Stephen B. Selbst, Partner

Representing foreign representative in chapter 15 proceedings involving Russian foreign debtor. 

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

Representing major trade creditor in large supermarket reorganization. (S.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.

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.

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 Yankee Global Enterprises in connection with the issuance by the New York City Industrial Agency of approximately $927 million of refunding bonds for the benefit of the Yankees.  

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.

Represented a large NY-based nursing home owner in the acquisition of 699 92nd Street in Brooklyn, NY, from a purchaser under contract who had filed for bankruptcy. The site is triple net leased to a non-profit integrated healthcare network that is New York State's largest healthcare provider and private employer.

Represented official unsecured creditors committee of laser skin care provider. (D.Del.)

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)