to borrow money to finance a new business plan.
October 6, 2006 -- American Public Media
Mara Levin analyzes on public radio the rights and responsibilities of employers and employees when an employer accidentally overpays an employee, who tries without success to return the overage.
Trader of the Lost Art
September 24, 2006 -- Sunday Times Magazine, London Sunday Times
Larry Kaye is quoted regarding his efforts to recover art for Marei von Saher.
August 2006 -- Advantages
Mara Levin is quoted regarding what businesses can do when they are victimized by false rumors spread by competitors.
April 19, 2006 -- SmartMoney.com
Michael Kessel is quoted in a story about the tax implications of not-for-profit businesses established by religious organizations as they compete with for-profit entities for business and revenue.
Seeking to Compete in the Sales Arena
March 19, 2006 -- The New York Times
Barry Werbin is quoted in a story that examines issues surrounding business competition, under-pricing services and commissions, and advertising.
The Art Theft Experts
February 24, 2006 -- New York Law Journal
Howard Spiegler, Lawrence Kaye, Frank Lord IV and Mari-Claudia Jiménez are featured in this article in the New York Law Journal.
The Ultimate Juggle
February 21, 2006 -- Princeton Business Journal
Patricia Graham and then-Herrick attorney Joan Thomas are featured in a story about how professional women balance their home and work lives.
February 20, 2006 -- Barron's
Scott Tross is quoted in a story that examines how delinquent and defaulted commercial loans are purchased by funds and opportunistic investors.
February 20, 2006 -- Crain’s New York Business
Kevin Fullington is mentioned in "At Deadline" in Crain’s New York Business.
Art theft still a mystery
January 3, 2006 -- St. Louis Post-Dispatch
Mari-Claudia Jiménez is quoted in a story about missing art.
New Chapter in Bankruptcy
October 16, 2005 -- The Record of Hackensack
Paul Rubin is quoted regarding the impact of significant amendments to the Bankruptcy Code about to take effect.
Winn-Dixie Bankruptcy To Go To Florida
April 12, 2005 -- Dow Jones Newswire
Paul Rubin is quoted in the Dow Jones Newswire regarding the implications of the decision of a New York Bankruptcy Court to transfer the Winn-Dixie bankruptcy case to a Florida court.
Melba Toast's Boost in Bronx
February 18th 2005 -- New York Daily News
Dan Swick notes that the makers of Melba Toast were in a good position to sell, in this article about the sale of Old London Foods, and the significant increase in jobs at their plant in the Bronx.
Celebrating A Life In The Law
February 4, 2005 -- New York Law Journal
Howard Spiegler and Lawrence Kaye pay tribute to their mentor, Harry I. Rand.
July 16, 2004 -- SecondsOut.com
Mike Heitner is referred to as the "best contract attorney in the business"
Remember the Goal
October 2, 2003 -- The Daily Deal
Irwin Kishner is quoted in "Remember the Goal" in The Daily Deal.
Law’s True Art
January 13, 2003 -- The National Law Journal
Lawrence Kaye is profiled in The National Law Journal.
CAN-SPAM Act of 2003
2003 -- Computer and Internet Lawcast
Barry Werbin is interviewed by Computer and Internet Lawcast, an audio legal news service, to discuss the provisions and practical implications of the “CAN-SPAM Act of 2003,” one of the most sweeping federal laws regulating e-commerce and use of the Internet to date.
Is It Art, or Memorex?
May 21, 2001 -- WIRED.com
Barry Werbin is quoted in an article that discusses the issues regarding digital images.
The Boss's Souvenirs
December 1, 1998 -- The Village Voice
Barry Werbin is quoted in The Village Voice.
Baseball Players' Wills Are Stolen
October 30, 1998 -- Wilmington Delaware News Journal
Irwin Kishner is quoted by Tom Kitchofer in "Baseball Players' Wills Are Stolen" in the Wilmington Delaware News Journal.
Herrick, Feinstein LLP is bolstering its Real Estate Department with the arrival of counsel Howard Peskoe
October 2009 -- Herrick, Feinstein LLP
Howard brings Herrick’s clients more than 34 years of real estate experience in sales, leasing, development, finance and capital market transactions for office and retail buildings, mixed-use complexes, hotels and multifamily properties. He has significant experience in contracting work for owners, contractors and design professionals, involving major development and renovation projects in the metropolitan New York region.