- Bradley L. Radoff Reaches Agreement with EMCORE Corporation for Board Representation and Revamped Strategy and Alternatives Committee
Olshan client Bradley L. Radoff reached an agreement with EMCORE Corporation pursuant to which two new directors – Cletus C. Glasener and Jeffrey J. Roncka – were appointed to the company’s board of directors and the incumbent chairman resigned from the board.
Olshan represented the JV in the sale of luxury retail condominiums at the corner of Madison Avenue and 66th St. to Swiss luxury fashion house Akris for $40.6 million.
Olshan represented Kushner Cos. in the sale of six East Village apartment buildings for more than $50 million to a limited liability company linked to David Gleitman's Targo Capital Partners. Located at 118, 120, 199, 201 and 203 E. Fourth St. and 315 E. 10th St., the buildings contain 112 apartments total, ranging from nine each at 199 and 201 E. Fourth St. to 48 at 120 E. Fourth St.
- Olshan Represents Assembly OSM in $3M Bridge Loan from NYCEEC for East Harlem Passive House Multifamily Building
Olshan represented Assembly OSM, an early-stage company focused on building highly efficient and sustainable urban new construction through innovative modular processes, in its approximately $3,000,000 bridge loan from New York City Energy Efficiency Corporation (NYCEEC), a leading national clean energy and energy efficiency lender.
Olshan client Alfa Consult SA (“Alfa”) achieved complete victory at trial on its claims for breach of contract and breach of the implied covenant of good faith and fair dealing in the federal civil case entitled Alfa Consult SA v. TCI International, Inc.
Olshan is co-counsel for institutional investor Moab Partners, L.P., the lead plaintiff-investor in a putative class action against Macquarie Infrastructure Corporation, in a landmark securities case pending before the U.S. Supreme Court. The case, encaptioned Macquarie Infrastructure Corp., et al. (Petitioners) v. Moab Partners, L.P., et al. (Respondents) (no. 22-1165), is expected to define the qualitative information that public companies must disclose in their Management’s Discussion & Analysis (”MD&A”) in their Form 10-Ks and 10-Qs. The case concerns the interplay between Item 303 of SEC Regulation S-K and the anti-fraud provisions in the Securities Exchange Act of 1934, Section 10(b) and SEC Rule 10b-5 thereunder.
- Raging Capital Obtains Victory in EDNY Establishing New Standard for Section 16 Short Swing Profit Claims
The U.S. District Court, Eastern District of New York, ruled in favor of Olshan client Raging Capital in Packer v. Raging Capital Management. The Court dismissed the case to recover “short swing profits” under the Securities Exchange Act Section 16(b), on the ground that the plaintiff failed to show concrete injury and therefore lacked standing under Article III of the Constitution.
Olshan’s Litigation Group prevailed before the Second Circuit in a significant case involving the application of Section 16’s short swing profit rule to hedge funds. The District Court ruled that the hedge fund was liable under Section 16 for $5 million in short swing profits on the theory that its delegation of investment authority over its portfolio to its registered investment advisor was ineffective.