In re Ample Hills (Bankr. E.D.N.Y.) – Debtor in Chapter 11
Represented debtors who operated 10 retail ice-cream stores in the New York metropolitan area. Sold stores pursuant to section 363 sale in early days of COVID crisis (E.D.N.Y. 2020).
Matters
Public Company – Secured Dismissal of Discrimination, Retaliation and Wrongful Termination Claims on Summary Judgment
NYS Supreme Court awarded summary judgment in favor of the employer, one of the largest independent owners, suppliers and operators of gasoline stations, finding that the former employee was not terminated because of his alleged disability or age, but rather for legitimate business reasons including egregious performance violations.
Johnson & Johnson Spin-off Bankruptcy Case: Amicus Briefs
Filed amicus briefs on behalf of a group of 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 a motion to dismiss LTL’s chapter 11 case, both before the Bankruptcy Court in the District of New Jersey, and the appeal to 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. (D.N.J. and 3rd Circuit Court of Appeals 2022-2023).
National Cleaning Solutions Company – Trade Secret Misappropriation and Breach of Restrictive Covenant Claims
Successfully resolved a dispute on behalf of a national cleaning solutions company in connection with trade secret misappropriation and breach of restrictive covenant claims.
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.
In re Boston Generating LLC, et al. – Adversary Defendants – Appellees
Representing the largest ad hoc group of defendants-appellees in fraudulent conveyance claims arising from a $2 billion leveraged recapitalization. The Second Circuit affirmed the dismissal of all claims, ruling that the Bankruptcy Code’s safe harbor provision for securities contracts payments, 11 U.S.C. § 546(e), applied to the leveraged buyout and pre-empted the plaintiff-appellant-trustee’s state-law fraudulent conveyance claims, which attempted to claw back approximately $708 million from the defendants-appellees. (S.D.N.Y. and Second Circuit 2012-2020)