Volume 2 Issue 2

Quarterly Newsletter

July 2024 minute read

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Industry News

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.

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We're Hiring!

We’re seeking talented and friendly attorneys.

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

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M&B Life

​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). 

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M&B News

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.