New York Business Law and Commercial Litigation Blog

As you are aware, LIBOR (London Interbank Offered Rate) is due to phase out by the end of 2021. Currently, many companies in the United States use LIBOR as a benchmark for various commercial and financial contracts, including corporate and municipal bonds and loans, floating rate mortgages, asset backed securities, consumer loans, and interest rate swaps and other derivatives. In transitioning away from LIBOR, the Alternative Reference Rates Committee (ARRC), a committee comprised of a…
Businesses have been hard hit by the COVID-19 pandemic and resulting “shelter in place” orders issued by state officials. Bankruptcy courts have been flooded with large retailer bankruptcy filings.  Since January 2020, approximately 27 retailers have filed for bankruptcy, including Century 21, Stein Mart, Tailored Brands, Inc., Lord & Taylor, Ascena Retail Group, Inc., Modell’s Sporting Goods, Pier 1 Imports, Inc., J. Crew, Neiman Marcus, JCPenney, Tuesday Morning, GNC, Sur La Table and Brooks Brothers,…
On September 18, 2020, Governor Cuomo issued an Executive Order extending the toll “that prohibited the initiation of a proceeding or enforcement of an eviction of any commercial tenant for nonpayment of rent . . . through October 20, 2020” (Commercial Evictions Due to Non-Payment). As a result of this Order, commercial evictions have now been, once again, stayed until at least October 20, 2020.  Despite the language of the Order, commercial summary…
The COVID-19 crisis has placed significant pressure on landlords throughout the State.   Governor Cuomo and the Courts have issued various stays of enforcing warrants of eviction preventing landlords from evicting both residential and commercial tenants, although there is no stay on commencing a proceeding to seek a warrant of eviction. For example, on June 30, 2020, the Governor signed the “Tenant Safe Harbor Act” which, among other things, prohibits evictions of residential tenants but allows…
The COVID-19 crisis has placed great pressure on commercial real property taxpayers in Nassau County who already pay some of the highest real property tax rates in the Country. In Nassau County, commercial properties are assessed for purposes of real property taxation based on the value of the real property, which is determined in large part on the real properties’ potential to generate income.  The ongoing COVID-19 crisis has already crippled many commercial property owners…
Jaspan Schlesinger LLP partner Robert Londin will moderate the second episode of a five-part webinar series dedicated to private Mergers and Acquisitions transactions.  The series spans from early transaction concerns and planning to key provisions of transaction documents, and Mr. Londin will serve as moderator for the entire series.  “Episode #2 is one of my favorite installments of this series.  This episode focuses on key provisions of M&A transaction documents” noted Robert Londin of the…
Debtor fails to comply with the terms of his or her contractual obligations.  Creditor then sues Debtor for breach of contract and ultimately prevails and obtains a judgment against Debtor.  Creditor then seeks post-judgment discovery from Debtor in a search of Debtor’s assets in order to satisfy the judgment against him or her.  In response, Debtor invokes the constitutional privilege against self-incrimination under federal and state law and Debtor refuses to provide the requested post-judgment…
Many of our clients have asked whether they can commence a commercial foreclosure in New York State at this time. On March 7, 2020, Governor Cuomo issued Executive Order (“EO”) Number 202, declaring a State disaster emergency for the State of New York.  On or about May 7, 2020, Governor Cuomo issued EO Number 202.28, which, among other things, decreed as follows: There shall be no initiation of a proceeding or enforcement of either an…
Long Island business owners and residents are slowly getting used to a new way of life as restrictions on social distancing are relaxed.  On June 6, 2020, Governor Cuomo issued Executive Order 202.38 permitting outdoor dining at restaurants subject to New York State Liquor Authority (“SLA”) regulations and Department of Health (“DOH”) guidance.  The next day, the Governor explicitly limited permission for outdoor dining to those regions that had reached Phase 2 of reopening.  On…
On June 24, 2020, Long Island joined the rest of New York State, with the exception of New York City, in entering Phase 3 of re-opening for business. Those non-essential businesses permitted to re-open and resume in-person operations under Phase 3 must follow the procedures established and comply with the guidelines adopted by New York State to limit the spread of COVID-19. According to the phased re-opening of New York State, once certain health metrics…