News & Resources

Commencement of a Chapter 11 Case to Obtain Extension of a Real Estate Closing Date May Not Constitute a Bad Faith Filing

Commencement of a Chapter 11 Case to Obtain Extension of a Real Estate Closing Date May Not Constitute a Bad Faith Filing by Michael L. Moskowitz and Melissa A. Guseynov By: Michael L. Moskowitz and Melissa A. Guseynov

In a recent memorandum decision, dated November 12, 2019, a New York Bankruptcy Judge held that filing a chapter 11 petition in order to obtain a 60-day extension of a closing date does not constitute bad faith. In re AAGS Holdings LLC, 19-13029 (Bankr. S.D.N.Y. Nov. 12, 2019). Read the full opinion here.

In AAGS Holdings, a limited liability corporation was under contract to buy certain real property. The contract of sale specifically stated that time was “of the essence.” In addition, if the closing did not take place by the date set forth in the contract, the seller could elect to terminate the contract and retain purchaser’s deposit.

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Weltman & Moskowitz Attorneys Named Super Lawyers for 2017

Weltman & Moskowitz, LLP is proud to announce that founding partners Richard Weltman and Michael Moskowitz have both been selected as Metro New York Area Super Lawyers for 2017. This is the fourth consecutive year each has been recognized as a top bankruptcy/debtor and creditors’ rights attorney. This honor is a product of a rigorous investigative process by the publishers of Law and Politics. Attorneys are selected based on professional accomplishments, licensing and certifications, peer recognition and personal achievement. The final published list represents no more than 5% of the lawyers in each state. The firm is also proud to announce that Melissa Guseynov, an associate of the firm, has been selected as a New York Metro Rising Star! This selection is limited to no more than 2.5% of the attorneys in New York State. The Super Lawyers objective is to create a credible list of outstanding attorneys, and the lawyers of Weltman & Moskowitz, LLP are proud to be recognized for their hard work and client dedication.

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Weltman & Moskowitz Founding Partners Named Super Lawyers for 2016

Weltman & Moskowitz, LLP is proud to announce that Richard Weltman and Michael Moskowitz have both been selected as Metro New York Area Super Lawyers for 2016. This is the third consecutive year each has been recognized as a top bankruptcy/debtor and creditors’ rights attorney. This honor is a product of a rigorous investigative process by the publishers of Law and Politics. Attorneys are selected based on professional accomplishments, licensing and certifications, peer recognition and personal achievement. The final published list represents no more than 5% of the lawyers in each state. The Super Lawyers objective is to create a credible list of outstanding attorneys, and the partners of Weltman & Moskowitz, LLP are proud to be recognized for their hard work and client dedication.

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Petters Update: Minnesota Supreme Court Ruling May Affect Clawback Lawsuits

By Michael L. Moskowitz and Melissa A. Guseynov

 Petters Update: Minnesota Supreme Court Ruling May Affect Clawback LawsuitsWe have previously reported on Thomas Petters’ $3.5 billion Ponzi scheme and the resultant “claw back” lawsuits currently pending in the Minnesota bankruptcy court. Read that report here.

In Ponzi scheme clawback litigation, a trustee, receiver or creditor will often utilize the Ponzi scheme “presumption” to prove the fraudulent intent of a transferor in connection with fraudulent transfer claims by establishing that the debtor operated a Ponzi scheme, and that the transfers at issue were made in furtherance of that scheme. In particular, the Ponzi scheme presumption proves that, among other things, the person or entity running the scheme had actual intent to defraud investors.

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Weltman & Moskowitz Secures Dismissal of Federal Lawsuit

Weltman & Moskowitz Secures Dismissal of Federal Lawsuit By Richard E. WeltmanA logistics and warehousing company came to Weltman & Moskowitz, LLP, a New York and New Jersey business litigation law firm, because it believed it was wrongfully named as a defendant in a multi-party federal lawsuit commenced in the Southern District of New York by the insurer subrogee of the consignor. Insurer alleged that our client had acted as a freight forwarder and bailee with respect to certain cargo damaged by Superstorm Sandy in October 2012.

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Tri-Chapter Golf Tournament Raises $10.5K for CUPAC

Tri-Chapter Golf Tournament Raises $10.5K for CUPACOn August 11, Michael Moskowitz was part of the winning foursome at a golf outing that helped raise more than $10,500 for the state’s Credit Union Political Action Committee (CUPAC). The Catskill-Hudson, Westchester-Rockland and Metropolitan Chapters held the event. Nearly 80 golfers participated in the tournament.

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Corporate Governance Best Practices: Learning from Public Companies

By Richard E. Weltman

Most businesses across New York and New Jersey are owned and managed by a small number of shareholders or members. These closely held companies very often fail to employ even minimal corporate governance formalities like those found in their publicly traded counterparts.

 

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NY Court of Appeals Confirms Judgment-Debtors May Not Sue Banks Directly for EIPA Violations

New York’s highest court recently announced that account holders do not have a private right of action to sue banks for alleged violations of the Exempt Income Protection Act (“EIPA”). Cruz v. TD Bank, 2013, NY Slip. Op. 07762 (November 21, 2013). EIPA exempts certain Social Security, veterans, disability and unemployment benefits from creditor restraining orders and requires banks to inform affected account holders of their right to obtain exemptions from collection.

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A Lawyer Representing Herself in a Commercial Dispute May Well Have a Fool for a Client

In a tangled commercial dispute, a law firm and its principal owner, without counsel, sued a well-respected New York City business equipment and technology services company for breach of contract.  Problem was, the law firm targeted the wrong party in a grudge match over a faulty printer...

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New Website! PaperStreet launches weltmosk.com re-design!

PaperStreet Web Design's development team just wrapped up the brand new re-design of weltmosk.com.   The new site not only has a modern design but is using the latest web technologies, JavaScript libraries, and web standards.

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Senate Reintroduces 2005 Version of Bankruptcy Reform Bill

NEW YORK, NY - As anticipated, Senator Charles Grassley(R-Iowa) introduced comprehensive bankruptcy reform legislation, revised for the 2005 legislative session, last week with several co-sponsors including a democratic senator.

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Fast Track for Bankruptcy Reform Act as it sails through House

NEW YORK, NY -- Sweeping consumer bankruptcy reform has been promised and much ballyhooed in the media for several years. While bankruptcy experts around the nation are uncertain about the ultimate fate of major reform legislation, according to Michael L. Moskowitz, a bankruptcy attorney who has closely followed the bills, the House adopted the most recent bankruptcy reform legislation late Wednesday, March 19, 2003, that would toughen bankruptcy rules for individuals and corporations.

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