The Deal Reports on Madison 92nd Street Bankruptcy
Silverman Handles Acquisition for Alleghany
Represented UrsaMine Credit Advisors LLC in a spin-off by J.P. Morgan Asset Management to UrsaMine of $1.7 billion of loan assets previously managed by Bear Stearns Asset Management (BSAM), including four CLO funds and a commingled unlevered fund.
Represented Global Sources Ltd., in its acquisition by, and immediate spin-off from, Fairchild Corporation, a foreign private issuer. Global Sources Ltd. trades on Nasdaq.
Represented Starboard Value in its “unprecedented” and “extraordinary” election contest victory for the entire Board of Directors of Darden Restaurants. At the Company’s Annual Meeting, Darden shareholders voted to replace its entire board with a slate of twelve highly qualified directors nominated by Starboard, one of Darden’s largest shareholders.
In one of the biggest financing deals of 2014, Olshan represented the purchaser of the iconic Mobil Building at 150 East 42nd Street, including securing a $700 million loan from Morgan Stanley Mortgage Capital Holdings to complete their acquisition of the leasehold position. The deal included a 99-year ground lease extension with the land owner, purchasing the existing leasehold from Hiro Real Estate, and creating a sub-leasehold condominium to accommodate Mt. Sinai Medical Center. Several Olshan practice groups represented the buyers in the transaction: Tax & Planning, Real Estate and Corporate/Securities. News reports may be found at The Real Deal and GlobeSt.com.
Won a second appeal in a dispute between client Le Parker Meridien and its neighbor. The neighbor sought a court order to require that Le Parker Meridien move a sidewalk bridge for work it was conducting on its property, to accommodate the neighbor’s erection of a crane. After winning at the appellate division, blocking the neighbor’s attempt to forcibly move the sidewalk bridge, the neighbor brought causes of action against Le Parker Meridien for abuse of process, tortious interference with contract and prima facie tort. Olshan was successful in having those claims dismissed by the trial court, and, on the neighbor’s appeal, the appellate division affirmed our arguments.
Successfully convinced the First Department to grant summary judgment in favor of client Laurent Imbert on a claim brought by plaintiffs LCM Holdings GP, LLC and LCM Interest Holding, LLC, which sought to compel Imbert to forfeit his one-third membership interest in those entities. Imbert, a founder and former manager of LCM, had sought summary judgment in the New York Supreme Court on LCM’s claim, on the grounds that neither Delaware law nor the governing operating agreements permitted such forfeiture. The First Department agreed, reversing the Supreme Court’s denial of Imbert’s motion, and declaring that Imbert continues to own his shares in the subject companies and is not required to sell those shares to plaintiffs.
Represented Point Blank Enterprises, an international leader in the design and manufacture of body armor, in obtaining a broad injunction enjoining former Point Blank employees from starting up a competing body armor business. A Florida judge agreed with Olshan and Florida counsel, Berger Singerman LLP, that the ex-employees had misappropriated Point Blank’s confidential information and breached their non-compete and non-solicitation agreements and should be sidelined for 4½ months. The court further held that the former employees would be prohibited from soliciting Point Blank’s customers and employees for 16½ months.
New York State Supreme Court, Commercial Division, ruled in favor of Olshan clients, including Accipiter Capital Management, LLC, stating that a lack of damages and the Delaware business judgment rule blocked an investor's claims of grossly negligent management of her hedge fund interests.