Represented Cascade Funding, LP-Series 6, an affiliate of asset manager Waterfall Asset Management, in securing summary judgment on Cascade’s breach of contract claim against The Bancorp Bank relating to Cascade’s valid exercise of a “market out” clause in connection with the purchase of a pool of $900 million in mortgage loan assets for securitisation in a CRE CLO.
Representing investment vehicles associated with Carl Icahn, one of Wall Street’s most successful investors and activists, in a case in Nevada state court against Rialto Capital Advisors for breach of contract and fraud in connection with Rialto’s servicing of a commercial mortgage-backed securities (CMBS) trust secured by the Prizm Outlets mall in Primm, Nevada, which resulted in a loss of almost $73 million, plus almost $13 million in fees, the largest loss on a CMBS conduit loan since the 2008 financial crisis. Successfully defeated Rialto’s motion to dismiss on all counts alleged in the complaint, and the case is proceeding with discovery.
Represented Kawa Capital Management in litigation concerning the administration of a securitisation that issued auction rate bonds and was originally backed by over $1 billion in student loans.
Represented Davidson Kempner Capital Management, Cowell & Lee, Autonomy Capital, Hutch Capital, and other holders of $550 million in senior notes issued by China Fishery Group in connection with disputes arising from the bankruptcy of certain entities related to China Fishery Group, one of the world’s largest fishing companies.
Represented the owners of the Hotel Chelsea in successfully ending a two-year dispute with New York City’s Department of Housing Preservation & Development, resulting in the lifting of a stop work order that had stalled construction.
Represented the Trustee for an Unsecured Creditors’ Litigation Trust in successfully settling breach of fiduciary duty claims against two former officers and the debtor’s controlling shareholder arising from the alleged siphoning of hundreds of millions of dollars from a failed construction project.
