Largest holder of unsold cooperative shares- After market drop of early 90’s Stan was brought in as counselor to supervise all real estate litigations and handled all work-outs to protect personal assets, and assist company to reformat and survive
Counseled client on the turnaround first from retailer with private label to manufacturer to importer, to selling its brand with entire staff being retained upon purchase of business by multi-national organization based upon synergies of seller and purchaser. Former CEO now President of division on renewed contract.
Retail Warehouse Chain converted to Real Estate Holding Company. Problem: Family business at time of turnover from older generation to children had substantial diversity of interest and lack of evenness in responsibilities and opportunities for next generation. Counseled all family members, to work together to find new methods for protecting assets. Worked with Landlords to purchase buildings, worked with mortgagees of owned properties to extend and modify mortgage terms, and worked with national firms to become lessees as large warehouse buildings well located as retail shops were converted to strip malls. Results CEO retired with all amenities he desired, Children avoided business and personal fights and operations from 120 employees with all attendant problems of daily operations were converted to rent collectors with a lifetime of income flow and family and business crises averted.
Vertically integrated Company recast to focus on core profits and cast off marginal and losing operations. Sat as COO for six months with CEO and discussed daily and overall business problems, negotiated with Landlords of properties owned by third parties and created spaces for leases in owned properties. Wholesale and Retail business merged into one shop using basement for wholesale with synergies available to benefit retail customers. Results: Leased operations were extended for 10 additional years with rights to assign lease or sell business at no additional costs to present management. Owned real estate with no income (housing losing divisions) were emptied and real estate became million dollar income. Employees were interviewed and problem employees were dismissed and new employees with substantial experience were hired at lesser costs.
Representation of second mortgagee in bankruptcy proceedings preserved asset of several million dollars, and converted subordinate debt position to equity in new organization.
Counseled clients of Family Business to retire and allow next generation to take management responsibilities results were that company that would have closed due to debt caused by inefficiencies was able to be marketed and sold for substantial returns to owners, and family members were secured with top jobs and substantial parachutes if bought out.
Retained by client of highly regarded matrimonial attorney as real estate expert saved millions in real estate holdings by preserving assets despite default by husband and cutting off of money supply to wife. Created partnerships with purchasers and allowed foreclosures to assure contract revenues to wife while conveying properties to buyers. Called as witness at trial to explain the benefits to wife and the non-interest of husband based upon his defaults and her post commencement acquisitions.
Dissolution of partnership without interfering with day to day business based upon interviews and understandings of partners views of problems and directions for future. Partners accepted plan and business thriving and removed partner happy in new enterprise.