Olshan Law News

News

December 15, 2006
New York Times Reports on Empire's Casino
The New York Times (subscription required) published an article on December 15, 2006 reporting that the Department of the Interior's Bureau of Indian Affairs approved the request of Empire Resorts, Inc.'s partner, the St. Regis Mohawk Tribe, to build a casino at Monticello Raceway. The longtime harness racing track, owned by Empire, is currently the site of Monticello Gaming and Raceway which features more than 1,500 electronic gaming machines. This federal approval represents a significant step forward in the twelve-year process to develop a casino at Monticello Raceway. Olshan represents Empire Resorts, Inc. with respect to corporate and securities matters including the financing of the development of the casino. Olshan's team includes Robert H. Friedman and Jason S. Saltsberg on the corporate and securities matters.

November 29, 2006
Fox Helps Rescue Basketball City
Michael S. Fox and Fredrick J. Levy from Olshan's bankruptcy team scored a victory for client Basketball City U.S.A. They gained Bankruptcy Court approval for Basketball City to obtain $1.5M of DIP financing convertable to equity upon the confirmation of a plan of reorganization. A portion of the loan will enable Basketball City to continue its operations at multiple locations in Manhattan while it develops a new facility at Pier 36 north of the South Street Seaport. The remainder of the loan will be used to fund Basketball City's expansion. City hoopsters throughout the City cheered and The Deal.com ran an article for its subscribers. Excerpts may be found here.

August 18, 2006
Wolosky Handles Lone Star $600 Million Sale
Lone Star Steakhouse & Saloon, Inc. (NASDAQ: STAR), a restaurant chain based in Wichita, Kansas announced it had signed a definitive agreement to be acquired by affiliates of Lone Star Funds, a Dallas-based private equity firm, in a transaction valued at $600 million. The deal remains subject to shareholder approval. The Olshan team representing Lone Star Steakhouse & Saloon Inc. includes Steven Wolosky, Kenneth A. Schlesinger, Thomas D. Kearns, Hyman Kindler, Michael R. Neidell and Jonathan H. Deblinger.

May 1, 2006
Fleming Wins Derivative Claim
On behalf of a hedge fund client, we commenced a derivative action challenging a Board's defensive measures as an unlawful vote buying scheme and also seeking to recover excess compensation paid to its CEO. The Board responded by appointing a Special Litigation Committee, which to no one's surprise issued a report favorable to the Board. We successfully challenged at trial the Committee's Report and persuaded the judge that its investigation of our claims was deficient and that its conclusions were unreasonable. (Opinion of the Court).This marks a rare victory for a derivative plaintiff against the Special Litigation Committee defense and the first reported trial of this defense under New Jersey law. The New Jersey Law Journal reported the decision on page 1 of its May 1 edition edition (subscription required). Thomas J. Fleming and Jack Kint comprised Olshan's team.

March 17, 2006
Olshan Wins Board Seat on KT&G
A dissident shareholders group represented by Olshan captured a board seat on KT&G, Korea's largest tobacco company. It is believed to be the first time an outsider has won a board seat for a Korean company. Steve Wolosky, Ron S. Berenblat, Jeffrey S. Spindler and Warren R. Gleicher comprised Olshan's team. The victory was widely reported.

February 15, 2006
Times Likes Telepan
Telepan, Bill Telepan's new restaurant received a terrific review in the New York Times recently. Olshan represented Telepan and his partners in raising capital for the venture and with respect to the lease and the build out of the space. Olshan's team included Nina Roket, Kenneth A. Schlesinger and Jonathan H. Deblinger.

February 10, 2006
Adler IPO for AmCOMP
AmCOMP Incorporated announced the pricing of its initial public offering of 10.5 million shares of its common stock. Olshan's partners, David J. Adler, Kenneth M. Silverman represented AmCOMP in the offering.

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