Legality of the Leveraged Lending Guidance is Questioned
Limits on Creditors’ Remedies Against Solvent Debtors Echoed in the Quadrant Litigation
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As lead litigation counsel to Forest City Ratner Companies, LLC (“FCR”) in connection with Brooklyn’s Atlantic Yards project, Kramer Levin played an instrumental role in achieving the dismissal of an Article 78 proceeding brought by the project’s leading opponents against the Empire State Development Corporation (“ESDC”), FCR, the Public Authorities Control Board (the “PACB”) and the Metropolitan Transportation Authority (the “MTA”). The opponents had sought to set aside the approvals of the project by ESDC, the PACB and the MTA on the grounds that these agencies allegedly had violated the State Environmental Quality Review Act and the Urban Development Corporation Act in numerous respects. In a 71-page decision dated January 11, 2008, Justice Joan A. Madden of the Supreme Court, New York County, rejected each of the opponents’ contentions and dismissed their petition. Jeffrey Braun, Karen Mintzer, Kerri Folb and Jessica Glass worked on the matter.