Bankruptcy Case Can Proceed, Judge Rules
Turnarounds & Workouts highlighted a recent ruling in the ongoing litigation between Herrick client Wythe Berry Fee Owner LLC – an affiliate of All Year Holdings Limited – and Zelig Weiss over control of the William Vale Hotel complex in Brooklyn.
In this recent ruling, the Judge denied a request by Weiss to dismiss the involuntary chapter 11 petition filed against Wythe Berry Fee Owner by a group of noteholders. The win gives All Year Holdings -- Weiss's original partner in the hotel -- the best opportunity to recover back-owed rent as this ruling will allow the chapter 11 filing to proceed.
Herrick partner Janice Goldberg commented, "We are pleased with the Court's order denying Zelig Weiss's motion to dismiss the involuntary petition. We look forward to working with Fee Owner in Chapter 11 towards a resolution that will maximize the value of the William Vale Hotel for the benefit of all Fee Owner's stakeholders."
A full-text copy of the January 27, 2023 Turnarounds & Workouts - Troubled Company Reporter Newsletter (Vol. 27, No. 26) is available here. Access may require subscription.