All Year Holdings Limited – Special Litigation Counsel
Represented real estate debtor as special litigation counsel. Won motion to dismiss adversary proceeding, which was affirmed on appeal.
Wythe Berry Fee Owner LLC – Debtor in Chapter 11
Representing debtor in chapter 11 proceeding involving the William Vale Hotel, a luxury hotel in Brooklyn. The Court issued opinions confirming the Chapter 11 plan of reorganization. This favorable ruling cleared the way for Herrick’s client to complete the sale of the hotel.
In re Larisa Markus – Chapter 15 Proceedings
Representing foreign representative in chapter 15 proceedings involving Russian foreign debtor.
VP Williams Trans, LLC – Secured Lender
Represented secured lender in case of first impression regarding availability of 1111(b) election in subchapter V case.
Global Logistics Company – Achieved Summary Judgment in Shareholder Dispute
Obtained both initial appellate and summary judgment victories in favor of shareholders of global logistics company, and in defense of oppression and related claims. The case is Estate of Stile v. C-Air Customhouse Brokers-Forwarders, Inc. et al. (N.Y. Sup. Ct.), and is currently pending subsequent appeal.
Represented Milwaukee Bucks Co-owner, Marc Lasry, in the Sale of Stake in the Team
Represented Milwaukee Bucks co-owner, Marc Lasry, in the sale of his 25 percent stake in the team to Cleveland Brown owners Jimmy and Dee Haslam. According to ESPN, the transaction struck at a $3.5 billion valuation was the second highest valuation ever paid for an NBA team and the third highest valuation for any American professional sports team. It was a tremendously successful conclusion to Mr. Lasry’s tenure as an owner and steward of the championship Bucks.
In re Urban Commons 2 West LLC (Bankr. SDNY)
Representing secured and DIP lenders in the bankruptcy of real estate developer and hotelier, Urban Commons 2 West LLC and certain affiliates (“Urban Commons”), which defaulted on hotel loans during the COVID-19 pandemic and filed for chapter 11 protection in November 2022. On behalf of its secured lender clients, Herrick has negotiated the post-petition financing, bid procedures, sale milestones, disclosure statement and plan of reorganization, recently securing a critical win on behalf of its clients regarding the treatment of escrowed insurance proceeds as property of the estate in February 2023. This matter is ongoing.
Sears – Special Counsel to Creditors Committee
Serving as (i) Special Counsel to the Official Committee of Unsecured Creditors charged with investigating potential estate claims and causes of action relating to a 363 sale of intercompany company notes and certain credit default swap transactions, and (ii) Special Counsel to the Official Committee of Unsecured Creditors in high profile litigation on behalf of debtors’ estates, seeking to recover billions of dollars of claims arising from several prepetition transfers. (In re Sears Holdings Corporation, et al. (S.D.N.Y.)
Sears Holdings Corporation, et al. v. Lampert, et al. (Bankr. S.D.N.Y.)
Serving as Co-Counsel to the Official Committee of Unsecured Creditors, on behalf of Debtors’ estates, in lawsuit asserting fraudulent transfer, breach of fiduciary duty, and related claims in connection with prepetition transactions totaling billions of dollars.
Johnson & Johnson Spin-off Bankruptcy Case: Amicus Briefs
Authored and filed amicus briefs on behalf of a group of well-renowned bankruptcy law professors concerning debtor LTL Management LLC ("LTL"), an entity created by Johnson & Johnson to hold its talc liabilities to cancer victims exposed to talc in J&J’s products. The professors filed these briefs in support of the Official Committee of Talc Claimants’ motion to dismiss LTL’s chapter 11 case, both before the Bankruptcy Court in the District of New Jersey, and the appeal from that decision that was heard directly by the Third Circuit Court of Appeals. In January 2023, the Third Circuit reversed the Bankruptcy Court’s decision and dismissed the LTL Chapter 11 case.
ICG Global Loan Fund 1 DAC, et al. v. Boardriders, Inc., et al. (NY Sup. Ct.)
Co-counsel to group of minority lenders challenging non-pro rata priming transaction entered into between borrower, majority lenders, and equity sponsor. The legal issues being litigated here (i.e., whether a private roll-up debt exchange qualifies as an “open market” purchase and good faith and fair dealing requirements) are hot items garnering significant attention in the market. This matter is ongoing.
BlueBay Total Return Credit Fund, et al. v. Fontana, et al. (NY Sup. Ct.)
Representing minority LLC member in derivative action against majority LLC members serving on board and their affiliated lender funds asserting claims for breaches of fiduciary duty and aiding and abetting such breaches.
SunEdison, Inc.
Counsel to Reorganized SunEdison, Inc. concerning indemnity claims asserted by the syndication agent and lead arranger for a pre-petition second lien loan facility.
In re Millennium Lab Holdings II LLC, et al. (D. Del.)
Representing reorganized debtor in contractual dispute regarding terms of loan to debtor’s liquidating trust and opposing liquidating trustee’s motion to re-open chapter 11 cases.
Toys R Us
Represented a fund in connection with a dispute over treatment of claims in a Chapter 11 plan of reorganization of subsidiary debtors.
National Financial Partners, Corp. (NFP)
Herrick regularly represents NFP, a national insurance brokerage and consulting firm, in connection with a pre-litigation disputes and litigation.
In re Boston Generating LLC, et al. (S.D.N.Y.)
Representing numerous defendants in fraudulent conveyance action by the liquidating trust arising from a $2 billion leveraged recapitalization.
International Arbitration Dispute
Successfully defended an international manufacturer against a complex, multi-million dollar breach of contract claim brought by a U.S. trading company involving the sale of petrochemicals, including an award of attorneys’ fees, expenses and costs. The case primarily concerned whether a contract was formed under the UN Convention on Contracts for the International Sale of Goods (the CISG) or the UCC. The representation included a seven-day trial involving multiple fact and expert witnesses.
In re Whiting Petroleum Corporation, et al. (Bankr. S.D. Tex.)
Representing indenture trustee for convertible noteholders in connection with Debtors’ bankruptcy cases.
In re Ample Hills (Bankr. E.D.N.Y.)
Serving as counsel for 16 Debtors, operating 10 retail ice-cream stores in the New York metropolitan area, in connection with recently-filed chapter 11 cases where company is seeking to sell its business as a going concern to restructure approximately $15 million in debt.
In re Blackhawk Mining, LLC, et al. (D. Del.)
Representation of Cantor Fitzgerald Securities as (i) successor administrative agent and collateral agent under a $660 million first lien facility, (ii) the administrative agent and collateral agent under a $150 million DIP facility in connection with the chapter 11 case of Blackhawk Mining, and (iii) the administrative agent and collateral agent under an $85 million exit facility.
Weinstein Companies, LLC
Representing a bank in connection with a dispute over royalties payable under a licensing agreement.
Schneider, et al. v. Pine Management, Inc., et al. (N.Y. Sup. Ct.):
Representing LLC property manager and majority LLC members in suit by minority LLC members alleging breach of contract and breach of fiduciary duty claims related to scope of manager’s authority to manage properties owned by LLCs.
Intelsat Corporation – 11th Circuit Victory in Fraudulent Conveyance Litigation
Represented Intelsat in its victory in the 11th Circuit, capping a 7-year litigation during which Herrick's arguments on behalf of Intelsat were upheld at every step. The trustee of the PSN USA Liquidating Trust originally sought to recover more than $7 million in disputed payments. During the discovery phase of the case, Herrick established that approximately $4 million of the payments were indisputably valid, leading the trustee to drop that portion of his claim. As to the remaining $3 million, the 11th Circuit's decision confirmed the decisions of the bankruptcy court and the district court that the payments to Intelsat could not be clawed back.
Participants in Foreign Proceedings – Seeking Discovery from U.S.-based Entities
Represent participants in foreign proceedings that are seeking discovery from U.S.-based entities pursuant to 28 U.S.C. section 1782 for use in the foreign proceedings.
Represented High Net Worth Investment Vehicle in Securing Assets to Operate CBD Business
Represented a high net worth investment vehicle in a new venture seeking to take control of an ecommerce CBD business by joining with secured creditors and exercising the rights and remedies of the creditors to secure the assets to continue to operate business.
In re RLCH, Inc. (Bankr. E.D.N.Y.)
Serving as counsel to the Debtor that owns a seven-story mixed-use building with 23 residential apartments, a community facility, and parking spaces for automobiles and seeks to resolve certain litigation claims, complete repairs of the real property and the condominium approval process, and reorganize its business affairs under chapter 11 of the Bankruptcy Code.
In re Gymboree, et al. (S.D.N.Y)
Representing a defendant in a WARN Act action arising out of the sale of substantially all of Gymboree’s assets.
In re General Growth Properties (S.D.N.Y.)
Represented lending syndicate with $100 million loan on shopping center in multi-property chapter 11 case. Also represented New York Common Retirement Fund as participant in joint venture co-owned by debtors.
In Re 10-16 Manhattan Valley LLC
Represented plan proponent in a Chapter 11 case involving 34 apartment buildings in upper Manhattan. We confirmed a pre-packaged plan of reorganization in less than 90 days.
Debtor in Complex Commercial Real Estate Bankruptcy
Represented the debtor in a complex bankruptcy involving a closely held corporation whose main asset, a valuable Manhattan commercial property, had been placed under receivership prior to the chapter 11 filing. Our court confirmed reorganization plan resolved all disputes with shareholders and included a new $16.5 million mortgage loan used to satisfy all creditors.
In re C.T.W. Realty Corp. (S.D.N.Y.)
Representing the debtor in multi-million dollar restructuring concerning a commercial building in Manhattan.
Lehman Brothers
Represented a defendant in an adversary proceeding alleging breach of warranties in the sale of mortgage loans.
Bankruptcy Chapter 11 Trustee – Bankruptcy & Sale of 4778 Broadway
Represented Donald F. Conway, the Bankruptcy Chapter 11 Trustee, in the sale of 4778 Broadway, in the Inwood section of Manhattan, to affiliates of the Housing Development Partnership Corporation and Maddd Equities, for 12.3 million, which was authorized by the Bankruptcy Court. Herrick provided strategic advice and counsel in marketing the site, analyzing potential zoning issues, environmental issues and transactional services.
PMONY Inc.
Representing a lender in a foreclosure action on a condominium project in Brooklyn.
IRS Realty LLC and ISRS Realty LLC
Representing a bank as mortgage lender in Chapter 11 cases involving commercial real estate in Westchester County.
Fresh Fanatic
Settled an advisory proceeding against a landlord in a Chapter 11 case of an organic grocery store in Brooklyn.
Hancock Fabrics
Represented a vendor in connection with an adversary proceeding regarding ownership of goods shipped to the debtor.
Coyne International Enterprises Corp. – Restructuring
Represented Coyne International Enterprises Corp., a leading U.S. commercial laundry service company with nine plants and 15 service centers in 23 states, in a successful auction of its business operations to three industrial laundry companies as part of its Chapter 11 proceedings. The $49.8 million total sale value from the three buyers – Cintas Corporation, Prudential Overall Supply Company and Clean Uniforms and More! – represented a more than 50-percent premium on starting auction bids.
Red Rock Services Trustee – Appellate Victory in Bankruptcy Litigation
Herrick secured an appellate victory for the chapter 7 trustee of bankrupt demolition subcontractor Red Rock Services, affirming a judgment of almost $1 million won in a bankruptcy adversary proceeding in the Eastern District of Pennsylvania. On behalf of the trustee, Herrick sued a general contractor for breach of its obligations under subcontracts with Red Rock in a pair of multimillion dollar construction projects in Baltimore and Boston. After eight days of trial, the trustee was awarded a judgment of almost $1 million, including attorneys' fees. Herrick defended the judgment on appeal to the district court, where it was affirmed, and went on to successfully defend the ruling on the defendant’s second appeal to the Third Circuit, which affirmed the judgments of the bankruptcy court and district court in their entirety.
Bridge Lender – Real Estate Debtor Bankruptcy
Represented the bridge lender in a single asset real estate debtor case in which Herrick successfully won default rate interest of 24% during the pendency of the debtor's chapter 11 case, where the non-default interest was 12% and the only default asserted was the filing of the debtor's bankruptcy case. Herrick also successfully defeated the debtor's reorganization plan that contemplated a cramdown of the client's mortgage debt, ultimately leading to a consensual chapter 11 plan in which the luxury high-rise condominium in Williamsburg securing the mortgage was transferred to our client.
Great Atlantic & Pacific Tea Company – Grocery Haulers Inc.
Representing major trade creditor in large supermarket reorganization. (S.D.N.Y.)
ALC Holdings LLC – Skin Care Provider
Represented official unsecured creditors committee of laser skin care provider. (D.Del.)
Intelsat – Sea Launch
Represented Intelsat Corporation in chapter 11 proceedings of satellite launch service provider (D.Del.)
Intelsat – Protostar
Represented Intelsat Corporation as successful purchaser of Protostar I satellite for $210 million in bankruptcy auction (D.Del.)
Intelsat – Bantel, LLC
Represented Intelsat Corporation in chapter 11 proceedings of a satellite telecommunications company (S.D. Fla.)
Distressed Debt Investor – Mezzanine Loan Foreclosure
Represented a distressed debt investor in foreclosing and conducting UCC secured party sale of portfolio of mezzanine loans securing repo line of credit obligations. One of the mezzanine loan borrowers sought to enjoin the sale; we defeated the TRO application and conducted the sale successfully over the borrower's objection.