The Deal Reports on Madison 92nd Street Bankruptcy
Silverman Handles Acquisition for Alleghany
Olshan was honored at The Deal Middle Market Awards in Chicago for its work in representing George Feldenkreis, founder and former Executive Chairman of Perry Ellis International, in his deal to take Perry Ellis private, which was honored as the “Deal of the Year” and “Middle Market Activist Campaign of the Year.”
Olshan Frome Wolosky acted as counsel to IMAC Holdings, Inc. in the underwritten initial public offering of IMAC’s shares of common stock and warrants to purchase common stock, at a public offering price of $5.125 per unit. IMAC owns and manages outpatient medical clinics throughout the Midwest that provide regenerative, orthopedic and minimally invasive procedures and therapies centered around treating sports injuries. IMAC has partnered with several active and former professional athletes, opening two Ozzie Smith IMAC Regeneration Centers, two David Price IMAC Regeneration Centers, and a Tony Delk IMAC Regeneration Center. Dawson James Securities, Inc. acted as the book running manager and Axiom Capital Management, Inc. and The Benchmark Company LLC acted as co-managers for the offering. IMAC’s shares and warrants are trading on The NASDAQ Capital Market under the ticker symbols “IMAC” and IMACW.”
Olshan Frome Wolosky acted as counsel to Legacy Housing Corporation in the initial public offering of an aggregate of 4,000,000 shares of its common stock at a public offering price of $12.00 per share. Legacy Housing is the fourth largest producer of manufactured homes in the United States and a recognized leader and innovator in the manufactured housing industry. Shares of the company are trading on The NASDAQ Global Select Market under the symbol “LEGH.” The offering was made through an underwriting group led by B. Riley FBR, Inc., Oak Ridge Financial and National Securities Corporation.
- Olshan Acts As Counsel to a Regional Hospital in the East Bay of San Francisco in a Unique Distress Termination
In the first case ever heard through the Pension Benefit Guaranty Corporation’s Pilot Mediation Program (which as a result of the resounding success is now a permanent PBGC program), Olshan had sought relief from an over $ 70 MM underfunding liability claim from the PBGC.
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.