Financial Restructuring

Represented telecom companies, automobile aftermarket companies, an executive office suite company, an investment bank, a debt collection company, an electronics company, a paper mill, several dotcoms, and various investment funds and management companies in their financial restructuring.

Winstar Communications Trustee – Bankruptcy Appeal

Representation of the Trustee for Winstar Communications in an adversarial proceeding asserting claims of insider/voidable preference, equitable subordination and breach of contract, against Lucent Technologies. After winning at the bankruptcy court level following a one month trial and an initial appeal to the US District Court, we successfully argued to the US Third Circuit Court of Appeals in a case then valued at about $340 million. The Third Circuit affirmed the courts below and found that Lucent was an insider of Winstar. In so ruling, the court also upheld the Trustee's arguments regarding earmarking, new value, core versus non-core jurisdiction, right to jury trial and equitable subordination. The American Bankruptcy Institute Journal, in its April 2009 issue, featured the Third Circuit decision and wrote that the case “opens an entirely new and extensive arena in bankruptcy-preference litigation that may cause profound changes in both preference-risk assessments and creditor behavior.”

Real Estate Owners, Operators and Developers – Acquisition and Sale of Properties

Representation of real estate owners, operators and developers in the acquisition and sale of office buildings, shopping centers, multifamily properties, office and industrial parks and development properties.

Developer – 270 Unit Condominium Project

Representation of a developer in the structuring and financing of a 270 unit ground lease condominium project in Battery Park City in Manhattan. The transaction involved a complex corporate structure with two tiers of preferred equity, a mezzanine loan, construction loans, senior secured debt and the need to comply with the laws governing condominiums.

Multi – State Litigation

Representation of litigants in five actions in multiple states and related litigation in two foreign countries in connection with a billion dollar claim involving the sale of a company.

Corporate Recapitalizations

Representation of special committees, CEOs, boards of directors and companies in corporate re-capitalizations or restructurings, with or without attendent bankruptcy proceedings, including restructuring, re-capitalization or disposition of telecom companies, automobile after market companies, executive office suite companies, an investment bank, a debt collection company, an electronics company, a paper mill, a plastics company, several dot coms, several domestic and foreign investment funds, management companies and family owned real estate companies.

New York State Judiciary – Budget Litigation

Trial counsel for the New York State Judiciary in its litigation against the Executive and Legislative branches for violation of the separation of powers doctrine in the under-funding of the judicial budget.

German Funds – Restructuring

Restructure of multi-tiered, affiliated German syndication funds acquiring assets throughout the United States.

Telecommunications Company – Asset Sale

Represented a telecommunications company, a long-term client, in the sale of its assets and associated entities to an affiliate of a large public company for more than $100 million plus a 25% interest in the newly formed entity. This was a difficult transaction with a complicated structure; some assets were held in the Dominican Republic and subject to local regulations and approvals prior to the sale, and the seller’s business was regulated by the U.S. Federal Communications Commission.

Foreign Lender – Loan Restructuring

Represented a foreign lender in the restructuring of a $150 million mezzanine loan to an investment fund, including re-capitalization of certain fund platforms and the sale of certain fund assets.

Investor Group – Acquisition

Representation of an investor group in its acquisition of QuikPark, New York City's fifth largest parking garage portfolio.

$300 Million Construction Loan Facility

Representation of one of Florida’s largest condominium developers in a $300 million construction loan facility for eight condominium projects together with a corporate restructuring and a simultaneous $90 million buyout of a major joint venture partner.

Impala Partners – RGIS Acquisition

Represented Impala Partners in its acquisition of a controlling interest in RGIS, a 40,000 employee mid-west inventory management solutions company, the largest in the world.

Independent Directors – Asset Sale

Represented the special committee of independent directors in connection with the sale of the publicly held Pharmhouse deep discount store chain to Pharmor.

Private Equity Fund – Manufacturer Restructuring

Represented a global private equity fund in the restructuring of, and additional investment in, a leading US manufacturer of automotive and truck axles.

Empire Resorts Acquisition

Represented Concord Associates, L.P. in its announced merger agreement and subsequent termination with Empire Resorts, Inc. involving the issuance of approximately 40% of the outstanding common stock of NASDAQ-listed Empire Resorts, Inc., in exchange for real property on the site of the Grossinger's Hotel and the Concord Hotel in the Catskill mountain region of New York.

Major Hedge Fund – Internet Investments

Represented a billion-dollar hedge fund in its acquisition of controlling interests in, and restructurings and/or liquidations of, more than a dozen internet-related companies around the world in a two-year period.

Winstar Communications Trustee – Bankruptcy

Representation of the Trustee for Winstar Communications in its bankruptcy case against Lucent Technologies. Following a three month bench trial, the Delaware Bankruptcy Court awarded the Trustee judgment on its bankruptcy and breach of contract claims against Lucent, finding Lucent to be an insider of Winstar. The Court also found that a $188 million payment made four months before Winstar's bankruptcy was held to be a voidable preference to be repaid by Lucent to Winstar.

Boymelgreen – Billion Dollar Miami Development

Represented Shaya Boymelgreen and Africa-Israel in their acquisition of 18 properties for a billion-dollar development in Miami, Florida.

Reckson Associates Realty Corp. – Telecommunications Agreements

Representation of Reckson Associates Realty Corp., a real estate investment trust, in the alliance between Reckson Realty Corp. and OnSite Access, Inc. to provide building centric telecommunications systems to premier properties.

HQ Global Workplaces – Formation

Representation of HQ Global Workplaces, a flexible office suite company, in its formation by an alliance between Reckson Realty Associates Corp., Frontline Capital Group and affiliates of Halpern Realty. HQ Global Workplaces grew from six executive office centers to one of the largest flexible executive office suite companies in the world.

FrontLine Capital – Vantas/HQ Global Merger

Representation of FrontLine Capital in connection with the merger of Vantas and HQ Global Workplaces into a billion-dollar executive office suite company.

Nihon Sangyo Kabushiki Kaisha v. Nakahara – Empire State Building Battle

Representation of Hideki Yokoi, a famous Japanese billionaire, in the celebrated battle for control of the Empire State Building. The tycoon sued his daughter, Kiiko Nakahara, and her husband, accusing the couple of improperly taking ownership and control of nine chateaux in France, four castles in Great Britain, Oheka Castle on Long Island, and the Empire State Building. The case was the subject of a front-page expose in The Wall Street Journal and is chronicled extensively in Mitchell Pacelle's book, Empire; A Tale Of Obsession, Betrayal And The Battle For An American Icon, Wiley, 2001.

Herrick represented the Trump Organization in the historic sale of the Empire State Building to a group led by Peter Malkin. That deal garnered headlines of its own: "Partnership in Deal for Empire State Building," The New York Times, March 19, 2002; "Long, Long Legal Battle for Tall, Tall Building," The New York Times, December 12, 2001.

Dutch Internet Company – Strategic Investment

Representation a Netherlands-based internet service provider in its strategic investment in First Mark, a European wireless telecommunications company.

Real Estate Private Equity Fund – Formation

Representation of a major real estate company in forming a $300 million equity fund to acquire controlling interests in real estate operating companies.

Formation of Reckson Strategic Venture Partners

Represented Reckson Strategic Venture Partners (RSVP) in its formation. RSVP is a $300 million equity fund that acquires controlling interests in real estate operating companies.

Overseas Consortium – Energy Trading

Representation of a major American company in forming an overseas consortium to trade energy in Central Europe.