Bankruptcies and restructurings are among the most challenging problems faced by businesses. We are committed to vigorously protecting our clients’ interests in bankruptcy proceedings and out-of-court workouts and to achieving the best possible outcomes.
The firm’s Bankruptcy and Corporate Restructuring Group is thoroughly experienced in representing debtors and debtors-in-possession, asset purchasers, and secured and unsecured creditors. Our clients include a wide range of public and private middle-market companies as well as creditors’ committees. In addition, we represent many real estate owners in connection with loan restructuring and counsel individual clients with respect to complex individual debt restructuring.
We work closely with the firm’s Litigation, Corporate and Securities, and Real Estate Practice Groups to find efficient solutions in difficult business environments. Our attorneys have appeared in the bankruptcy courts of the Southern and Eastern Districts of New York and also in other courts around the country.
Our practice encompasses:
|Brownstein, Michael Z. Counsel||Counsel||212.216.8036|
|Cavaliere, Rocco A. Partner||Partner||212.216.1141|
|Dineen, Suzanne Paralegal||Paralegal||212.216.1191|
|Goldstein, Arthur Counsel||Counsel||212.216.1119|
|Lydell, Sherri D. Partner||Partner||212.216.1151|
|Makower, Jill Counsel||Counsel||212.216.1179|
|Markowitz, Scott S. Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||212.216.8005|
|Piazza, Deborah J. Partner||Partner||212.216.1140|
|Seitllari, Jonilda Paralegal, CFE||Paralegal, CFE||212.216.8028|
|Spizz, Alex Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||212.216.1155|
|Wolf, Robert A. Partner||Partner||212.216.1159|
On November 17, 2020, Bankruptcy and Corporate Restructuring Co-Chair and Partner Scott Markowitz was quoted in The Wall Street Journal article, “Hundreds of Companies That Got Stimulus Aid Have Failed- Recipients of PPP loans have filed for bankruptcy after the money ran out.” The article delves into the wide range of companies that have received PPP loans as a result of the pandemic and subsequently filed for bankruptcy.
Bankruptcy and Corporate Restructuring Co-Chair Scott Markowitz was quoted in The Real Deal article, “Operator of Martinique Hotel in Manhattan files for bankruptcy.” Scott is representing the Martinique hotel, a famous landmark Manhattan hotel, in its recent Chapter 11 bankruptcy filing in the Southern District of New York due to COVID-19.
Bankruptcy & Corporate Restructuring Co-chair Scott Markowitz was featured in the Law360 article, “Judge To Wait On Claim Talks Result For Purdue Class Call.” The article discusses the New York bankruptcy judge agreeing to postpone the request by five classes of opioid victims, to file class proofs of claims in Purdue Pharma's Chapter 11 case, until after plan mediation is concluded.
Bankruptcy & Corporate Restructuring Co-chair Scott Markowitz, and Bankruptcy Partners Rocco Cavaliere and Michael Brownstein were featured in the Law360 Article, "Purdue Asks Court To Say No To New Classes In Ch. 11 Case." The article discusses the recent update to the case wherein attorneys for the children inflicted with neonatal abstinence syndrome (“NAS”) and other class claimants have requested that the bankruptcy court allow them to file class proofs of claim. Purdue Pharma filed for bankruptcy last September after the accumulation of thousands of lawsuits alleging it helped fuel the opioid crisis by playing down its painkillers' addiction risks, which Purdue has denied.
We are pleased to announce that Commercial Finance and Bankruptcy & Corporate Restructuring Partner Sherri Lydell has been appointed to the Board of Directors of the Garment District Alliance. The non-profit works to improve the quality of life and economic vitality of Manhattan’s Garment District. As a board member, Sherri will collaborate with business, civic and government leaders to make the neighborhood clean and safe, while strengthening local businesses.
Scott Markowitz, Partner and Bankruptcy Group Co-chair was quoted in the Undercurrent News article, “US Wholesaler Baldor Outbids Others to Secure Assets of Bankrupt Pierless Fish.” Scott represents Pierless Fish in a Chapter 11 proceeding pending in the U.S. Bankruptcy Court for the Eastern District of New York.
Scott Markowitz, co-chair of the Bankruptcy and Corporate Restructuring Group, and Rich Schoenstein, host and Litigation partner, talk Bankruptcy Basics and Recent Developments on the latest episode of Law Brief.
Bankruptcy & Corporate Restructuring co-chair Scott Markowitz was featured in the Reuters and New York Times articles, “OxyContin maker Purdue Pharma to pay states' lawyers, urged to help victims.” The articles discuss the OxyContin maker Purdue Pharma LP recent court approval to reimburse millions of dollars in legal fees for states that back its proposed $10 billion settlement of opioid lawsuits, under the condition to help victims of the addiction crisis.
Tarter Krinsky & Drogin’s Bankruptcy and Corporate Restructuring co-chair Scott Markowitz has been retained as bankruptcy counsel to the Ad Hoc Committee of NAS Babies in the Purdue Pharma Chapter 11 case pending in the United States Bankruptcy Court for the Southern District of New York. Since 2012, more than 300,000 babies have been born in the United States with Neonatal Abstinence Syndrome (NAS), which stems from opioid-dependent mothers. NAS is a group of conditions caused when a baby withdraws from opioids when exposed in the womb before birth, and have numerous developmental issues and have to be weaned off of opioids after birth.
Thirty-two lawyers from Tarter Krinsky & Drogin have been named to the 2019 New York Super Lawyers and Rising Stars lists, a rise in Tarter Krinsky & Drogin attorneys awarded as top lawyers in New York. The annual Super Lawyers list recognizes the top five percent of lawyers in New York for their professional achievements. Lawyers are selected through a process that includes independent research, peer nominations and peer evaluations.
Commercial Finance and Bankruptcy & Corporate Restructuring partner Sherri Lydell’s recent arrival to Tarter Krinsky & Drogin was featured in Mann Publications' Fashion Mannuscript, a business-to-business publication specializing in real estate, finance and fashion.
The recent arrival of Commercial Finance and Bankruptcy & Corporate Restructuring partner Sherri Lydell was featured in the New York Law Journal’s Lawyers on the Move section. Sherri represents a wide range of lending institutions in complex finance transactions, including loan originations for asset-based loans and real estate matters, loan restructurings, out-of-court workouts and bankruptcy proceedings in the middle market. She also represents corporate clients on contract matters, including buyout and purchase and sale agreements. An active member of the community, Sherri is one of the founders and board members of WHOW of NY, Inc., a nonprofit organization benefitting women in need.
Tarter Krinsky & Drogin, a leading
On November 15, Bankruptcy and Corporate Restructuring co-chair Alex Spizz was featured in a Law360 article, "$150M Ch. 7 Deal To Free Ampal From Egypt Gas Row OK'd,” on his recent agreement to settle ongoing international arbitration proceedings involving Ampal-American Israel Corporation, a holding company that primarily acquires interests in Israel-related businesses and owns shares in the East Mediterranean Gas Company (EMG) and the Egyptian Government.
Bankruptcy and Corporate Restructuring co-chair Alex Spizz was featured in Calcalist, an Israeli daily newspaper, on his client Ampal’s debt settlement. At the company’s bondholders’ meeting in Tel Aviv, Alex stated, “Ampal will receive $173 million which should result in bondholders receiving at least 50 cents on every dollar of debt.”
Thirty lawyers from Tarter Krinsky & Drogin have been named to the 2018 New York Super Lawyers and Rising Stars lists as top lawyers in New York. The annual Super Lawyers list recognizes the top five percent of lawyers in New York for their professional achievements. Lawyers are selected through a process that includes independent research, peer nominations
We proudly honor the impressive women of Tarter Krinsky & Drogin as part of our series in recognition of Women’s History Month. They bring tremendous value to our firm, our clients, our profession and our community. In this installment, learn more about Deborah Piazza.
Bankruptcy co-chair Alex Spizz was featured in “Tribunal Orders Egypt To Pay $1B In Gas Supply Row” in Law360 and “Arbitrator: EMG Due $1.03b From Egypt Over Canceled Gas Contract” by Haaretz, a leading Israeli newspaper.
Bankruptcy and Corporate Restructuring partner Rocco Cavaliere has been selected to serve on the Expert Panel of the Lexis Practice Advisor, a resource for attorneys and in-house counsel. In this role, Rocco will contribute first-hand knowledge and perspectives regarding the current legal environment and trends in the bankruptcy field.
This year, 28 lawyers from Tarter Krinsky & Drogin have been named to the 2017 New York Super Lawyers and Rising Stars lists as top lawyers in the state. The annual Super Lawyers list recognizes the top five percent of lawyers in New York for their professional achievements. Attorneys are selected through a process that includes independent research, peer nominations and peer evaluations.
Four Tarter Krinsky & Drogin attorneys were ranked on the Rising Stars list, which recognizes the top 2.5 percent of lawyers who either are under the age of 40 or have been in practice for 10 years or less.
Bankruptcy partner Rocco Cavaliere has been appointed to the Mediator Panel for the U.S. Bankruptcy Court for the Southern District of New York. Rocco has handled several successful formal mediations of multi-million dollar disputes on behalf of litigants in adversary proceedings in the Southern District of New York and elsewhere.
Bankruptcy co-chair Scott Markowitz was quoted in a New York Times article on a case involving millionaire San Diego developer Roque De La Fuente.
Bankruptcy and Corporate Reorganization partner Rocco Cavaliere and counsel Arthur Goldstein attended the recent New York County Lawyers’ Association reception honoring the newly elected, appointed, re-elected and re-appointed judges in New York Supreme Court (First Judicial District) and the Southern District of New York.
The Global Restructuring Review recently featured a case that is being handled by Bankruptcy and Corporate Restructuring partner Alex Spizz, who is serving as Chapter 7 trustee to administer the affairs of Ampal-American Israel Corporation (Ampal).
Tarter Krinsky & Drogin has been retained as counsel to the Official Committee of Unsecured Creditors in the Chapter 11 case of Transmar Commodity Group Ltd., pending in the Bankruptcy Court for the Southern District of New York.
Bankruptcy partner Rocco Cavaliere has been appointed as the co-chair of the New York County Lawyers’ Association’s (NYCLA) Bankruptcy Law Committee.
The firm is representing NYC Constructors Inc. and its subsidiary in their respective bankruptcy cases.
Tarter Krinsky & Drogin LLP is pleased to welcome Jill Makower to the Bankruptcy and Corporate Restructuring Practice.
Deborah J. Piazza wrote the article “When Purchasing Distressed Assets, Protect Yourself Against Possible Fraudulent Transfer Litigation.” This article addresses the two types of fraudulent transfers - actual fraud and constructive fraud and provides guidance on how best to protect yourself against the risk of possible fraudulent transfer litigation.
Tarter Krinsky & Drogin LLP is pleased to announce the addition of Alex Spizz, Perry L. Cohen, Arthur Goldstein, Paul Richard Karan and Jill Makower.
Deborah J. Piazza published the article “Stalking Horse Bidder – To Be or Not To Be” on the inforuptcy blog. This article addresses the “stalking horse” – the initial bidder with whom a debtor or trustee negotiates and enters into in a purchase agreement.
On April 28, 2011, The Christian Brothers' Institute and The Christian Brothers of Ireland, Inc. became the first Roman Catholic religious order to file voluntary petitions in the United States Bankruptcy Court in the Southern District of New York seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code.
Tarter Krinsky & Drogin LLP is pleased to welcome Robert A. Wolf as a Partner in the Bankruptcy and Financial Restructuring Group. Bob is experienced in all aspects of bankruptcy, real estate and commercial litigation.
Tarter Krinsky & Drogin is representing Main Street Connect LLC d/b/a Daily Voice an online hyper-local news website which operates approximately 41 local news websites in Westchester County and Fairfield County, CT.
HRH Construction LLC filed a Chapter 11 petition with the United States Bankruptcy Court in the Southern District of New York on September 6, 2009. The Creditors’ Committee selected Tarter Krinsky & Drogin as its counsel to represent it in HRH’s Chapter 11 case.
Scott S. Markowitz has joined Tarter Krinsky & Drogin as a Partner and will lead the firm’s Bankruptcy and Corporate Restructuring Practice.
Understandably lost in the shuffle amidst the myriad of new laws and regulations resulting from the COVID-19 pandemic is New York's new Uniform Voidable Transactions Act (UVTA). Signed by Governor Andrew Cuomo on December 6, 2019, the UVTA became effective on April 4, 2020, and governs fraudulent transfers made on or after that effective date.
On August 23, 2019, the Small Business Reorganization Act of 2019 was signed into law, creating a new Subchapter 5 of the United States Bankruptcy Code. The new law, which went into effect on February 19, 2020, is designed to streamline and expedite the debt restructuring process for small businesses which affirmatively elect to file bankruptcy under Subchapter 5.
Bankruptcy and Corporate Restructuring co-chair Scott Markowitz wrote a New York Law Journal article, “The Bankruptcy Times They Are Changing: Real Estate Developers Beware,” which appeared in the publication’s special report on Corporate Restructuring and Bankruptcy. The article explores some of the significant trends Scott has seen over the last 30 years that he has been representing middle-market debtors in Chapter 11 cases in New York City with respect to what the Bankruptcy Code denominates as “single asset real estate” cases.
On May 20, 2019, the U.S. Supreme Court issued a long-awaited and important decision in Mission Product Holdings, Inc. v. Tempnology, LLC, 587 U.S. __ (2019) (the Supreme Court decision), resolving a split amongst various Circuit courts concerning the impact of rejection of trademark licenses by debtor-licensors in a bankruptcy case.
In 2018, the First Circuit in Mission Product Holdings, Inc. v. Tempnology, LLC, 879 F.3d 389 (1st Cir. 2018) (the Tempnology Decision) decided that trademark licensees lost their rights under a trademark license when the chapter 11 debtor-licensor rejected the trademark license between the parties. This decision by the First Circuit conflicted with another circuit court decision from the Seventh Circuit, leading the U.S. Supreme Court to resolve the conflict amongst the circuits regarding the rights of a licensee in a trademark that is rejected by a debtor-licensor in a bankruptcy case.
Tarter Krinsky & Drogin’s Bankruptcy & Corporate Restructuring Group recently completed its successful representation on behalf of The Brown Publishing Company Liquidating Trust, which was created several years ago in connection with the confirmed bankruptcy plan of The Brown Publishing Company and its affiliated debtors in the Bankruptcy Court for the Eastern District of New York (E.D.N.Y.).
One of the most controversial bankruptcy court cases of the past year was Fisker Automotive Holdings, Inc. ("Fisker") decided in Delaware. Many investors have feared the Fisker decision would forever change the market for the strategic acquisition of secured debt. However, Fisker should only be read in the context of the particular facts and circumstances of that case.
This article addresses the two types of fraudulent transfers - actual fraud and constructive fraud and provides guidance on how best to protect yourself against the risk of possible fraudulent transfer litigation.
As most investors know, you can obtain a great deal purchasing assets out of a bankruptcy estate. But do you want to be the first interested party to negotiate and enter into a purchase agreement? Do you want to be the party that conducts all of the due diligence and sets the minimum purchase price?
This article addresses issues to consider when purchasing real estate assets in bankruptcy including other parties with rights to the property, which leases or other interests may exist, and the intentions of current tenants and other parties in interest.
Bankruptcy can be an important financial tool. Through the Chapter 11 process, bankruptcy can allow a company to restructure its debt and become a more efficient and profitable business, without the threat of looming creditors. There are many benefits to a Chapter 11 proceeding. For example a corporation’s existing management can stay in control of the business as a Debtor in Possession (DIP) as long as it continues to exercise reasonable business judgment and does not act in an incompetent or fraudulent manner.