Stephen B. Selbst, Partner

Representing a bank in connection with a dispute over royalties payable under a licensing agreement.  

Representing numerous defendants in fraudulent conveyance action by the liquidating trust arising from a $2 billion leveraged recapitalization.

Represented secured lender in case of first impression regarding availability of 1111(b) election in subchapter V case.

Represented a defendant in an adversary proceeding alleging breach of warranties in the sale of mortgage loans.

Settled an advisory proceeding against a landlord in a Chapter 11 case of an organic grocery store in Brooklyn.   

Representing a lender in a foreclosure action on a condominium project in Brooklyn. 

Represented long-standing client Legends Hospitality in its entry into a share purchase agreement with the private equity firm Sixth Street. Under the share purchase agreement, Sixth Street acquired a controlling interest in Legends Hospitality. This investment will support Legends continued growth as a premium experiences company that specializes in delivering holistic solutions for sports, entertainment and attractions clients. 

In connection with the acquisition, Legends Hospitality (i) issued senior secured long-term notes and (ii) entered into a revolving credit facility and PIK facility. The net proceeds were used to redeem certain outstanding equity securities of Legends Hospitality and for working capital and general corporate purposes.

In order to preserve Legends Hospitality’s liquidity and support its continued investment in accretive, long-term capital projects, affiliates of Sixth Street and other third parties will provide Legends Hospitality with access to funding provided by an investment vehicle. The funding will be used for capital expenditures, pre-opening costs and other disbursements contemplated by contracts entered into by Legends Hospitality.

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.

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.  

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. 

Representing major trade creditor in large supermarket reorganization. (S.D.N.Y.)

Represented Intelsat Corporation as successful purchaser of Protostar I satellite for $210 million in bankruptcy auction (D.Del.)

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.

Representation of RFR Holdings, LLC, the landlord for the Salander-O'Reilly Galleries, which was in Chapter 11. Filed motion for relief from stay and successfully obtained possession of leased premises for landlord. (Prior firm experience)

Representation of equity holders of a prominent New York art gallery in connection with the negotiation and documentation of a Chapter 11 plan and exit financing, including a $35 million exit financing facility. (Prior firm experience)

Representation of Honeywell in the Chapter 11 proceedings of North American Refractories Company, an asbestos case. The plan of reorganization for NARCO was confirmed in 2007; it is currently on appeal to the United States District Court for the Western District of Pennsylvania. (Prior firm experience)

Representation, as co-counsel, of US affiliates of the international Parmalat group in their Chapter 11 proceedings. Case resulted in a successful restructuring from a business and financial perspective. As co-counsel, led the effort to negotiate and obtain cash collateral and DIP financing and restructure all secured debt. Also led effort to investigate and pursue fraudulent conveyance claims against existing lenders, which were successfully satisfied as part of the plan of reorganization. Also ran the investigation into billion-dollar plus claims against Parmalat's Italian parent corporation, and resolved claims of equal magnitude asserted by the parent corporation and its affiliates against the US entities. Lead lawyer for contested Chapter 11 confirmation trial.  (Prior firm experience)

Represented Bayside Capital LLC in its $50 million acquisition of Sola Communications LLC in the bankruptcy court for the Western District of Louisiana.  (Prior firm experience)

Representation of Presstek, Inc., a leading manufacturer and marketer of high-tech digital imaging solutions, in its acquisition via 363 sale of AB Dick, a graphic arts equipment and supplies business. Negotiated acquisition agreement and DIP financing, led litigation team in discovery and contested hearings. Won approval for acquisition over creditors' committee objections and won all appeals arising from the case. (Prior firm experience)