Cole Schotz P.C

Cole Schotz, an Am Law 200 firm, provides legal services throughout the United States from its offices in New Jersey, New York, Delaware, Maryland, Texas, and Florida. We represent hundreds of businesses, large and small, and select individuals. Many have been clients for decades.

Business Succession Planning – Should I Own My Business In A Trust?

By Steven M. Saraisky

March 3, 2021

Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and tax planning professional is, “Should I own my business in a trust?” There are, of course, many nuances to this question, and every situation is different. Nonetheless, below are some important considerations in evaluating the benefits of having…

Bankruptcy & Restructuring Law

New Chapter 11 Filing – Alamo Drafthouse Holdings, LLC

By Cole Schotz

March 3, 2021

On March 3, 2021, dine-in movie theater chain Alamo Drafthouse Holdings, LLC of Austin, TX filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10474), along with several affiliates. The company reports $100 to $500 million in both assets and liabilities. Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you…

Bankruptcy & Restructuring Law

New Chapter 11 Filing – CMC II, LLC and Affiliates

By Cole Schotz

March 2, 2021

On March 2, 2021, CMC II, LLC of Maitland, FL, along with several affiliates, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10461). CMC II is part of a family of companies owned by non-debtor LaVie Care Centers (d/b/a Consulate Health Care), which manages and operates 140 nursing facilities. The company reports $100 to $500 million in both assets and…

Employment Law

New Jersey Legalizes Recreational Cannabis and Enacts Employment Protections for Cannabis Users

By Randi W. Kochman & Marissa A. Mastroianni

March 1, 2021

On February 22, 2021, Governor Phil Murphy signed the New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act (“NJCREAMMA”), which legalizes the recreational use of cannabis for adults age 21 and over. On that same date, Governor Murphy also signed the companion cannabis decriminalization bill (A1897) (the “Decriminalization Law”) and the “Clean Up” bill (S3454), which decriminalize cannabis and address penalties for the possession and consumption of cannabis by individuals who are under 21…

Bankruptcy & Restructuring Law

New Chapter 11 Filing – MobiTV, Inc.

By Cole Schotz

March 1, 2021

On March 1, 2021, MobiTV, Inc. of Emeryville, CA filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10457). MobiTV is a provider of live and on-demand video delivery solutions. The company reports $10 to $50 million in assets and $50 to $100 million in liabilities. According to the first day declaration, an affiliate of T-Mobile, TVN Ventures LLC, has…

Cannabis Law

North Dakota House Passes Adult-Use Cannabis Bill

By Adam J. Horowitz

February 26, 2021

The Republican-controlled North Dakota House of Representatives passed an adult-use cannabis bill on Tuesday, February 23, 2021 in a 56-38 vote. The bill legalizes possession of up to one ounce for people 21 and older. The bill limits the number of cultivators within the state to seven, and the number of dispensaries to 18. During debate, multiple state legislators stressed that failure to legalize adult-use cannabis on their terms could lead to broader legalization under…

Corporate Law

Letters of Intent

By Joseph A. Armenti

February 25, 2021

Many transactions begin with the delivery by one party to the other of a letter of intent (“LOI”).[1] The LOI is a document setting forth the parties’ intent to enter into a transaction and summarizing certain salient business terms. If the parties cannot agree, it would be better to learn that early on during the LOI stage rather than later after expending substantially more time and resources. In many cases, LOIs include both…

Cannabis Law

Pennsylvania Senators to Introduce Bi-Partisan Adult-Use Cannabis Bill

By Adam J. Horowitz

February 25, 2021

An adult-use cannabis bill was announced February 24, 2021 by State Senators Sharif Street (D-Philadelphia) and Dan Laughlin (R-Erie). The bill would legalize possession of up to 30 grams for those 21 and over, while limiting at-home cultivation to medicinal use. Noting New Jersey’s recent legalization, and New York’s intention to legalize adult-use cannabis this year, the Senators stressed the importance of Pennsylvania legalizing now to avoid ceding tax revenue and jobs to their neighbors. …

Bankruptcy & Restructuring Law

New Chapter 11 Filing – Stream TV Networks, Inc.

By Cole Schotz

February 25, 2021

On February 24, 2021, Stream TV Networks, Inc., a Philadelphia-based media technology company founded in 2009 to develop and commercialize technology that would enable viewers to watch 3D content without 3D glasses, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case 21-10433). The company reports $100 million to $500 million in both assets and liabilities. A link to the Stream TV Networks,…

Bankruptcy & Restructuring Law

New Chapter 11 Filing – 96 Wythe Acquisition LLC

By Cole Schotz

February 23, 2021

On February 23, 2021, 96 Wythe Acquisition LLC, whose principal property is the Williamsburg Hotel in Brooklyn, N.Y., filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case 21-22108). The company reports $50 million and $100 million in both assets and liabilities. A link to the 96 Wythe Acquisition LLC chapter 11 petition can be found here. Cole Schotz does…

Cole Schotz P.C

Cole Schotz P.C Blogs

Blog Authors

Business Succession Planning – Should I Own My Business In A Trust?

New Chapter 11 Filing – Alamo Drafthouse Holdings, LLC

New Chapter 11 Filing – CMC II, LLC and Affiliates

New Jersey Legalizes Recreational Cannabis and Enacts Employment Protections for Cannabis Users

New Chapter 11 Filing – MobiTV, Inc.

North Dakota House Passes Adult-Use Cannabis Bill

Letters of Intent

Pennsylvania Senators to Introduce Bi-Partisan Adult-Use Cannabis Bill

New Chapter 11 Filing – Stream TV Networks, Inc.

New Chapter 11 Filing – 96 Wythe Acquisition LLC

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