Articles from Shenwick & Associates

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Manhattan Office Leasing

Submitted by Anonymous (not verified) on Thu, 08/22/2013 - 17:33

Here at Shenwick & Associates, we are seeing a significant uptick in reviewing and negotiating commercial leases. For those who have never leased commercial office space in Manhattan, you need to be aware that the market and leasing terms are unlike any other commercial real estate market in America. Here are seven provisions that all commercial tenants should request when negotiating an office lease in Manhattan. Failing to consider these points can cost a tenant a significant amount of money and aggravation.

WSJ: Creditor-Proof Trusts Replacing Offshore Accounts

Submitted by Anonymous (not verified) on Tue, 08/13/2013 - 17:29

    By ARDEN DALE

    As offshore accounts draw greater scrutiny, some financial advisers are having their clients use a special trust as an alternative strategy to shield their assets from potential lawsuits.

    So far, 15 states allow the creation of domestic asset protection trusts, which safeguard securities or other assets of the owner. In the past, they weren't widely used and few states allowed them.

    Adversary Proceedings 101

    Submitted by Anonymous (not verified) on Wed, 07/31/2013 - 17:42

    Here at Shenwick & Associates, our summer is busy with (among other matters), representing clients in adversary proceedings. An adversary proceeding is a lawsuit that is brought within a bankruptcy proceeding and based on conflicting claims, usually between the debtor (or the bankruptcy trustee) and a creditor or other interested party.

    NYT: Sublets Lure Manhattan Start-Ups

    Submitted by Anonymous (not verified) on Thu, 07/25/2013 - 16:51

    By C. J. HUGHES To understand how the current office market for technology companies can resemble a Russian nesting doll, with layer upon layer of increasingly smaller subleases, it might help to consider the upper stories of 568 Broadway in SoHo.
    In the cast-iron former sewing factory, Scholastic, the publisher, is subletting two floors of space to Foursquare, a social media company. In turn, Foursquare is subletting one of those floors to a handful of other tech firms, including Fueled, which designs apps for phones.

    Budget sequester suspends bankruptcy case audits

    Submitted by Anonymous (not verified) on Tue, 06/18/2013 - 21:21

    Here at Shenwick & Associates, many of our clients have complex bankruptcy cases involving factors that often lead to increased scrutiny by the Chapter 7 Bankruptcy Trustees assigned to the cases, as well as by the United States Trustee Program (USTP), a component of

    NYT: Because the Board Says So

    Submitted by Anonymous (not verified) on Thu, 05/30/2013 - 17:13

    By JOANNE KAUFMAN No long chats with the doorman.
    No umbrellas or wet boots in the hall.
    No welcome mats or decorations on the front door.
    No wearing flip-flops in the lobby.
    These are but a few of the more extreme rules that apartment boards in New York City have imposed, or at least thought about imposing, on the residents of their buildings.

    Inherited IRAs: Exempt Asset, or Not?

    Submitted by Anonymous (not verified) on Tue, 05/21/2013 - 22:43

    As many readers of our blog probably know, IRAs (Individual Retirement Accounts) are exempt under New York State Debtor and Creditor Law and the federal Bankruptcy Code. An exempt asset means that an individual can file for Chapter 7 bankruptcy and keep that asset after the bankruptcy filing. The reason for this exemption is twofold: (1) IRAs are deemed "spendthrift trusts" under New York State and federal law; and (2) the purpose of the law is to give debtors a "fresh start" with some assets, and especially to protect retirement monies for debtors.

    NYT: Heavy Load of Student Loan Debt Is Weighing on the Economy, Too

    Submitted by Anonymous (not verified) on Tue, 05/14/2013 - 23:39

    By ANNIE LOWREY The anemic economy has left millions of younger working Americans struggling to get ahead.

    Transfer of property to a spouse to frustrate creditors

    Submitted by Anonymous (not verified) on Wed, 04/24/2013 - 17:12

    Here at Shenwick & Associates, we often get questions from clients if they may transfer a house or an apartment from one spouse to the other after being sued or prior to a bankruptcy filing. In In re Panepinto, Case No. 12-11230K (Bankr. W.D.N.Y., Feb. 25, 2013), an upstate Bankruptcy Court considered this question and held that such a transfer could be a fraudulent conveyance and set aside.

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