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.

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.