Olshan Prevails on Behalf of Grubb & Ellis Brokers
NEW YORK, May 10, 2012 -- Olshan partner Michael S. Fox, leader of the firm’s Business Restructuring & Bankruptcy group, prevailed in U.S. Bankruptcy Court for the Southern District of New York on May 4, 2012 by forcing Grubb & Ellis to reject the contracts of many Grubb & Ellis brokers who were in limbo. Upon a broker's determination to reject an offer of employment from BGC Partners Inc., Judge Martin Glenn ordered Grubb & Ellis to immediately reject the contract of such broker, finally shifting the broker's ability to determine his or her own destiny.
Olshan has been representing an Ad Hoc Committee of over 60 brokers nationwide, since February, 2012 in connection with the Grubb & Ellis bankruptcy proceeding. Although unable to convince Judge Glenn not to allow the assumption of brokerage commission agreements free and clear of broker claims, which matter Olshan is appealing, Olshan prevailed on the Judge, as Fox argued, to "let my people go." Fox noted, “This is far from a pyrrhic victory as otherwise brokers were unable to rid themselves of onerous contractual obligations to Grubb.”