Partner Ralph E. Preite, Esq. successively guided Lundy’s Management Corp. through Chapter 11 bankruptcy reorganization to protect Lundy’s $20 million net lease for development of historic landmark waterfront real estate in Sheepshead Bay, Brooklyn, NY.
Lundy’s Chapter 11 case was exceptionally contentious. The property owner exploited technicalities to attempt cancellation of the 30 years remaining on Lundy’s net lease for the buildings which Lundy’s had developed at great cost. If it terminated the net lease, the property owner would have deprived Lundy’s of its return on investment at the expense of Lundy’s shareholders and creditors.
At the outset of its Chapter 11 case, Lundy’s was current with net lease payments. However, the owner declared technical non-monetary defaults. Through vigorous and tireless advocacy and skillful navigation of NYC bureaucracy and the Federal and State Court systems, Mr. Preite and his team of professionals protected Lundy’s, its creditors and its shareholders.
Today, Lundy’s is operating, leasing and further developing its historic and landmarked buildings in Sheepshead Bay, Brooklyn, NY with the full benefit of the remaining 30 years under its net lease.
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