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February 25, 2010
Olshan Represents Food Network Star in Claim
Courthouse News Service reported on Paula Deen Enterprises and Deen Brothers Enterprises filing a claim in Federal Court against Celebrity Chefs Tour and Promark Productions, California-based companies owned by Gary Ravet. Ms. Deen, the Food Network star and her family agreed to participate in a series of live cooking demonstrations organized by Celebrity Chefs Tour. They seek $1.25 million in damages, alleging breach of contract and defamation. Steven R. Gursky, Lori Marks-Esterman and Jennifer L. Heil represent the plaintiffs.
February 23, 2010
Law Journal Covers Udell's Letter
The New York Law Journal (subscription required) published a story on a letter issued by the Association of the Bar of the City of New York and co-authored by Jeffrey A. Udell, in his capacity as Chair of the Committee on Professional Responsibility. The letter urges prosecutors to be required to disclose evidence that creates ‘a reasonable likelihood’ that a defendant prosecuted by their office is innocent.
February 22, 2010
Wolosky Speaks at Investor Summit
Steve Wolosky appeared as a panelist on the topic “How Developments in Corporate Governance are Affecting How Directors are Elected” at the
The Active-Passive Investor Summit sponsored by 13D Monitor Activist and Institutional Investor held today in New York.
February 18, 2010
Biotechnology Value Fund’s Investments Highlighted
Elsevier’s In Vivo Blog recently featured Olshan's client, Biotechnology Value Fund in an
article about the Fund’s investments in various pharmaceutical related companies including Addex Pharmaceuticals, a Swiss pharmaceuticals company; Celera Corporation, a diagnostics company focused on genetic sequencing and Facet Biotech which is focused on oncology therapeutics. The article also discusses the Fund’s recent involvement with Avigen, Inc. and the Fund’s role in successfully merging Avigen with MediciNova, Inc. Adam W. Finerman and Jason W. Soncini represented Biotechnology Value Fund in these transactions.
February 18, 2010
Olshan ERISA Victory Highlighted in Pension & Benefits Daily
BNA’s Pension & Benefits Daily (subscription required) covered Olshan’s victory in the U.S. District Court for the Southern District of New York on behalf of Handy & Harman in a claim made by a former chief financial officer who was accused of attempting to amend the Company’s supplemental retirement plan to enhance his own retirement benefits. The team handling this litigation includes Thomas J. Fleming and Christine W. Wong with assistance from Manes M. Merrit and Barry L. Salkin of the Employee Benefits Group. Read the decision here.
February 17, 2010
Finerman and Schlesinger Handle Collins Stock Sale
The Hutchinson News reported on BNS Holding, Inc.’s plans to sell its 80 percent share of Collins Industries, Inc. for approximately $65 million. Collins manufactures ambulances and rescue vehicles, small school buses, terminal tractors, and industrial sweeper equipment. Olshan attorneys Adam W. Finerman, Kenneth A. Schlesinger and Ryan S. Replogle represented BNS in the sale.
February 17, 2010
Fleming Leads Olshan Team on Hedge Fund Victory
Hedge Fund Law Report (subscription required) ran an article on Olshan’s victory for Accipiter Life Sciences funds, Accipiter's management company and one of its principals. Aris sued Accipiter for negligence, breach of contract, breach of fiduciary duty and injunctive relief. The New York Supreme Court dismissed all claims and relied on the terms of the partnership agreement which included exculpation for actions not in violation of law or grossly negligent and held that management’s actions were protected. Thomas J. Fleming, Herbert C. Ross, Kenneth M. Silverman and Peter M. Sartorius represented Accipiter in this matter.
February 11, 2010
Bisceglie Quoted in Law 360 on Dentsply Motion
Kyle C. Bisceglie was quoted in Law 360 (subscription required) on the motion submitted by Dentsply International Inc. seeking to overturn a $44 million jury verdict against Dentsply. Kyle, who leads the Olshan team representing Guidance, the plaintiff in the action, was quoted as saying “We have a very bright, hardworking judge who worked very hard with the lawyers going into trial to get the jury instructions and evidentiary rulings right during the trial, and we are confident that the three and a half weeks the jury spent in reaching its verdict will not be in vain.”
February 5, 2010
NY Times Editorial Supports Udell's Report
The New York Times published an editorial supporting the "well-argued" report issued by the Association of the Bar of the City of New York. Jeffrey A. Udell, in his capacity as Chair of the Committee on Professional Responsibility of the City Bar, co-authored the report which backed greater transparency in required financial disclosures for legislators who are also attorneys.
The New York Law Journal covered a front page story on the Bar Association's report.
February 5, 2010
RiskMetrics Highlights Steel Partners Japan Proxy Contests
RiskMetrics Group, a leading U.S. proxy advisory firm, recently highlighted Olshan’s client, Steel Partners Japan, in its publication “Risk & Governance Weekly” as Steel attempts to build on its historic victories in 2008 and 2009 despite the trend away from pressing corporate Japan to reform governance and maximize shareholder value. Steel recently scored a rare, historic victory for shareholder activism in Japan as shareholders of Aderans Holdings, a Japanese wig maker, elected to Aderans' board of directors all of Steel’s candidates enabling a revamp of corporate strategy. Steel, the largest shareholder in Japanese brewer Sapporo, has proposed nominating 10 candidates, six new candidates and four incumbents to Sapporo’s board. Steve Wolosky, Kenneth M. Silverman, Johnathan Duncan and Ryan S. Replogle comprise the Olshan team that represent Steel.
February 1, 2010
Salkin Article in Journal of Deferred Compensation
The Spring 2010 volume of Journal of Deferred Compensation included an article by Barry L. Salkin, of counsel in the Employee Benefits Group, entitled "Restatement in the Courts: Judicial Reliance Upon Restatement Principles in ERISA Litigation" which discusses how common law principles have become less relevant and less a source of law than they once were but are still important with respect to Title I of ERISA.
January 29, 2010
Wolosky and Frome Speak at Activist Conference
Steve Wolosky served as a moderator of a panel at the The Activist Investor Conference sponsored by DealFlow Media which was held in New York from January 21-22, 2010. Steve led the panel discussion on the topic "The Activists' Toolkit." View an outline of Steve’s presentation here, which was co-authored by Andrew M. Freedman. In addition Robert L. Frome served as a panelist on the topic "The Accidental Activist." The Hedge Fund Law Report (subscription required) covered The Activist Investor Conference in depth.
January 27, 2010
Kearns and Kindler Represent Buyer in Astoria
Cityfeet.com and Rejournal.com covered the purchase of a 9,600-square-foot parcel at 36-06 34th Avenue in Astoria, Queens. The parcel is across the street from the landmark Kaufman Astoria Studios. Thomas D. Kearns and Hyman Kindler represented the buyer, Corner Piece Astoria LLC.
January 25, 2010
LexisNexis Publishes Bisceglie’s Practice Guide: New York e-Discovery and Evidence
LexisNexis published the Practice Guide: New York e-Discovery and Evidence, a comprehensive, 900 page treatise authored by Olshan partner, Kyle C. Bisceglie. LexisNexis describes it as the only and definitive guide to e-Discovery in New York state and federal courts. A full description and information for ordering is available through LexisNexis, click
here.
January 22, 2010
Olshan Clients Support Haiti Relief Effort
Several Olshan clients are active in helping with Haiti relief efforts including the American Jewish Joint Distribution Committee (JDC), which is currently supporting Heart to Heart International in providing aid and the Medical Corps of the Israel Defense Forces, whose team is operating a field hospital in Port-au-Prince; and
Kaufman Astoria Studios, who has donated its largest stage for the New York location of the George Clooney Telethon for Haiti which is scheduled for January 22nd. Nina Krauthamer represents the American Jewish Joint Distribution Committee and Thomas D. Kearns represents Kaufman Astoria Studios.
January 22, 2010
Media Reports on Olshan’s Client Steel Partners Japan
Olshan's client Steel Partners, the largest shareholder in Japanese brewer Sapporo, proposed the election of new board members at this year’s annual meeting. Steel has nominated 10 candidates, six of whom would be new to the Board.
The Wall Street Journal and
Fox Business News, among other media, reported on the story. Steve Wolosky, Kenneth M. Silverman, Johnathan Duncan and Ryan S. Replogle comprise the Olshan team.
January 21, 2010
NY Post Quotes Roket on Revitalized Market
Today’s New York Post quotes Nina Roket on the potential revitalization of the real estate market and notes how the banks are interested in making deals and discounting loans instead of forcing properties into foreclosures.
January 21, 2010
Bisceglie Hosts LexisNexis e-Discovery Webinar
Kyle C. Bisceglie presented a LexisNexis Webinar on “How the Emerging Area of e-Discovery Impacts You and Your Clients” on January 21st to an audience of more than 300 confirmed attendees. The hour-long Webinar analyzes the use of electronically stored information (ESI) in federal and state litigation in New York. View an outline of Kyle’s presentation here.
January 20, 2010
Olshan Supports Haiti Earthquake Relief Efforts
In response to the earthquake that devastated Haiti, Olshan is matching dollar-for-dollar all monetary donations made by its partners, associates and staff to four different charities active in the relief efforts: Americares, American Jewish Joint Distribution Committee (JDC), Doctors Without Borders and UNICEF.
January 8, 2010
Frome Leads Olshan Team on Paneltech’s Offering
The Puget Sound Business Journal reported on Paneltech International, L.L.C.’s offering of securities and merger into publicly-traded Charleston Basics, Inc. Paneltech, based in Hoquiam, Washington, is a leader in the design and manufacture of environmentally responsible green composite products for home, business, industry, education and the military. Robert L. Frome, Kenneth A. Schlesinger, Johnathan Duncan and Patrick J. Curtis represented Paneltech in the transactions.
December 30, 2009
Governance Compendium Series Publishes Article by Wolosky and Finerman
The Altman Group’s Governance Compendium Series published an article entitled "Developments in Proxy Contests and Corporate Governance” written by Steve Wolosky and Adam W. Finerman. The article provides informative perspectives on a range of recent SEC and Congressional initiatives.
December 23, 2009
Bisceglie and Ross file $100 Million Counterclaim Against Hasbro
Law 360 (subscription required) recently reported on Atari’s $100 million counterclaim against Hasbro Inc. in their battle over a global licensing agreement for the video rights to role-playing game “Dungeons & Dragons.” The counterclaims filed in the U.S. District Court for the District of Rhode Island says Hasbro's lawsuit seeking to break Atari's exclusive licensing agreement to create, develop and market video games for the role-playing game franchise is an attempt to coerce Atari into selling back the license on terms favorable to Hasbro. Kyle C. Bisceglie, Herbert C. Ross, Christine W. Wong, Peter M. Sartorius and Charles R. Fritch represent Atari.
December 22, 2009
Sacramento Business Journal Reports on GenCorp’s Offering
The Sacramento Business Journal
reported on GenCorp Inc. issuance of $200 million in long-term debt to qualified investors. GenCorp Inc., a major technology-based manufacturing company in the aerospace and defense industries, will use the money to pay off older, more expensive debt. Steve Wolosky, Jeffrey S. Spindler, Kenneth M. Silverman, Michael R. Neidell and Elizabeth R. Gonzalez represent GenCorp in this offering.
December 17, 2009
WSJ Reports on Ramius’ Settlement with Analogic Corp.
The Wall Street Journal reported on the successful negotiation of a settlement by Olshan's client Ramius LLC with Analogic Corp. According to the article, Analogic agreed to add a new director, chosen by Ramius, to its Board and agreed to issue a "Financial Pathway Statement" outlining the Company’s strategy for driving enhanced profitability in each of the next three years. Analogic also agreed to appoint an additional independent director to the Board by March 31, 2010. Ramius LLC, which owns about 5 percent of Analogic’s stock, had put forward a slate of directors for election at the next annual meeting. Steve Wolosky and Andrew M. Freedman represented Ramius in the settlement.
December 3, 2009
Olshan Litigators Win Summary Judgment
The New York Law Journal featured the Anthracite decision as a “Decision of Interest”. Thomas J. Fleming, Kyle C. Bisceglie, Howard J. Smith and Peter M. Sartorius defeated Anthracite’s motion for summary judgment for a firm client against mezzanine lender Anthracite. The decision by Judge Laura Taylor Swain of the Southern District of New York confirmed Olshan’s argument that fraudulent inducement, standing and illegality are legally viable defenses to “absolute and unconditional” guarantees. Read the decision here.
November 30, 2009
SF Business Times Reports on Ramius’ Settlement with Phoenix Technologies
The San Francisco Business Times reported on the successful negotiation of a settlement by Olshan's client Ramius LLC with Phoenix Technologies Inc. According to the article, Phoenix agreed to add five new directors, chosen by Ramius, to its Board. Phoenix also agreed to appoint a Ramius representative as Chairman of the Board. Ramius LLC, which owns about 13.8 percent of Phoenix’s stock, had put forward a slate of four directors for election at the next annual meeting. Steve Wolosky, Andrew M. Freedman and Jason W. Soncini represented Ramius in the settlement.
November 24, 2009
Salkin Serves on NAPEO Panel Discussion
Barry L. Salkin is a member of NAPEO’s (National Association of Professional Employer Organizations) Legal Advisory Council, and was a participant in a panel discussion on GINA (The Genetic Information Nondiscrimination Act).
November 11, 2009
Wolosky and Markovits Represent Youbet.com in Merger
The Daily Deal (subscription required) reported on Churchill Downs Incorporated and Youbet.com, Inc. merger agreement under which Churchill Downs would acquire all of the outstanding shares of Youbet.com for a mix of cash and stock in a transaction valued at approximately $125 million. Olshan is acting as co-counsel to Youbet.com in the transaction, which is subject to stockholder and regulatory approvals as well as other customary closing conditions. Steve Wolosky, Yehuda Markovits and Ryan S. Replogle comprised the corporate team representing Youbet.com.
November 9, 2009
Wolosky and Freedman Lead Steel to Adaptec Proxy Victory
Olshan’s client Steel Partners won its proxy fight to remove two incumbent directors, including the CEO, from the Board of Adaptec, Inc. Steel is the largest stockholder of Adaptec, a $400 million technology storage provider. The two-month proxy battle began when certain members of the Adaptec Board took actions against Steel's director representatives after this year’s nomination deadline had passed. Without the ability to take action at the upcoming Annual Meeting, Steel responded by launching a Consent Solicitation to remove two of the incumbent directors. After two months, Steel amassed the stockholder support it needed to pass its proposals and remove the directors. Some of the coverage can be read at New York Times DealBook, The Register and Associated Press. Steve Wolosky, Ron S. Berenblat, Andrew M. Freedman, Jason W. Soncini and Aneliya S. Crawford comprise the Olshan team that represented Steel in the matter.
October 23, 2009
Times Reports on Madison Equities “Green” Town Houses
The New York Times
reported on two town houses scheduled to begin construction in Greenwich Village that have a LEED silver rating which is a measure of environmental friendliness. Thomas D. Kearns, Eric L. Goldberg and Hyman Kindler represented Madison Equities in the acquisition.
October 22, 2009
Wolosky and Markovits Lead Team in Western Sizzlin’s Merger
The Boston Globe reported on Western Sizzlin Corporation's merger announcement with The Steak n Shake Company under which Steak n Shake would acquire 100% of Western Sizzlin’s outstanding stock for debentures issued by Steak n Shake. Olshan is acting as counsel to the special committee of the board of directors of Western Sizzlin in the transaction, which is subject to stockholder approval as well as other customary closing conditions. The Olshan team working on this transaction includes: Corporate: Steve Wolosky, Yehuda Markovits and Erik D. Syvertsen; Real Estate: Hyman Kindler and Matthew S. Root; and Tax: Nina Krauthamer.
October 21, 2009
Globe Covers FirstService Corp. Offering
The Boston Globe carried FirstService Corporation’s announcement that it entered into an agreement with a syndicate of underwriters under which they will purchase $70 million principal amount of convertible unsecured subordinated debentures. Robert H. Friedman, Yehuda Markovits and Aneliya S. Crawford acted as U.S. counsel on this offering.
October 21, 2009
Daily Deal Reports on Midsummer Acquisition of GigaBeam Assests
The Daily Deal (subscription required) reported on our client, Midsummer Investments Ltd., closing on the acquisition of the assets of GigaBeam Corporation in a Bankruptcy Court approved section 363 sale. Midsummer Investments Ltd acted individually and as an agent for other noteholders on the GigaBeam chapter 11 case which was filed and closed in under seven weeks. Adam H. Friedman lead Olshan’s team which included Martin S. Cooper, Elizabeth R. Gonzalez, Jordanna L. Nadritch and Jayme M. Bethel.
October 21, 2009
NY Post Shines Spotlight on Kaufman Organization
The New York Post
featured an article on the Kaufman Organization's 100th anniversary in the Commercial Real Estate Section. The article recounts the history of the family run business including the 1946 purchase of the 500,000 ft 450 Seventh Avenue for $4.6 million. Thomas D. Kearns leads the Olshan team representing the Kaufman Organization and its affiliates in acquisitions, financings and leases. The team includes Hyman Kindler and Jessica A. Berets.
October 20, 2009
Ross and Berets Represent Landlord in Grom Store Lease
The New York Post ran an article on the new Grom store at 240 Central Park South. Grom is the Italian maker of high-end gelato. Samuel P. Ross and Jessica A. Berets represented the landlord.
October 12, 2009
Bisceglie Obtains $44 Million Jury Verdict for Guidance
The Philadelphia Inquirer, the Albuquerque Journal, Forbes and many other news organizations have covered the $44 million dollar jury victory in favor of our client Guidance Endodontics against industry giant Dentsply International and Tulsa Dental after a three week trial with a nine person jury. The verdict is currently the largest standing verdict in New Mexico state or federal court history. The case involved breach of an exclusive manufacturing and supply agreement, anti-competitive and unfair business practices under the New Mexico Unfair Trade Practices Act and Lanham Act violations. Kyle C. Bisceglie and Renee M. Zaytsev were trial counsel and Herbert C. Ross and Joshua S. Androphy provided key support to Guidance. Our co-counsel was John Kelly of Modrall Sperling.
View our press release.
October 12, 2009
Ross and Berets Serve as Seller’s Counsel for 318 East 48th Street
The New York Post and the Real Deal covered the purchase of 318 East 48th Street, a 45,000 square-foot garage that can be converted to office use, to the Republic of Singapore. Samuel P. Ross and Jessica A. Berets served as counsel to the seller, Chapman Consulting Group.
October 5, 2009
Sixteen Olshan Lawyers Selected by Super Lawyers®
Sixteen Olshan lawyers were selected by Super Lawyers® for 2009 including first time designees Kyle C. Bisceglie, Adam H. Friedman and Jeffrey A. Udell. They join prior designees Steve Wolosky, Mitchell B. Stern, Robert W. Sadowski, Samuel P. Ross, Victor M. Rosenzweig, Hyman Kindler, Thomas D. Kearns, Steven R. Gursky, Eric L. Goldberg, Warren R. Gleicher, Robert L. Frome, Michael S. Fox and Thomas J. Fleming. (View our advertisement.)
October 1, 2009
Daily Deal Reports on Involuntary Bankruptcy against Signature
The Daily Deal reported (subscription required) on Signature Apparel's attempt to continue use of a loan from CIT Group just after three creditors filed an involuntary Chapter 7 petition. Signature’s creditors, Hitch & Trail Inc, Talful Ltd. and Harvest (China) Ltd., estimated $15 million in claims against the company in the petition. Michael S. Fox and Martin J. Feinberg represent the petitioning creditors.
September 30, 2009
Wall Street Journal Covers Empire Casino Battle
The Wall Street Journal ran an extensive article on Olshan’s client, Empire Resorts Inc., and its continuous efforts to develop an Indian casino at the Monticello Raceway in upstate New York. Robert H. Friedman and Jason S. Saltsberg lead Olshan’s team on the project including the recent equity and debt infusion. Also contributing are Erik D. Syvertsen, Thomas J. Fleming, Thomas D. Kearns, Hyman Kindler, Michael S. Fox, Adam H. Friedman and Fredrick J. Levy.
September 22, 2009
Crain’s NY Reports on VF Showroom Lease Handled by Stern
Crain’s New York Business featured an article about apparel company VF Corp. signing a seven-year office and showroom lease for 9,500 square feet at 260 West 39th Street for its "Splendid" and "Ella Moss" brands. Mitchell B. Stern represented VF Corp. on the lease.
September 17, 2009
NY Post Quotes Gursky on A&F Battle with Beyoncé
Today’s New York Post quotes Steven R. Gursky as an expert on the lawsuit filed by Abercrombie & Fitch against pop star Beyoncé over the trademark “fierce”. He commented on the possible trademark law complications for A&F’s claim including the existence of several other approved trademark filings using the word “fierce”.
September 16, 2009
Roket Selected As One of Real Estate NY's Women of Influence
Nina Roket was selected as one of Real Estate New York's Women of Influence for 2009 by Real Estate New York Magazine (September/October Issue).
September 10, 2009
Olshan Litigators Win Summary Judgment Motion
Law 360 recently reported on the lawsuit brought by our client Guidance Endodontics against Dentsply International and Tulsa Dental. In the most recent Law 360 article about this case, the presiding federal judge determined that Guidance’s suit should be tried. The case involves breach of an exclusive manufacturing and supply agreement, anti-competitive and unfair business practices under the New Mexico Unfair Trade Practices Act and Lanham Act violation. The jury trial is currently scheduled to begin on September 21, 2009. Kyle C. Bisceglie, Herbert C. Ross and Renee M. Zaytsev represent Guidance.
September 8, 2009
NYInc. Covers Kaufman Studios History
NYInc. Magazine featured an article about Kaufman Astoria Studios, one of New York City’s largest film and television studios, and detailed its rich history and recent major expansion. Thomas D. Kearns handled all of the financing arrangements for the Studio’s expansion.
September 3, 2009
Bisceglie, Lafayette and Sartorius Represent Atari in Two Lawsuits
Kyle C. Bisceglie, Mark S. Lafayette and Peter M. Sartorius represent Atari in two recently filed lawsuits involving the Massively-Multiple Online Role-Playing Game “Dungeons & Dragons Online” that have been widely reported in dozens of online gaming and software media channels over the last week. Some of the coverage can be read at IndustryGamers.com, Shacknews.com, Big Download.com and Blues News.com. A copy of recent litigation filings can be found here and here.
September 1, 2009
Pipes Report Quotes Fleming on Investor Lawsuits
The September issue of The Pipes Report (subscription required) quotes Thomas J. Fleming on the recent spate of lawsuits brought by PIPE funds against companies they’ve invested in to enforce the terms of the financing. Thomas J. Fleming and Herbert C. Ross represent AJW Partners in the action described in the article.
August 8, 2009
Herzberg, Sadowski and Barnea Win Summary Judgment in NJ Federal Court
The United States District Court for the District of New Jersey granted summary judgment to the Federal Home Loan Bank dismissing multiple claims by a former employee of the Bank who alleged she was discriminated against under Title VII, the American With Disabilities Act and the Family Medical Leave Act. Aliza F. Herzberg, Lori Barnea and Robert W. Sadowski handled the case on behalf of the Federal Home Loan Bank. Read the decision.
July 31, 2009
Wolosky and Schlesinger Lead Team in Bank Acquisition
The Daily Deal (subscription required) reported that SP Acquisition Holdings Inc. has agreed, subject to shareholder approval, to acquire Washington regional bank Frontier Financial Corp. Olshan attorneys who provided SP with legal counsel include Corporate: Steve Wolosky, Kenneth A. Schlesinger, Yehuda Markovits, Mark L. Lakin, Johnathan Duncan, Elizabeth R. Gonzalez, Ryan S. Replogle and Patrick J. Curtis; Real Estate: Hyman Kindler and Matthew S. Root; Employee Benefits: Manes M. Merrit and Barry L. Salkin.
July 17, 2009
Gursky and Silverman Represent Designer in Joint Venture with Jack Nicklaus
WWD (subscription required) announced that designer and Nautica founder David Chu has launched a strategic partnership with golf legend Jack Nicklaus to develop a worldwide strategy and unified creative direction for Nicklaus brands. David Chu Management Group will work with the Nicklaus Companies to plan and execute a new vision for Nicklaus and the products of his Golden Bear, Nicklaus and Jack Nicklaus labels, including product design, distribution strategy, brand management and new business development. Steven R. Gursky and Kenneth M. Silverman represented David Chu Management Group in this joint venture.
July 15, 2009
Goldberg and Kindler Represent United Capital in Loan Acquisition
United Capital Corporation announced today the purchase of a $60 million mortgage note encumbering the DoubleTree Miami Mart Hotel and Convention Center at the Miami International Airport, a short distance from downtown Miami and South Beach. The note was in foreclosure with an auction scheduled in the near future. Eric L. Goldberg and Hyman Kindler, lawyers in the Real Estate Group, and Adam H. Friedman, a partner in the Business Restructuring & Bankruptcy Group, represented United Capital in the acquisition.
June 30, 2009
Salkin Article in Benefits Law Journal
The Summer 2009 volume of Benefits Law Journal included an article by Barry L. Salkin, of counsel in the Employee Benefits Group, entitled "Equitable Tolling in the ERISA Context" which discusses the statutes of limitations, both within and outside of the Employee Retirement Income and Security Act (ERISA) context.
June 24, 2009
Kearns and Berets Represent Landlord in Organ Donor Office Lease
The New York Journal and Cityfeet.com both covered The New York Organ Donor Network lease of 30,000 square feet at 460 West 34th Street. Thomas D. Kearns and Jessica A. Berets represented 460 West 34th Street Associates, the owner of the building.
June 22, 2009
Daily Deal Reports on USTelematics Debt Talks
The Daily Deal (subscription required) reported on the latest developments on creditors discussing with USTelematics Inc., an Illinois based company which develops products to receive delivery of high speed data Internet service in autos. Twelve creditors filed an involuntary Chapter 7 filed against USTelematics on April 7. Michael S. Fox and Fredrick J. Levy represent the petitioning creditors.
June 20, 2009
Post Reports on Steel Partners Restructuring Victory
The New York Post reported on Olshan's victory for client Steel Partners in the Delaware Court of Chancery. Carl Icahn, one of the fund's investors, asked for an injunction against Steel to halt Steel’s plans to restructure its fund into a publicly traded company. The Court denied the motion. The litigation team, led by Thomas J. Fleming, also includes Christine W. Wong, Howard J. Smith, Lori Barnea, Marco A. Santori and Jessica A. Berets. The lawyers on the corporate side include Jason S. Saltsberg, Patrick J. Curtis, Aneliya S. Crawford and Ryan S. Replogle. Steve Wolosky and Jeffrey S. Spindler are the lead Olshan partners representing Steel in the restructuring.
May 29, 2009
Steel Partners Japan Wins Proxy Contest
Olshan's client Steel Partners Japan scored a rare victory for shareholder activism in Japan as shareholders of Aderans Holdings, a Japanese wig maker, elected to Aderans' board of directors all of Steel Partners' candidates and rejected the candidates from Unison Capital Inc., a private equity firm that was supported by Aderans management. The Wall Street Journal, Forbes and the Financial Times, among other national and international media sources, covered the story. Steve Wolosky, Kenneth M. Silverman and Johnathan Duncan comprise the Olshan team that represents Steel Partners Japan.
May 21, 2009
NY Post Quotes Wolosky on Proposed Proxy Rules
Today's New York Post quotes Steve Wolosky on the Securities and Exchange Commission plan that will make it easier for hedge fund investors to fight for board representation at public companies by allowing investors to nominate opposing board candidates using a company's proxy materials.
May 21, 2009
Media Reports on Olshan's Client Steel Partners Japan
Two U.S. proxy advisory firms, Glass, Lewis & Co and RiskMetrics, have urged shareholders of Japanese wig maker Aderans Holdings to support board members proposed by its top shareholder, U.S. hedge fund Steel Partners, and vote against the share sale to Unsion Capital, a Japanese investment fund. The Economist, Bloomberg and Reuters covered the story. Steve Wolosky, Kenneth M. Silverman and Johnathan Duncan represent Steel Partners Japan.
May 20, 2009
Daily Deal Reports on Steel Partners II Restructuring
The Daily Deal (subscription required) reported on the latest developments on Olshan's client Steel Partners' plans to proceed with its plan to restructure its fund into a publicly traded company in which participating LPs would receive common units based on economic interest. Steve Wolosky, Jeffrey S. Spindler, Jason S. Saltsberg and Denise Wahba represent Steel.
May 18, 2009
Bisceglie and Smith Win Jury Trial in California
After a six day trial, a twelve person jury returned a defense verdict in California Superior Court, San Diego for Olshan clients Inovio Biomedical Corporation and Genetronics, Inc. in a multi-count complaint involving a claim for an alleged success fee arising from Genetronics Biomedical Corporation's 2005 acquisition of all shares of Inovio AS. The jury was out for less than two hours. Kyle C. Bisceglie and Howard J. Smith represent Inovio Biomedical Corporation and Genetronics, Inc.
April 14, 2009
S&P Reports on J.P. Morgan Spin-off of BSAM Loan Assets to UrsaMine
Standard & Poor's Leveraged Commentary & Data unit reported on the successful completion of the spin-off by J.P. Morgan Asset Management of $1.7 billion of loan assets previously managed by Bear Stearns Asset Management (BSAM), including four CLO funds and a commingled unlevered fund, to UrsaMine Credit Advisors LLC, a new firm formed by Justin Driscoll and Niall Rosenzweig, the portfolio managers for those funds at BSAM. Yehuda Markovits and Victor M. Rosenzweig represented UrsaMine and its principals in the transaction.
April 1, 2009
Salkin Article in PEO Insider
The April 2009 issue of PEO Insider included an article by Barry L. Salkin, of counsel in the Employee Benefits Group, entitled "State Tax Credit Provisions in Client Service Agreements" which discusses drafting CSAs and dealing with federal and state tax credits.
March 31, 2009
CNBC Interviews Herzberg
On today's CNBC's Reports, Aliza F. Herzberg was interviewed on whether the government should be able to abrogate employment contracts of employees of bailout recipients. Click here to view the clip.
March 27, 2009
Times Reports on Successful Proxy Contest for Biotechnology Company
The New York Times reported on the resolution between Avigen, a bio-tech company, and Biotechnology Value Fund, Olshan's client and Avigen's largest shareholder. Avigen agreed to Biotechnology Value Fund's demand to dissolve and to liquidate in the aftermath of its failed drug trial. The initial controversy was extensively covered by The New York Times, Greenbackd and FierceBiotech. Adam W. Finerman's team representing Biotechnology Value Fund included Jason W. Soncini, Jesse A. Hofrichter and Ryan S. Replogle.
March 16, 2009
CNBC Interviews Herzberg on AIG Bonuses
On today's CNBC's show "The Call of the Wild," Aliza F. Herzberg appeared with Rick Santelli to discuss whether AIG should be allowed to pay its employees $165 million in bonuses. Aliza was also quoted in KansasCity.com Prime Buzz and NewsBusters.org.
March 6, 2009
Wolosky Serves as Panelist at Investor Conference in Vegas
Steve Wolosky will serve as a panelist and address activism issues at the 10th Annual B Riley Investor Conference which will be held in Las Vegas, Nevada from March 17-19, 2009.
February 16, 2009
Barron's Reports on Nanes Balkany Successful Settlement
Barron's reported on the successful negotiation by Olshan's client Nanes Balkany in the settlement agreement with Toreador Resources Corp. According to Barron's, the settlement took a total of eight days and resulted in the appointment of three Nanes Balkany nominees to the Board and the termination of the company's poison pill. Steve Wolosky, Ron S. Berenblat, Elizabeth R. Gonzalez and Amanda S. Lamson represented Nanes Balkany in the settlement.
February 4, 2009
Herzberg Interviewed on CNBC on Proposed Federal Restrictions on Compensation
On today's CNBC's Reports, Aliza F. Herzberg commented on President Obama's plan to cap executive compensation at $500k for companies that received federal aid. Click here to view the clip.
January 29, 2009
Wolosky Advises North & Webster in Proxy Settlement
The Daily Report reported on the settlement obtained for Olshan's client North & Webster outlining an expansion of the SED International Holdings Inc. board to include two North & Webster representatives; and other matters. Steve Wolosky and Andrew M. Freedman represent North & Webster.
January 27, 2009
Olshan Obtains Tax-Exempt Status for Friends of INTRA, Inc.
Friends of Intra, Inc., assisted by partner Nina Krauthamer, has obtained IRS recognition of U.S. tax-exempt status, confirming that contributions to Friends of Intra, Inc. will be deductible for U.S. tax purposes. INTRA (the Israel National Therapeutic Riding Association ), founded in 2000, is a non-profit organization committed to teaching equine skills and horseback riding to disabled children and adults. Friends of Intra, Inc. recently made an emergency grant to INTRA to enable INTRA to purchase Big Mama, an 8 year old purebred Austrian Haflinger, who was on loan to INTRA and up for immediate sale by its owner.
January 15, 2009
Media Reports on Steel Partners II Restructuring and Icahn Dispute
Olshan's client Steel Partners II plans to restructure its fund into a publicly traded entity by merging with credit provider WebFinancial LP, which the fund already controls. Carl Icahn, one of the fund's investors, has filed suit against Steel Partners II to halt the transaction. The Daily Deal, Wall Street Journal (subscriptions required) and AmLaw Daily and reported on the deal and the litigation. Steve Wolosky and Jeffrey S. Spindler are the lead attorneys representing Steel. The lawyers working on this deal also include Yehuda Markovits and Jason S. Saltsberg on the corporate side and Thomas J. Fleming on the litigation.
January 14, 2009
Olshan Represents Landry's CEO and Counsels on $400 Million Financing
Landry's Restaurants, Inc. announced that instead of being taken private by affiliates of its CEO, Tilman J. Fertitta, it will refinance approximately $400 million in debt with Jefferies & Co. Steve Wolosky and Michael R. Neidell represent CEO Fertitta and are co-counsel for Landry's financing. The lawyers working on this deal also include Jason S. Saltsberg and Amanda S. Lamson.
January 13, 2009
Deal Article on Olshan Representing Arbios in Chapter 11
The Daily Deal reported (subscription required) on Arbios Systems Inc., a medical device company, which has filed for Chapter 11 with new sale plans after failing to complete a sale or find funding out of court. Michael S. Fox and Andrea Fischer represent Arbios Systems Inc. in its bankruptcy and restructuring.
January 7, 2009
Olshan Litigators Represent Marvel in Dispute with MGA
Law360 reported on the lawsuit brought by Olshan on behalf of Marvel Entertainment Inc. which seeks more than $4.8 million from MGA Entertainment Inc. for violating licensing agreements covering Marvel Entertainment Inc. characters, including Spider-Man and Ghost Rider. Kyle C. Bisceglie and Howard J. Smith represent Marvel Entertainment and Spider-Man Merchandising.
January 6, 2009
Portland Press Herald Reports on Freeport Purchase
The Portland Press Herald reported that three prime outlet retail buildings in Freeport, Maine were sold to Freeport Group, LLC, a group of New York investors, who purchased the property as an investment. Samuel P. Ross represented Freeport Group, LLC.
January 5, 2009
Markovits and Marks-Esterman Named as Olshan Partners
Olshan announced today that Yehuda Markovits and Lori Marks-Esterman have been named partners in our Corporate and Litigation Groups respectively.
January 2, 2009
Olshan expands IP, Real Estate and Litigation Practices
Olshan announced today the expansion of its Intellectual Property, Real Estate and Litigation practices. Joining the firm as a partner is Steven R. Gursky, who is a well-known attorney with experience in Intellectual Property, Real Estate and general counseling. In addition, Mitchell B. Stern and Martin J. Feinberg have joined as partners, Mark S. Lafayette, Mary L. Grieco and Elliott J. Brown have joined as counsel, and Matthew S. Root, Safia A. Anand and Melanie J. Sacks have joined as associates. The group is joining Olshan from Dreier LLP.
January 2, 2009
Bisceglie and Zaytsev Obtain TRO and Prelim Injunction
The United States District Court for the District of New Mexico, Judge James O. Browning, granted our client Guidance Endodontics a temporary restraining order requiring defendants, Dentsply International and Tulsa Dental, to manufacture and supply critical products "without delay." The Court granted the TRO and issued the attached decision after conducting a five day hearing. Additionally after a two day hearing, a preliminary injunction in favor of Guidance was granted. Kyle C. Bisceglie and Renee M. Zaytsev represent Guidance.
January 1, 2009
Kearns Represents Kaufman in Building Donation to FIT
George Kaufman, Chairman of the Kaufman Organization, and his wife Marianna were honored by the Fashion Institute of Technology in recognition of their generous donation for the construction of a 320,000 square foot residence hall named Kaufman Hall in their honor. Thomas D. Kearns and Nina Krauthamer represented George Kaufman on the pledge and building naming.
Hampton Sheet and
Real Estate Weekly reported on the event.
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