Learn more about what our experienced professionals can do in the most complex of cases.
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Protecting a Son's Inheritance
When an individual dies intestate, his or her property passes to his or her surviving heirs. In one case, the individual who died lived in another state, and his Aunt was appointed as his Administratrix, but she refused to apply for letters of ancillary administration in New York to sell the decedent’s New York property. And we soon found out why. The Decedent’s Uncle had made a claim to her that he was the actual owner of the NY property, and that he and the Decedent had an understanding that the Uncle paid for the down payment and mortgage, but the property would be held in the Decedent’s name. The out-of-state administrator promised the Uncle to send him a deed to the New York property if the Uncle would pay for the Decedent’s father’s mortgage, which was not an estate obligation. FRB obtained ancillary letters of administration for the minor son’s mother and contacted the Uncle to see if he wanted to purchase the NY property. The Uncle then sued our client, asserting that he was the “beneficial” owner of the NY property. FRB obtained a decision from the Supreme Court dismissing the claims against our client, and then obtained an Order from the Surrogate’s Court providing advice and direction to our client, which allowed the Supreme Court to lift its lis pendens (a lien that prevents the sale of the property) against the New York property, and also allowed the son, who is now an adult, to sell the property directly and keep the proceeds (rather than sending the proceeds back to the Aunt/administratrix). Our client’s son now has funding for his college education, as we are sure his father would have intended.
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From Formation to 8-Figure Sale
Within the surging solar panel installation industry, our Corporate & Securities attorneys represented a unique business that created and developed industry-specific project management software to help solar installation companies improve their operations from proposal to project completion. The business initially retained us in a general counsel capacity to help form the corporate entity and review its client and partner agreements. After only two years, the company began receiving offers for the sale of its rapidly maturing business. FRB’s attorneys ultimately helped negotiate, structure, and successfully close an equity purchase agreement with rollover equity and contingent post-closing earnout components.
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From Pop Shop to Syndicate
While starting as a small family-owned HVAC business in New York, FRB’s Corporate & Securities attorneys initially helped its owner undergo an asset purchase sale for $22.5M. Not long after, its owner realized that he had the ability and industry-related business acumen to grow similar companies from the ground up, and he began acquiring other HVAC-related businesses in the same space. Since then, we have helped this successful entrepreneur evaluate the viability of prospective acquisitions, uniquely structure each purchase to protect his business interests, and add several HVAC-related companies to his business portfolio.
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Julie and Mark: Unforeseen Danger – Surprise Litigation
Julie and Mark had worked hard for many years, accumulating over $12M through the sale of Mark’s company. They wisely invested their money and implemented advanced estate planning techniques. This allowed them to enjoy their lives by traveling, spending time with family, supporting charitable organizations, and pursuing leisure activities they had long desired. However, a sudden letter from the buyer of Mark’s business revealed accounting irregularities, and the buyer demanded a refund along with damages and fees. Fortunately, Mark had followed the advice given to him by the Asset Protection attorneys at Falcon Rappaport & Berkman and was able to successfully protect his funds in an offshore Asset Protection Trust. When the buyer’s lawyer was informed about the challenges in accessing Mark’s assets, the buyer settled for a small amount and agreed not to pursue further legal action. Without the asset protection trust, Mark would have faced a fraud lawsuit and the risk of losing his money. Mark’s advanced planning was a smart decision. This matter was handled by the attorneys in our Asset Protection Practice Group prior to joining FRB earlier this year.
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Dismissal of Bank Lawsuit Based on Statute of Limitations Defense
Falcon Rappaport & Berkman successfully represented clients sued by a major bank for a six-figure consumer credit transaction based upon a promissory note and corporate guaranty executed in 2007, with a final payment due date of October 2012. The complaint alleged a default in 2012 and payments made until 2017, just under six years before the complaint was filed. The promissory note and corporate guarantee were both governed by the laws of California, where the statute of limitations for an action upon a contract is four years from the breach. However, an action to enforce an obligation to pay a note payable at a definite time is governed by a six-year statute of limitations, which begins to run from the due date listed on the promissory note. After confirming the statute’s application to the clients’ specific facts, FRB attorneys quickly had the lawsuit withdrawn against their clients since the complaint was barred by California’s statute of limitations. Had New York law governed the promissory note and personal guaranty, the clients would have achieved the same outcome. The NY Consumer Credit Fairness Act signed into law on November 8, 2021, among other things, reduced the statute of limitations for bringing a lawsuit on a consumer debt from six years to three years. Thus, even under New York law, plaintiff’s complaint was untimely by three years!