Bankruptcy/Corporate Restructuring
Private credit hit a deployment record in 2025, according to an Alternative Credit Council report. Read more here.
 
Meanwhile, finance chiefs see U.S. prices rising in 2026, with tariffs still a top concern. Read more here.
 
Corporate/M&A
The governor of New York vetoed a bill that would have amended the New York LLC Transparency Act to require all New York LLCs to file beneficial ownership reports. Barring any other changes, only non-U.S. foreign LLCs registered to conduct business in New York will be required to file. See the governor’s veto here.
 
Commercial Litigation/ADR
The Commercial Division Advisory Council proposed adding a new Rule 6(e) to the Rules of the Commercial Division regarding the use of generative artificial intelligence in preparing court documents. Read more here.
 
Against this backdrop, several judges in New York, including Justice Nancy M. Bannon and Justice Peter A. Weinmann, have introduced individual rules requiring attorneys to disclose the use of generative AI in their filings and/or to certify the accuracy of the AI-generated content.
 
Real Estate
This article discusses trends that will shape the commercial real estate market in New Jersey in 2026.

​We’re seeking talented and friendly attorneys.

​If you are interested in working at M&B, please contact us at [email protected].

M&B is proud to be recognized in the 2026 Chambers NY Spotlight Guide, an honor that reflects our team’s commitment to excellence, client service, and results. Chambers Spotlight.

Congratulations to Dave McGrail, Mendy Bensinger, Ephraim Glatt, Patrick Train-Gutiérrez, Ilana Volkov, Pearl Shah Dalsania, and Cynthia Botello for being selected as 2025 New York Metro Super Lawyers® and Rising Stars. Super Lawyers® 2025.
 
We are pleased to be included in the 2026 Best Law Firms® rankings for Tier 2 New York City Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law and Litigation – Bankruptcy. 2026 Best Law Firms®.

​M&B attorneys and staff gathered for a festive night out to celebrate the holidays and toast to the end of another great year. A good time was had by all!

Juliya Ismailov and Ephraim Glatt recently presented a program entitled “Wills, Trusts and Family Mediation with Halachic Considerations.”  They discussed ways to protect family assets with a will and various forms of trusts, set up powers of attorney and health proxies, and avoid intra-family conflicts. The program provided practical guidance on aligning estate planning strategies with both legal requirements and Halachic principles.

Bankruptcy/Corporate Restructuring
Ilana Volkov, Dave McGrail, and Cynthia Botello are representing Balcon Salon, a bar that is a pillar of the Hell’s Kitchen LGBTQ community, and the owner of the real estate where the bar operates, in their Chapter 11 bankruptcy proceedings in New York. The debtors have filed a plan of reorganization to restructure in excess of $12 million in secured debt. Read more here.
 
Ilana Volkov has obtained dismissals of three preference lawsuits commenced by the Trustee of the RAD Sub-Trust A, a litigation trust formed pursuant to Rite Aid Corporation’s plan of reorganization in New Jersey. She also is representing a multinational mass media and 
entertainment conglomerate in the defense of preference litigation in Kansas bankruptcy court.
 
Corporate/M&A
Mendy Bensinger, Jason I. Bitsky, and Steven Roz structured a transaction involving the purchase of a $58.5 million office campus.
 
Mona Kaplan and Pearl Shah Dalsania represented a client in the sale of a healthcare software business for $11.5 million.
 
Mona Kaplan and Steven Roz represented a client in an asset acquisition of a precision mold manufacturing and machining company.
 
Robert Kern represented a client that closed on the sale of approximately $1.3 million of ERC tax credits.
 
Commercial Litigation/ADR
Kate McGrail, Patrick Train-Gutiérrez, and Cynthia Botello secured default judgment against the owners of a residential condominium unit for nonpayment of common charges.
 
Patrick Train-Gutiérrez and Cynthia Botello secured a favorable settlement in a matter involving a state telephone solicitation statute.
 
Ephraim Glatt negotiated a favorable settlement for a start-up business alleged to have infringed on the copyright of another business.
 
Mendy Bensinger, Ephraim Glatt, and Pearl Shah Dalsania helped a company in the marketing industry strategically avoid a contentious litigation.
 
Ephraim Glatt successfully negotiated a settlement on behalf of a defendant wrongly named in a lawsuit alleging fraud.
 
Real Estate
Joshua Hager guided a client through a complex refinancing of a mixed-use property in Brooklyn.

Bankruptcy/Corporate Restructuring
U.S. banks borrowed $1.5 billion from the Federal Reserve’s Standing Repo Facility on September 15, 2025, the deadline for quarterly corporate tax payments and Treasury debt settlements, suggesting tightness in meeting funding obligations. Read more here.
 
Analysts have expressed concern about hidden risks in the $1.7 trillion private credit market, with the accumulation of warnings about defaults. Read this article for more details.  
 
Corporate/M&A
On September 5, 2025, the FTC voted to voluntarily dismiss its appeal of the court rulings prohibiting it from enforcing its non-compete rule on grounds that the rule exceeds the scope of the FTC’s power. Through this action, the FTC signaled that it would dedicate its resources toward investigations and enforcement rather than developing a new rule to replace the ban. Read more here.
 
On September 17, 2025, the Securities and Exchange Commission approved a new framework with respect to crypto ETFs which would shorten launch timelines, cut administrative costs, and make cryptocurrency more accessible to investors. Read more here.
 
Commercial Litigation/ADR
In a statement released on September 5, 2025, the FTC announced its formal withdrawal of its appeals in 5th Circuit and 11th Circuit cases and acceded to vacating the Non-Compete Clause rule. Read more here.
 
Real Estate
While not a dramatic shift, the Fed’s recent rate cut is expected to provide a meaningful boost to commercial real estate. Read more here.
 
This video discusses the current state of the commercial real estate market and the encouraging signs.
 
A new rule requires title insurers and closing professionals to report to FinCEN certain beneficial owner information for non-financed transfers of residential property to entities or trusts. See here for more.

We’re seeking talented and friendly attorneys.

​If you are interested in working at M&B, please contact us at [email protected].

​We are excited to share that we have added a Trusts & Estates practice to our growing firm. Click here to learn about the Trusts & Estates services we offer.

​Some members of the M&B team recently met for happy hour at Wall Street Grill.

​Congratulations to Ilana Volkov for being recognized in the 2026 edition of The Best Lawyers in America® and to Sophia Herbst and Cynthia Botello for being recognized in the 2026 edition of Best Lawyers: Ones to Watch® in America!

​Bankruptcy/Corporate Restructuring
Dave McGrail, Mona Kaplan, and Bob Kern represent (i) an organic waste disposal business and (ii) a regional gym chain in their respective out-of-court restructurings and related matters.
 
Ilana Volkov, Joshua Hager, Ephraim Glatt, and Sophia Herbst successfully objected to the closing of a bankruptcy case in order to safeguard a creditor’s interests.
 
Ilana Volkov represents numerous creditors, landlords, and/or contract counterparties in the following complex Chapter 11 bankruptcy cases:  At Home Group Inc. (Del); DelMonte Food Corporation (N.J.); Genesis Healthcare (N.D. Tex.); New Rite Aid, LLC (N.J.); and ModivCare Inc. (S.D. Tex.).
 
Corporate/M&A
Mendy Bensinger, Jason Bitsky, and Steven Roz represented a client in a commercial transaction involving the purchase of a property in Connecticut for $28.5 million.
 
Mona Kaplan, Bob Kern, Steven Roz, and Pearl Shah Dalsania represented a client in purchasing a point-of-sale business for $2.4 million.
 
Mendy Bensinger and Pearl Shah Dalsania are representing a client in a joint venture relating to an innovation in the speech therapy industry.
 
Commercial Litigation/ADR
Kate McGrail and Cynthia Botello obtained a complete dismissal of a multi-million-dollar lawsuit, including claims of fraud and negligent misrepresentation, against a financial advisor in the Commercial Division of the New York Supreme Court, with the Court cautioning plaintiffs not to replead.
 
Ephraim Glatt  and Cynthia Botello secured a court order to dissolve and convey the real property of a congregation over the objections of a proposed intervenor.
 
Mendy Bensinger, Ephraim Glatt, and Pearl Shah advised an entrepreneur how to deftly terminate a poor business arrangement without resorting to litigation.
 
Ephraim Glatt and Pearl Shah Dalsania assisted a company in the food industry in resolving a dispute with an investor.
 
Kate McGrail negotiated Form U5 language favorable to a financial advisor terminated from a broker dealer.
 
Ephraim Glatt and Cynthia Botello successfully defeated a motion to dismiss filed by private equity fund defendants in a multimillion-dollar lawsuit for a healthcare client.
 
Patrick Train-Gutiérrez secured a favorable settlement in a collections matter, allowing the client to avoid the time and expense of additional discovery and motion practice. 
 
Real Estate
Joshua Hager advised a client in connection with financing a portfolio of shopping centers in New York.

Bankruptcy/Corporate Restructuring
Corporate cash levels are falling--the latest earnings period brought possible early warning signs about credit quality for high-grade U.S. companies. Read more here.
 
First-lien lenders in several recent retail bankruptcies have received below-average recoveries. Find out more.
 
Corporate/M&A
Delaware recently updated the Delaware General Corporation Law after several companies left or threatened to leave the state, including making changes regarding transactions with interested directors, officers, and stockholders. See here for more details.
 
Commercial Litigation/ADR
On January 14, 2025, Governor Kathy Hochul announced a new executive action requiring employers to notify state officials in the event AI tools played a role in mass layoffs or closings subject to New York’s Worker Adjustment and Retraining Notification Act. See here for more details.
 
On June 18, 2025, the New York legislature passed the Fostering Affordability and Integrity through Reasonable Business Practices Act, which expands liability under New York General Business Law § 349. Learn more.
 
Real Estate
Mansion tax in New Jersey is going through significant changes.  Going forward, liability will shift from the buyers to sellers, and a new tiered fee structure applies to many more transactions.  In addition to paying the transfer taxes, the seller will also be liable to pay the mansion tax, which was historically the buyer’s responsibility.  See here for more details and the tiered structure.

​We’re seeking talented and friendly attorneys.

​If you are interested in working at M&B, please contact ​[email protected].

We’re excited to share that our firm has been ranked in the 2025 Chambers New York Spotlight Guide for Corporate/Commercial and Litigation: General Commercial – a great recognition of the hard work our team puts in every day! Chambers Spotlight 2025.

​M&B recently hosted its annual family summer event, this year aboard the Emerald Princess. As we cruised up the Hudson, taking in stunning views of the Brooklyn Bridge and the Statue of Liberty, colleagues and their families enjoyed a relaxing afternoon of quality time—complete with delicious food, laughter, a trophy presentation, and even a spirited game of Simon Says. A great time was had by all!

Bankruptcy/Corporate Restructuring
In a cross-department engagement, David McGrail, Ilana Volkov, and Joshua Hager are representing two commercial real estate borrowers in the restructuring of their matured loans with a total outstanding balance of approximately $75 million.
 
Ilana Volkov has been appointed as an Independent Director of a U.S. subsidiary of a Singaporean company in a creditors’ voluntary liquidation proceeding.  Ilana Volkov and Steven Roz are representing the subsidiary in its Delaware dissolution.
 
Commercial Litigation/ADR
In April, Ephraim Glatt assisted the attorney and an executive of a lender in procuring a dismissal of a federal lawsuit bought by borrowers who defaulted on their loan.
 
In April, Ephraim Glatt advised a group of defrauded investors seeking to jointly file a claim against a conspirator to the fraud in a Beis Din, enabling the group to efficiently pursue the wrongdoers.
 
Corporate/M&A
Menachem Bensinger, Mona Kaplan, and Steven Roz represented a client in a settlement in connection with their business divorce.
 
Mona Kaplan and Steven Roz advised a client in the renewables and project finance industry by assisting in the client’s sale of transformers.
 
Mona Kaplan and Steven Roz represented a client in its acquisition of software in the grocery store space.
 
Real Estate
Joshua Hager advised a number of co-op boards in the transfer of several units, each with unique construction components.

Bankruptcy/Corporate Restructuring
Corporate bankruptcies surged in the first quarter of 2025, reaching their highest first-quarter level since 2010, with 188 filings reported in early 2025, according to S&P Global. You can read more about the increase in filings here.
 
The cannabis industry is struggling, but with marijuana still classified as a Schedule I drug, significant obstacles remain for cannabis companies seeking to restructure. A recent article explores the challenges facing the cannabis industry in the absence of access to bankruptcy protections.
 
Corporate/M&A
FinCEN issued an interim final rule exempting all U.S. reporting companies from filing a beneficial ownership information (BOI) report under the Corporate Transparency Act. Rather, BOI reporting requirements will apply only to foreign reporting companies, and U.S. individuals who qualify as a beneficial owner of such a foreign entity will not be required to provide their BOI on the entity’s BOI report. See here for FinCEN’s official press release.
 
New York legislators are considering the No Severance Ultimatums Act, which, if enacted, would require employers to provide employees with at least 21 business days’ notice to review a severance agreement before signing. Currently, employees over 40 are entitled to a 21-day review period and 7-day revocation period under the Older Workers Benefits Protection Act, but the proposed law would extend these protections to all employees. Read more here.

Commercial Litigation/ADR
With tariffs on the rise and supply chain costs continuing to escalate, parties may be tempted to invoke frustration of purpose or commercial impracticability to excuse performance. However, contracting parties should be aware that courts have held that an increase in the cost of a party’s performance, even as a result of tariffs, does not establish the defenses of frustration of purpose or commercial impracticability. Tilcon New York, Inc. v. Morris Cnty. Co-op. Pricing Council, No. A-5453-10T3, 2014 WL 839122 (N.J. Super. Ct. App. Div. Mar. 5, 2014) (rejecting both defenses despite a 135% increase in the cost of asphalt cement due to tariffs).
 
Real Estate
A New York City real estate group is suing the City to block the recently passed FARE Act, which requires landlords, rather than tenants, to pay broker fees when they hire a real estate broker to list apartments on their behalf. The law is currently scheduled to take effect this June. See here  for more details.

We’re seeking talented and friendly attorneys.

​If you are interested in working at M&B, please contact ​[email protected].

M&B hosted its annual March Madness event at Tabernacle Steakhouse, where guests enjoyed great food, drink, and conversation, while taking in some exciting college hoops!

Bankruptcy/Corporate Restructuring
David McGrail, Sophia Herbst and Veronique Urban successfully represented an asset purchaser in a bankruptcy case in enforcing a sale order and obtaining sanctions against a landlord that obstructed the purchaser’s efforts to recover the purchased assets from the landlord’s premises.
 
David McGrail and Veronique Urban represented a broker-dealer in its Chapter 7 bankruptcy case, and Ilana Volkov and Veronique Urban represented a premium cannabis vape manufacturer in its Chapter 7 bankruptcy case. Both matters are pending in the U.S. Bankruptcy Court for the Southern District of New York.
 
Commercial Litigation/ADR
After a week-long jury trial, Patrick Train-Gutiérrez and Cynthia Botello defeated a fraud claim against their clients and reduced the damages award for other claims to less than 20% of the amount originally sought by plaintiffs.
 
Kate McGrail and Sophia Herbst successfully moved to compel the production of financial information ostensibly supporting counterclaims asserted against their clients.
 
Ephraim Glatt and Pearl Shah successfully resolved a five-year lawsuit, securing a favorable outcome for a client in the healthcare industry.
 
Patrick Train-Gutiérrez successfully negotiated a nuisance-value pre-litigation settlement for a client, avoiding the costs and risks of prolonged litigation.
 
Ephraim Glatt and Cynthia Botello assisted a healthcare tenant achieve a favorable resolution in a longstanding dispute with its landlord, enabling the parties to preserve and continue their business relationship.
 
Kate McGrail and Cynthia Botello aided a physician in successfully challenging a hospital’s recommendation to deny clinical privileges.
 
Kate McGrail successfully resolved claims against a former senior financial advisor by a major broker-dealer for alleged violations of a non-solicitation agreement in a FINRA arbitration.
 
Corporate/M&A
Menachem Bensinger, Jason Bitsky, and Steven Roz represented a client in its acquisition of a peer support specialist company for almost $30 million.
 
Mona Kaplan and Steven Roz represented a client in the $6 million-plus sale of its property management business.
 
Pearl Shah Dalsania represented a client in the sale of his 50% ownership interest in a summer camp to a third-party buyer. 
 
David McGrail and Pearl Shah Dalsania represented an architecture firm in connection with its business divorce.
 
Menachem Bensinger and Robert Kern guided a client through a complex reasonable compensation study process concerning its CEO’s compensation.
 
Real Estate
Joshua Hager and Robert Kern advised a client on the development of a construction project in South Hampton, New York.

Bankruptcy/Corporate Restructuring
The Delaware District Court recently reversed a bankruptcy court holding that a standard deviation can’t be the only test to prove the “ordinary course” defense to an alleged preference.  Rather, the standard deviation analysis must be accompanied by undisputed expert testimony.  A copy of the decision can be found here.
 
Bankruptcy trends to watch in 2025 can be found here.
 
Corporate/M&A
On December 3, 2024, in the matter Texas Top Cop Shop, Inc. v. Garland, et al., the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction staying the enforcement of the Corporate Transparency Act, in particular the Beneficial Ownership Information Reporting Rule.  The implications of the preliminary injunction are significant considering that entities formed prior to 2024 were required to file their initial reports by January 1, 2025.  A copy of the decision can be found here. Although the court granted the government’s motion for a stay pending appeal, the court ultimately vacated the stay, keeping the original injunction in place.
 
Commercial Litigation/ADR
On January 16, 2024, New Jersey Governor Phil Murphy signed into law Senate Bill 322, “An Act concerning online services, consumers, and personal data.”  The Act imposes unique obligations on businesses and will take effect on January 16, 2025. A copy of the Act can be found here.
 
Real Estate
​In November, New York City passed the Fairness in Apartment Rental Expenses Act, which requires the party that hired the real estate broker (typically is the landlord) to pay them. This may cause landlords to increase rental fees in the future. See here for more details.

​We’re seeking talented and friendly attorneys.

​If you are interested in working at M&B, please contact ​[email protected].

​The M&B Team enjoyed plenty of holiday cheer at their annual winter dinner in December! 

The M&B Team congratulates Pearl Shah Dalsania on her well-deserved promotion to Counsel.

In early January, Dave McGrail, Cynthia Botello and Steven Roz attended The Ames & Gough Law Firm Excellence Awards, where M&B was awarded the “Best Firm” at which to work! 

​Bankruptcy/Corporate Restructuring
On November 8, 2024, the U.S. District Court for the Southern District of New York affirmed the bankruptcy court’s ruling that the powers of a Subchapter V trustee cannot be expanded to pursue avoidance actions. Ilana Volkov and Veronique Urban served as co-counsel to class action plaintiffs who successfully obtained conversion of the Subchapter V case to Chapter 7.
 
Dave McGrail, Veronique Urban, and Robert Kern represented the successful bidder in its purchase of a concrete manufacturing business from a bankruptcy estate.  
 
Ilana Volkov is representing the “stalking horse” purchaser of a $13 million compostable sealant and barrier sealant films manufacturer in the United States Bankruptcy Court for the District of New Jersey.
 
Corporate/M&A
Mona Kaplan and Pearl Shah Dalsania represented sellers in the divestiture of their property management business for a purchase price of $18.75 million.
 
Mona Kaplan, Robert Kern, and Pearl Shah Dalsania represented sellers in the divestiture of their shipping optimization business.
 
Mona Kaplan and Robert Kern represented a buyer in its acquisition of a distressed outdoor wear company.
 
Commercial Litigation/ADR
In November, Ephraim Glatt assisted a lender in procuring a dismissal of a federal lawsuit bought by borrowers who defaulted on their loan.
 
In November Ephraim Glatt and Pearl Shah Dalsania assisted a defrauded investor in securing a judgment for over $350,000 against a company and its owner who orchestrated a Ponzi scheme.
 
In November, Kate McGrail, Patrick Train-Gutiérrez, and Cynthia Botello secured an award of over $1 million in unpaid rent, approximately $100,000 in pre-judgement interest, and $50,000 in attorneys’ fees in connection with a grant of summary judgment.
 
In December, Ephraim Glatt secured a favorable settlement for a healthcare company in a dispute with an insurance carrier.
 
In December, Patrick Train-Gutiérrez and Sophia Herbst secured a favorable settlement in mediation through JAMS in a multi-jurisdictional/multi-party negotiation regarding a loan guarantee.
 
Real Estate
Joshua Hager and Steven Roz represented a client in the first of four installments of their purchase of a $24 million portfolio of multi-family complexes.
 
Joshua Hager and Steven Roz successfully guided a client in the sale of its $68 million portfolio consisting of three long-term care facilities in Florida.
 
Joshua Hager and Steven Roz represented a foundation in the sale of two commercial condominium units in New York to a not-for-profit organization.

​Bankruptcy/Corporate Restructuring
OpenAI, the maker of ChatGPT, is on track to spend at least $7 billion by 2024, sparking rumors that the startup could be headed for bankruptcy. Read the article here.
 
Corporate
On August 28, 2024, the State of New York passed the Freelance Isn’t Free Act, which provides material protections for freelance workers as well as significant requirements for the employers that utilize them. See this article, written by M&B’s Steven Roz and Pearl Shah Dalsania, for more information.
 
Litigation
On July 8, 2024, the Southern and Eastern Districts of New York issued a Notice to the Bar inviting the public to comment on proposed changes to their Joint Local Rules. Comments were due by October 6, 2024. See this article summarizing the proposed changes, written by M&B’s Cynthia Botello and Ephraim Glatt.
 
Real Estate
​On December 1, 2025, a new reporting rule issued by the U.S. Treasury Department and aimed at preventing money laundering in residential real estate transactions will go into effect for all-cash and non-financed transactions. Read about it here.

​We’re seeking talented and friendly attorneys.

​If you are interested in working at M&B, please contact ​[email protected].

In September, some members of the M&B team got together at Swingers Indoor Mini Golf in NYC! Fun TGITs are par for the course at the firm. So are bad puns.

​In July, M&B welcomed Robert Kern as Counsel in the Corporate/M&A practice group. 

​Congratulations to Cynthia Botello, who earned her Certified Information Privacy Professional/United States (CIPP/US) certification demonstrating comprehensive understanding of both government-specific privacy regulations and broader privacy laws applicable to public and private sectors in the U.S. 

Bankruptcy/Corporate Restructuring
Veronique Urban has been selected to serve as a member of the Local Bankruptcy Rules Committee for the Eastern District of New York Bankruptcy Court. The Committee is working to evaluate and propose amendments to the existing Local Rules for presentation to the EDNY Bankruptcy Judges and, ultimately, to the District Court.
 
Ilana Volkov obtained a favorable settlement of a significant preference complaint in the Bed Bath & Beyond bankruptcy case in New Jersey.
 
Ilana Volkov represented Dewar Capital, LLC, a remnant asset purchaser, in its successful quest to upset the “stalking horse” purchaser and become the winning bidder of the estate’s remnant assets, in a Chapter 7 case in Delaware. 
 
Corporate
Mona Kaplan and Pearl Shah Dalsania advised and counseled a client through an acquisition of a distressed grocery store.
 
Mona Kaplan and Pearl Shah Dalsania closed the sale of a shipping optimization company, one of a number of transactions closed this quarter that demonstrate a continued uptick in deal activity. 
 
Mona Kaplan closed amendments to a client’s $8 million credit facility.
 
Mona Kaplan and Steven Roz advised two different residential building management companies in entering binding letters of intent for the companies’ mergers.
 
Robert Kern assisted a client in the negotiation and finalization of an employment agreement for its new CEO.
 
Menachem Bensinger and Robert Kern negotiated the extension of the maturity date of a secured promissory note with respect to a $10 million loan.
 
Litigation
Congratulations to McGrail & Bensinger’s litigation team on an appellate victory in the New York Appellate Division, Second Department!  Gabby Vázquez led the team on the brief and at oral argument, which recently resulted in a ruling in our client’s favor, including an award of costs. You can read the full decision here. Our litigation team is looking forward to continuing to represent our clients in their important appeals.
 
Ephraim Glatt secured a favorable settlement for a real estate investment group in a dispute with a vendor.
 
Ephraim Glatt and Cynthia Botello assisted a medical supplies vendor in obtaining default judgments against three purchasers in the healthcare industry.
 
Cynthia Botello and Katherine McGrail successfully argued a motion for reconsideration, resulting in the client being granted summary judgment.
 
Katherine McGrail and Sophia Herbst successfully briefed and argued a motion to dismiss, which narrowed a defendant’s counterclaims, and a motion to declassify documents that had been previously marked as attorneys’ eyes only.
 
Real Estate
​Joshua Hager represented the sellers in a $12.9 million sale of a Colorado nursing home facility and closed a series of sales to complete the transfer of a $7.5 million portfolio of properties located in New Jersey.

Bankruptcy/Corporate Restructuring
On April 17, 2024, Senator Richard Durbin (D-Ill.) introduced legislation to extend the $7.5 million Subchapter V debt limit to 2026, but the bill was blocked, and the debt limit has reverted to $2.75 million. Read more here.
 
The Street recently ranked the most noteworthy business bankruptcy filings of 2024-- take a look at the list here to see if any surprise you.
 
Corporate
On April 23, 2024, the FTC announced its Final Non-Compete Clause Rule, which prohibits post-employment non-compete clauses between employers and their workers (employees and independent contractors included). The new rule, which is effective as of September 4, 2024, does not explicitly ban non-disclosure agreements or customer/employee non-solicitation agreements, nor does it prohibit employers from enforcing non-compete clauses entered in connection with the bona fide sale of a business entity.  Read more here.
 
Litigation
The Supreme Court of New York County declined to consider a petition supported by an affirmation from a New York attorney due to its failure to meet the updated standards outlined in CPLR 2106. Specifically, the Court pointed out that the affirmation merely stated that the attorney’s statements were made “under penalty of perjury,” without “acknowledging the laws of New York and the possibility of fines or imprisonment.” Read more here.
 
Real Estate
In a cautionary tale about the importance of filing precise UCCs, a $534 million foreclosure was postponed as the debtor’s auction plan did not meet “standards of commercial reasonableness.” Read the full article here
 
One of the biggest roadblocks to solving New York City’s housing and office crises by transforming obsolete office buildings into residential units may be limited by zoning rules which apply to such conversions. Read more here.

We’re seeking talented and friendly attorneys.

​If you are interested in working at M&B, please contact ​[email protected].

​M&B held its annual family BBQ on June 2nd at the New York Aquarium. The team and their guests enjoyed great food, company, and music, all from a picturesque rooftop space! 

​In May, Allison Furman joined the firm as Of Counsel in the Real Estate and Litigation practice groups.

​In June, M&B once again proudly co-sponsored Runway for Research, an annual event hosted by Tina’s Wish, an organization that raises funds and awareness for the early detection and prevention of ovarian cancer (Ilana Volkov pictured below left). 

Bankruptcy/Corporate Restructuring
In June, Ilana Volkov and Veronique Urban successfully defended a client whose alleged exposure exceeded $3.1 million against preference litigation in the Revlon bankruptcy cases. Ilana Volkov is representing the landlord of Sam Ash Music Corporation’s headquarters and a landlord in the Red Lobster Chapter 11 cases.
 
Corporate
Mendy Bensinger, Jason Bitsky, and Pearl Shah Dalsania structured and documented a joint venture relating to a $30 million investment in real property. 
 
Mona Kaplan and Steven Roz are representing a client in connection with regulatory compliance of baby products, including pacifiers and infant loungers.   
   
Litigation
In April, Ephraim Glatt secured a favorable settlement for a client in the healthcare sector in a dispute with a vendor.
 
In April, Gabby Vázquez, successfully argued before the Appellate Division – Second Department in Brooklyn  –  for the dismissal of an appeal from an interlocutory decision of the New York Supreme Court in a case involving the petition for dissolution of a religious institution.
 
In May, Patrick Train-Gutiérrez and Cynthia Botello successfully defeated a motion to enforce a settlement, and Patrick Train-Gutiérrez and Sophia Herbst secured a favorable settlement for a client in the healthcare sector in a dispute with a landlord.
 
Real Estate
In April, Joshua Hager, Steven Roz, and Devori Goodman closed a $35 million commitment on behalf of a hotel investment group for the national expansion of a long-term stay hotel franchise.
 
In May, Joshua Hager and Devori Goodman represented a private investment group in the sale of a $17 million multi-family complex consisting of over 130 units, which sale included navigating complex structuring to accomplish full 1031 benefits for some seller parties and distributions to other parties.

Bankruptcy/Corporate Restructuring
​The Bankruptcy Court for the District of New Jersey is the new hot spot for Chapter 11 bankruptcy filings and the M&B Bankruptcy and Corporate Restructuring team is available for all your needs. Notable recent filings in New Jersey in which M&B attorneys are involved for clients include Bed Bath and Beyond, Rite Aid, WeWork, David’s Bridal, Cyxtera, and Bowflex.
 
Corporate
New York’s Governor Kathy Hochul signed a bill in December 2023 (further amended on March 4, 2024) enacting the New York LLC Transparency Act (NYLTA), effective January 1, 2026. The NYLTA amends New York’s LLC Law to require the disclosure of personal information about an LLC’s beneficial owners. This article has the details.
 
Litigation
The New York Times recently sued OpenAI and other tech companies over alleged copyright infringement. OpenAI has fired back, alleging that NYT “hacked” ChatGPT to generate misleading evidence for its lawsuit.  Read this article for more information.
 
Real Estate
The National Association of Realtors (NAR) has resolved multiple claims against the group and brokers nationwide arising from alleged artificially high commissions. Under the settlement, the realtor group will pay $418 million over the course of about four years. Read more here.

We’re seeking talented and friendly attorneys.

​If you are interested in working at M&B, please contact [email protected].

Gabby Vázquez attended the Mentoring for Women 2024 Conference hosted by the West Des Moines Chamber of Commerce. 

M&B welcomed Tricia Avidano to the team as its Legal Recruiting and Marketing Manager.

Congratulations to Sophia Herbst, who has been selected to participate in the prestigious AAA Higginbotham Fellows Program Class of 2024.

Bankruptcy/Corporate Restructuring
Dave McGrail is representing a local airline in its out-of-court restructuring.
 
Ilana Volkov is local counsel to the DIP lender in the Bowflex, Inc. bankruptcy cases pending in the Bankruptcy Court for the District of New Jersey.
 
Ilana Volkov and Veronique Urban are representing a Chapter 7 bankruptcy trustee as special litigation counsel in SAR Floors, LLC, which is pending in the Bankruptcy Court for the Middle District of Pennsylvania.
 
Corporate
In February, Menachem Bensinger, Jason Bitsky, Pearl Shah Dalsania, and Steven Roz acted as corporate counsel in a client’s purchase of an innovative machine automation company.
 
Dave McGrail, Jason Bitsky, and Pearl Shah Dalsania are advising a client that is forming a new motion picture production company, structuring the transaction and preparing the documentation for it to acquire the rights to, produce, and distribute a feature film.
 
Litigation
Led by Gabby Vázquez, the MB litigation team, including Ephraim Glatt, Patrick Train-Gutiérrez, and Kate McGrail, assisted clients AirBridgeCargo Airlines, LLC, the largest Russian cargo airline, and its parent company, Volga-Dnepr Logistics, B.V., in the resolution of a dispute with BOCA Aviation Limited relating to the lease termination and possession of two Boeing Model 747-8F aircraft that were impacted by the U.S. and International Sanctions on Russia. The resolution included a full satisfaction of all judgments in the SDNY and the voluntary dismissal of two Second Circuit Appeals. 
 
In February, Kate McGrail, Patrick Train-Gutiérrez, and Cynthia Botello successfully argued a motion to compel in New Jersey State Court. The court not only granted the motion but also awarded attorneys' fees.
 
In February, Patrick Train-Gutiérrez, Kate McGrail, and Sophia Herbst successfully defeated a motion to dismiss in New York State Court.
 
In March, Ephraim Glatt successfully defeated a motion in seeking leave to amend a complaint in federal court.  
 
Real Estate
In March, Joshua Hager and Devori Goodman represented the seller of an $18.1 million residential apartment complex in Michigan, which included an eleventh-hour 1031 structure. 
 
In January, Joshua Hager and Devori Goodman represented the seller in the sale of a complex $12 million 65-unit portfolio located in northern New Jersey.

Bankruptcy/Corporate Restructuring
2023 saw 591 U.S. corporate bankruptcy filings, the highest number since 2020. Retail bankruptcies are expected to continue to climb through 2024, but experts say the second half of 2024 should see a decrease in overall corporate bankruptcy filings. This article has the details.
 
While AI deals may be booming, the rest of the venture capital world saw a sharp decline in deals. Venture capital deals in the United States fell to their lowest levels since 2019. This article has the details.
 
Corporate
With the recent boom in cryptocurrency, many states are contemplating making changes to their Uniform Commercial Codes by adopting new Article 12 and/or amending Article 9 to account for digital assets. This article has the details.
​
New York State’s proposed bill to eliminate non-competes was vetoed by Governor Hochul in December. Read the full article here. 
 
Litigation
Effective January 1, 2024, New York allows the use of “unsworn affirmations” in litigation. Read the full article here.

​The litigation finance industry is facing competition from insurers such as Aon, CAC Specialty, and Willis Towers Watson PLLC, as they offer alternative methods of funding legal actions. Read the full article here.
 
Real Estate
​New legislation proposed by Congress would ban hedge funds from buying and owning single-family homes. Read the full article here.
 
While office space is filling up again, a space shortage may be looming on account of tenants’ desire to occupy newer, more modern buildings. Read more here.

We’re seeking talented and friendly attorneys.

If you are interested in working at M&B, please contact [email protected].

​In December, M&B held an epic holiday celebration that included stretch-limo transportation to the dinner venue. The team was greeted by “paparazzi” snapping photos and requesting autographs as they walked the red carpet into the restaurant. 

Click above for larger image

M&B proudly co-sponsored the Brooklyn Public Library Gala Celebration, held on October 2, 2023, honoring Shawn “Jay-Z” Carter and Hon. Dr. Gloria Carter.

​Congratulations to Ilana Volkov, who has been recognized by Best Lawyers® for her work in Bankruptcy & Creditor Debtor Rights / Insolvency & Reorganization Law in New York City!

​Congratulations to M&B’s newest partners, Ephraim Glatt and Kate McGrail!

Bankruptcy/Corporate Restructuring
​Ilana Volkov and Veronique Urban are representing several parties in the Rite Aid bankruptcy case pending in New Jersey. They also recently settled two significant fraudulent transfer litigations in the Southern District of New York. In addition, Dave McGrail is representing two well-known NYC retailers in their out-of-court restructurings.
 
Corporate
In December, Mendy Bensinger, Jason Bitsky and Steven Roz structured and documented a joint-venture surrounding the acquisition of $19.75MM Class-A office building.
 
In November, Mona Kaplan and Pearl Shah aided an M&B client in spinning off their digital media team.
 
Litigation
​In December, Ephraim Glatt and Pearl Shah secured a favorable ruling from the Superior Court of New Jersey in a discovery dispute regarding privileged documents.
 
In November (i) Ephraim Glatt secured a favorable settlement for a client in the healthcare industry, ending decades of litigation in Kings County Supreme Court and (ii) Patrick Train-Gutiérrez and Gabrielle Vázquez settled multiple years-long litigations among various adverse parties through a single, expansive, global settlement agreement.
 
In October, (i) Patrick Train-Gutiérrez and Cynthia Botello secured judgments against multiple defendants in a breach of contract action pending in New Jersey, (ii) Patrick Train-Gutiérrez and Kate McGrail secured a settlement for their client recovering on all claims brought against multiple assisted living facilities in Pennsylvania, and (iii) Patrick Train-Gutiérrez, Alozie Etufugh, and Sophia Herbst defeated a motion to strike their client’s jury demand and in limiting an opposing expert’s damages testimony in a trademark dispute action pending in the SDNY.
 
Real Estate
​In December, Joshua Hager and Jason Bitsky facilitated a $7MM property refinance on behalf of a non-profit organization.
In November, Joshua Hager and Devori Goodman successfully closed a $7.8MM purchase of Class-A building located in Manhattan, against the backdrop of a challenging interest rate market.

​Bankruptcy/Corporate Restructuring
Fund managers looking to revive the CLO money-making enterprise are expanding the scope of what counts as collateral behind these deals by turning to junk bonds, Bloomberg News reported.
 
Corporate
As the Corporate Transparency Act takes effect on January 1, 2024, subject to various exemptions and exceptions, each reporting company, like a corporation or a limited liability company (but not a general partnership or a donative trust), will be required to report certain information about the company to the Financial Crimes Enforcement Network at the Treasury Department, including identifying its beneficial owners. Read more here.
 
Litigation
M&B’s own Gabby Vázquez was a guest on the Fordham Corporate Law Center’s podcast examining the $16 billion damages award recently handed down against Argentina by the SDNY. Listen here.
 
Real Estate
​Borrowers continue to seek financing options while loan delinquencies (including CMBS loans) are increasing, resulting in loan modifications in record numbers, Commercial Observer reported.

​We’re seeking talented and friendly attorneys.

If you are interested in working at M&B, please contact [email protected].

In June, Derek Walker joined M&B’s corporate group, and in August, Cynthia Botello joined M&B’s litigation group. 

Also in June, Mona Awad and Kate McGrail held a drafting workshop for all associates, which included a session on the benefits and risks of utilizing artificial intelligence. 

Semi-spontaneous lunch with some of the New Jersey crew! Pictured below are Mendy Bensinger, Devori Goodman, Cynthia Botello, Ilana Volkov, Mona Awad, Joshua Hager, and Dave McGrail.

​Bankruptcy/Corporate Restructuring
Ilana Volkov represents Wakefern Food Corp., the largest retailers’ cooperative group of supermarkets, in the KDC Agribusiness/Do Good Foods Chapter 11 bankruptcy cases in Delaware. She and Veronique Urban also represent an affiliate of Hartz Mountain Industries, Inc., a significant regional real estate company, in the Cyxtera Technologies, Inc. Chapter 11 cases in the SDNY.
 
Corporate
Dave McGrail, Jason Bitsky, Pearl Shah, Derek Walker, and Steven Roz acted as “outside general counsel” to a number of New York businesses, including Boober, Something Different, Skura Style, SourceCode, and Zibby Books.
 
Litigation
In September, Ephraim Glatt successfully argued a discovery motion in Kings County Supreme Court, allowing a client to depose a crucial witness. Meanwhile, Patrick Train-Gutiérrez and Ephraim Glatt secured favorable settlements for two separate clients in the healthcare sector, while Sophia Herbst defended guarantors against prematurely-filed complaints in sister cases in New York and Florida.
 
Real Estate
Joshua Hager and Devori Goodman represented privately held investment groups in the sale and acquisition of large muti-family portfolios.

​Congratulations to Mendy Bensinger, Dave McGrail, Patrick Train-Gutiérrez, Gabby Vázquez, and Ilana Volkov, who have all been named Super Lawyers for 2023, and to Ephraim Glatt, who has been named a Super Lawyers Rising Star for 2023.