COVID-19 has turned the world and U.S. economy upside down. As the number of bankruptcies in the United States increases due to impacts from the coronavirus pandemic, stakeholders in distressed industries facing bankruptcy have concerns about losing their investments. Unfortunately, many will. This article offers an alternative, and suggests that there are potential opportunities for those with the vision and staying power to participate in rebuilding a new economy using pre-existing mechanisms under the U.S. bankruptcy framework via an often overlooked procedure—the repurposing and reuse of distressed assets through Section 363 of the U.S. Bankruptcy Code (“Section 363”). The decisive player and early mover can use Section 363 to seize opportunity in distressed industries and combat the current economic skid. Here, we provide an overview, insights, and pro tips in the use of Section 363.* Read More
On June 29, 2020, a U.S. federal court ruled in favor of New York Governor Andrew Cuomo on a challenge brought to an eviction moratorium enacted in response to the COVID-19 pandemic. Landlords, Elmsford Apartment Associates, tried to challenge the relief measure which limits evictions for non-payment of the rent during the COVID-19 crisis alleging that this restriction violates landlords’ rights under federal law. Read More
Nicola Tegoni, Partner
June 26, 2020
On June 20, 2020, President Trump pursuant to Immigration and Nationality Act (“INA”) sections 212(f) and 215(a) and 3 U.S.C. section 301 issued a Proclamation that suspends the entry of foreign nationals on certain employment-based nonimmigrant visas into the United States.
New York is now in Phase II of reopening after the COVID-19 shut-down. Still, many people remain concerned about what the new “normal” means when it’s still possible to contract the virus and perhaps face an untimely death. Having an updated estate plan can provide some relief from this anxiety, and you don’t have to leave home to accomplish it. Right now it is possible to execute a new or updated will using video technology without having to physically appear in your lawyer’s office. Read More
With stay at home orders mandating businesses to stay closed, and falling consumer demand, retailers have been devastated by the COVID-19 pandemic and its seemingly endless fallout. It is no surprise that, as a result, a number of major retailers have filed for bankruptcy – such as Neiman Marcus, J. Crew, JCPenney and True Religion Apparel. When a debtor files Chapter 11 bankruptcy, however, the issue is whether to end the relationship or continue doing business. Read More
The $100M New York Forward Loan Fund (“NYFLF”) will provide working capital loans to eligible small businesses, nonprofits and small landlords that did not receive a Paycheck Protection Program (“PPP”) loan, or an Economic Injury Disaster Loan (“EIDL”) from the Small Business Administration (the “SBA”) for COVID-19 in 2020. NYFLF loans are not forgivable, and they must be paid back over a 5-year term with interest. The purpose of the program is to support businesses as they proceed to reopen after NYS on PAUSE, and have upfront expenses to comply with the New York Forward Plan guidelines, including regarding inventory, marketing, and refitting for new social distancing guidelines. Below, we outline program highlights.* Read More
An interview with Dunnington partner Nicola Tegoni covering updates on the latest U.S. Immigration news and regulations in the time of COVID-19 was featured in La Voce di New York.
The United States Patent and Trademark Office has launched a “USPTO COVID-19 Response Resource Center.” Information regarding patent and patent licensing resources, innovation incentives, trademark counterfeiting and consumer fraud, and international COVID-19 related updates – including regarding the World Intellectual Property Organization (WIPO) are available here. Read More
Join our Partner William F. Dahill who will discuss federal, state and city aid for small businesses during the Italian Table Talks complimentary webinar, “Has COVID-19 Uncorked a New World for Wines?” hosted by Gruppo Italiano on Monday, June 10th at 3:00 p.m. EDT
Register here: https://zoom.us/webinar/register/WN_-Dw5KIh7SXy0Xie2vdzuBg