​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.

Bankruptcy/Corporate Restructuring 
Total second quarter 2023 commercial chapter 11 filings were up 105% from the same period in 2022. This article has the details.
 
Corporate 
The New York State legislature has passed a ban on non-competes, ushering in a potential sea change to the employer/employee dynamic in New York.  Importantly, the proposed law is not retroactive. Read the article here.   
 
Litigation 
SDNY Judge P. Kevin Castel issued a blistering opinion sanctioning attorneys for relying upon and standing by fictitious judicial opinions created by ChatGPT without first confirming the opinions’ existence and content. Read the full opinion here.
 
Real Estate 
U.S. regional lenders may have to consider selling off commercial real estate (CRE) loans at a steep discount after breaching key regulatory thresholds for exposure to the troubled CRE and construction sectors. Read the article here. 

We’re seeking talented and friendly attorneys.

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

In June, M&B held its annual firm outing at Knickerbocker Country Club in Tenafly.

Family members joined in the fun.  So did an 18-foot python.  As the evidence clearly shows, Mendy took no joy in the python’s decision to go straight for Dave’s ear.

In May, Sophia Herbst joined M&B’s litigation group (from Wilson Elser).  A commercial litigator and Adjunct Professor at The George Washington University Law School, Sophia lives in the D.C. area and is a fan of cats, not so much of snakes.  

In June, M&B proudly co-sponsored Runway for Research, an event hosted by Tina’s Wish, to raise funding for ovarian cancer research.

Bankruptcy/Corporate Restructuring
Veronique Urban and Dave McGrail represent creditor Entertainment Industries Employer Association in the Vice Media Chapter 11 bankruptcy case.

Corporate 
Mona Awad, Mendy Bensinger, Jason Bitsky, Pearl Shah, and Steven Roz closed significant transactions across industry verticals, including online retail, vascular medicine, public relations, and real estate management, outpacing the recovering market.  On the management side, Mona Awad assumed leadership of the Corporate Practice Group.
 
Litigation 
Patrick Train-Gutiérrez and Kieran O’Connell tackled domestic litigation matters, defeating a motion to dismiss veil piercing claims, while Gabby Vázquez, Ephraim Glatt, and Kate McGrail addressed matters with an international flavor, including securing a $4.6 million judgment in Canada.
 
Real Estate 
Joshua Hager and Devori Goodman successfully represented a closely-held investment group in the acquisition of an off market out-of-state property.

​Congratulations to Ilana Volkov, who has been selected for inclusion in Lawdragon 500 Leading U.S. Bankruptcy & Restructuring Lawyers 2023.

​Bankruptcy/Corporate Restructuring 
Bloomberg reports that almost $1.5 trillion of U.S. commercial real estate debt comes due for repayment before the end of 2025. Read the full article here.

Corporate
More than a decade after the LIBOR scandal exploded and five years after SOFR got the nod, LIBOR will go away on June 30. This article has the conversion chart.

Litigation
A Delaware court has found that judges must evaluate proposed shareholder class action settlements to ensure they are fair to all investors, not just to the shareholders who brought the case, even when time is of the essence. This article has the details.

​Real Estate
There is a silver lining to the interest rate hikes and the impact they are having on the real estate market. Read the full article here. 

​We’re seeking talented and friendly junior and mid-level attorneys.

If you are interested in working at M&B, please reach out to Dave McGrail: [email protected].

​In February, some of the M&B Team took a break from lawyering to Bury the Hatchet. Pictured here (clockwise from the left) are Ilana Volkov, Patrick Train-Gutiérrez, Dave McGrail, Pearl Shah, Devori Goodman, Mona Awad, Mendy Bensinger, Joshua Hager, and Steven Roz.

​​Ephraim Glatt joined M&B in March after litigating for nearly eleven years at Kasowitz Benson Torres LLP and immediately jumped into a trial before the District Court for the Southern District of New York with Gabby Vázquez. Happily, the trial ended just in time for him to enjoy a quiet Passover with his family.

​Bankruptcy/Corporate Restructuring
In February, Ilana Volkov, Veronique Urban, and Pearl Shah successfully confirmed a plan of reorganization for First Step Trademarks, LLC, Case No. 21-12147 (Bankr. SDNY).

Corporate
In February, Mona Awad, Joshua Hager, Jason Bitsky, Steven Roz, and Devori Goodman closed a $37,500,000 stock and asset sale.  Notwithstanding interest rate hikes and investor skittishness, the M&B corporate team negotiated and/or closed over $100MM of new transactions in Q1 2023.

Litigation
In March, Patrick Train-Gutiérrez, Kate McGrail, and Kieran O’Connell successfully defeated a “bet the company” preliminary injunction motion seeking to enforce a non-solicitation provision against a client with a growing presence in the assisted living industry.

​Real Estate
Joshua Hager and Devori Goodman closed a number of deals with “outside the box” structures, including the sale of a portfolio of mixed used properties. These transactions allowed the clients to attain their goals for Q1 2023 in a tightening real estate market.  

​Congratulations to Gabby Vázquez and Ilana Volkov, who were recognized as Top Women Attorneys in the New York Metro Area by The American Registry.