Volume 2 Issue 3

Quarterly Newsletter

October 2024 minute read

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Industry News

​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.

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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

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. 

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M&B News

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.