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.
Represented a defendant in an adversary proceeding alleging breach of warranties in the sale of mortgage loans.
Represented a defendant in adversary proceedings alleging preference and fraudulent conveyance claims.
Represented a vendor in connection with an adversary proceeding regarding ownership of goods shipped to the debtor.
Weinstein Companies, LLC
Representing a bank in connection with a dispute over royalties payable under a licensing agreement.
Settled an advisory proceeding against a landlord in a Chapter 11 case of an organic grocery store 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.
Representing a lender in a foreclosure action on a condominium project in Brooklyn.
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.
Centennial Bank – $120 Million Miami Construction Loan
Represented Centennial Bank in the $120 million construction loan for property located at 400 Biscayne Boulevard in Miami. The planned development includes a 49-story tower with 646 luxury rental apartments, 51,000-sq.-ft. of commercial space and a 22,000-sq.-ft. church for the First United Methodist Church of Miami.
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.
Represented Yankee Global Enterprises in Bond Financing
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.
Legends Hospitality – Control Interest Transfer
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.
Legends – Majority Investment Transaction
Represented Legends Hospitality Holding Company, LLC (“Legends Hospitality”) in majority investment by private equity firm Sixth Street in the global premium experiences company, co-founded by the New York Yankees and the Dallas Cowboys. As reported by Legends, “[t]he new investment from Sixth Street will support the long-term growth of the Company’s global client relationships and further enhancements to its innovative 360-degree platform of premium experience offerings for the most iconic global brands in sports, entertainment, and attractions.”
Herrick has represented Legends since its inception in 2008, when our Sports Law Group worked with the Cowboys and the Yankees, along with two private equity firms, to form this ground-breaking joint venture. Initially, Legends focused on delivering enhanced concessions and premium experiences. Since its formation, Legends’ range of services has grown to include six worldwide divisions and it has partnered with many iconic international sports, entertainment and attractions brands.
Johnson & Johnson Spin-off Bankruptcy Case: Amicus Brief
Authored and filed an amicus brief 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. LTL filed for Chapter 11 protection in October 2021. The professors filed this brief in support of the Official Committee of Talc Claimants’ motion to dismiss LTL’s chapter 11 case. The Talc Claimants’ Committee represents the individuals who have sued Johnson & Johnson alleging that its talc products caused them to develop cancer. Herrick's amicus brief attracted significant media coverage, including features in Law360, Law.com, Reuters, Reorg, American Bankruptcy Institute, New Jersey Law Journal, and Bloomberg Law.
A copy of the brief is available here.
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.
NY-based Nursing Home Owner – Brooklyn Acquisition
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.
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.
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.
ALC Holdings LLC – Skin Care Provider
Represented official unsecured creditors committee of laser skin care provider. (D.Del.)
Great Atlantic & Pacific Tea Company – Grocery Haulers Inc.
Representing major trade creditor in large supermarket reorganization. (S.D.N.Y.)
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.)
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.
Berry-Hill Galleries – $20 Million Mortgage
RFR Holdings – Salander-O’Reilly Galleries Bankruptcy
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)
Intelsat – Verestar Bankruptcy
Berry-Hill Galleries – Chapter 11
Grace Industries – Bankruptcy Acquisition
Honeywell – North American Refractories Bankruptcy
American Marine Holdings – $35 Million Refinancing
Parmalat USA – Chapter 11
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)
IESI Corporation – $950 Million Sale
Bayside Capital – $50 Million Bankruptcy Acquisition of Sola Communications
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)
Yum! Brands – Hearth Management Group Mediation
Presstek – 363 Acquisition of AB Dick Company
American Marine Holdings – Sale of Minority Interest
Represented American Marine Holdings in connection with the sale of a minority interest to a private equity investor. (Prior firm experience)