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Fine dining and business divorce crossed paths in a recently decided case featuring a lengthy battle between co-equal ownership factions of the corporation that operates
Delmonico’s, the renowned Manhattan restaurant established in the early 19th century and famous for its signature dish, the Delmonico steak, among other dining firsts.
Delmonico’s can now lay claim to another first, though not of the edible kind. Last month, a New York Supreme Court judge of the Manhattan Commercial Division entered final judgment granting “equitable dissolution” of the restaurant corporation known as Ocinomled Ltd. Delmonico spelled backwards and ordering the respondent shareholders who were found to have engaged in oppressive conduct to forfeit their stock holdings.
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On Nov. 24, 2020, the State of New York Court of Appeals ruled in favor of Kramer Levin client Sutton 58 Associates LLC (Sutton), an affiliate of Gamma Real Estate, in its $100 million lawsuit brought against real estate investor Philip Pilevsky, his sons and related entities.
The 23-page majority opinion held that federal bankruptcy law did not preempt Sutton’s state law claims for tortious interference with contract. This landmark decision from New York’s highest court reversed a decision of the Appellate Division, First Department, which had imperiled the enforceability of “bankruptcy remote special purpose entity” loan structures and “bad boy” springing loan guarantees. The decision thus preserves these two common real estate financing tools that are crucial to many Kramer Levin clients.