Corporate/Business Transaction Attorney
Notable Results
Below we share a sampling of some of the successful outcomes we have achieved regarding business transactions, LLC and corporate governance issues, workouts, debtors, creditor representation and wealth preservation. There are many more, but these are provided to give you a feel for our experience and abilities. Note that every case and situation is different and your case results could vary. However, we always apply our full effort and resources to achieving the highest and best results for our clients. Thank you for visiting our site and learning about us. If you have questions about any type of case, please contact us.
Recent Notables
Business transactions and LLC and corporate governance issues;
- Professional practice as assignee in Assignment for Benefit of creditors (ABC)
- Purchaser in series of asset purchase transactions challenged by unsecured creditor as fraudulent transfer.
- Principal of merged company in negotiating operating agreement with other principal
- Unsecured creditor in Bankruptcy re claim
- Principal of company in claim against other principal for unauthorized withdrawal of funds
SUMMARY OF WORKOUTS
Debtor Restructure – Waste Management Company
The law firm of Sidney Turner successfully restructured a waste management company after it acquired five other waste companies and encountered cash flow difficulties. This restructure involved raising new capital and resolution of acquisition debt.
Resolution of Shareholder Dispute – Cafe
The firm represented a cafe shareholder involved in a shareholder dispute. We resolved the shareholder dispute to allow one operating shareholder to buy out another and resolve outstanding tax liabilities.
Restructure – Telephone Company
Sidney Turner, LLC restructured a long distance reseller by negotiating with shareholders to raise additional capital. We obtained relief from loan covenant by secured creditors to permit eventual sale of assets to satisfy creditors.
Debtor Restructure / Refinancing – Marina
The firm assisted a marina whose obligations consisted of first and second mortgages on premises with a value of approximately $3 million. In addition, approximately $1 million was owed primarily to three secured creditors. In the instance of the secured creditors, negotiations resulted in a package of resolving arrears, returning collateral to reduce amounts outstanding, and working out installment payments. With respect to the mortgages, an appraisal indicated that the value of the collateral marginally exceeded the claimed debt. A refinancing was undertaken to pay off the existing first and second mortgages.
Resolution of Shareholder Dispute – Entertainment Center
The law firm of Sidney Turner resolved a shareholder dispute for an entity that operated an indoor entertainment center. This entity is a partner of the owner of the building which it occupies. As a result of the shareholder dispute and adverse business conditions, the operator defaulted on rent (mortgage) payment to the owner of building, was evicted, and the owner got the property back to re-rent.
Debt Restructure – Construction Company
Sidney Turner completed a workout of a major highway landscape construction company's overall obligations and enabled it to continue its construction activity, which it was obligated to complete. This was achieved by obtaining interim financing, and it provided for payment to all creditors at conclusion of the workout.
Debt Restructure – Electrical Contractor
The firm assisted a major electrical contractor in New York City primarily involved in electrical construction for New York City, New York State, and New York City Transit Authority, including recycling centers, subways and other projects of such magnitude. We arranged for interim financing to enable completion of the contracts which had remaining work of up to one year, so that final payment could be obtained with respect to the contracts, including withheld residuals, so as to make payment on secured sub-contractor obligations.
Reorganization – Hotel
The law firm of Sidney Turner aided a large hotel (200+ rooms) with primarily a corporate and commercial clientele. The hotel was owned by three publicly syndicated limited partnerships and subject to secured claims exceeding $18 million. Our law firm made arrangements for financing and for the orderly sale of property through a reorganization process for benefit of all creditors.
Restructure – Inn / Conference Center
The firm assisted an Inn / Conference Center with restructured financing so as to take out mortgagee and infuse working capital by securing additional collateral.
Resolution of Shareholder Dispute / Civil Theft – Farming
The firm represented a tree farm shareholder in a dispute in entity. This entity is a partner in several other entities that is partnered with this entity owner of the property which it occupies. As a result of a shareholder dispute that arose by one entity withdrawing a substantial sum of money and adverse business, one entity bought out the other after litigation was commenced to a claim for civil theft.
CREDITOR REPRESENTATION
Chapter 11 – Public Company Creditor
Sidney Turner, LLC represented a public company creditor in a chapter 11 proceeding where it held 20 percent of unsecured claims in plan negotiation. Debtor was a credit card processor who was subject to judgment for millions of dollars for withholding funds without authorization.
Franchisor Bankruptcy – Franchisee
The law firm of Sidney Turner represented a franchisee in litigation with franchisor that was in bankruptcy over royalty payments to a successful resolution and termination of franchise relationship.
WEALTH PRESERVATION
Wealth Preservation – Intellectual Property (IP) Law Firm
The firm assisted an IP law firm with nine attorneys that was owned by the principal attorney. The principal attorney sought to protect wealth from potential catastrophic damage award. Our law firm restructured ownership of business real estate and provided for succession of ownership to longtime highly compensated associates. This provided a payout to principal attorney.
Asset Protection – Negligence Firm
Sidney Turner, LLC represented a partner in a large negligence firm sought protection from liability arising out of large pay outs to retiring senior partners. Restructured assets with trusts and Limited partnership to hold family asset. We also advised on the revised operating agreement for firm.
Asset Protection – HOA
The firm currently represents an HOA against a neighboring Developer who filed a Proof of Claim in regards to easement rights and rebuilding a structure destroyed in a hurricane.
Sidney Turner – Legal Insight, Business Strategy
Sidney Turner LLC is Business and Corporate Lawyer who specializes in Structuring the Setting up or Restructuring of Companies, Buying and Selling of LLC Companies as well as creating Contracts and Agreements for Companies. He also offers legal services for Chapter 11 Bankruptcy, Business Restructuring, and Debt Workouts to corporations, small businesses and startups across South Florida including the Boca Raton, Coral Springs, Deerfield Beach, Ft. Lauderdale, Margate, Tamarac, Davie, Hollywood, Port St Lucie, Palm Beach County , Broward County and New York State.