Workouts and More...

WASTE MANAGEMENT COMPANY 

Restructure waste company after it acquired three other waste companies and encountered cash flow difficulties. This restructure involved raising new capital and resolution of acquisition debt.

Café

Restructure resolution of shareholder dispute to allow one operating shareholder to buyout another and resolve outstanding tax liabilities.

TELEPHONE CO.

Restructuring long distance reseller by negotiating with shareholders to raise additional capital. Obtained relief from loan covenant by secured creditors to permit eventual sale of assets to satisfy creditors.

MARINA

Obligations consisted of first and second mortgages on premises with a value of approximately $3 million.  In addition approximately $ one 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.     

ENTERTAINMENT CENTER

Involves shareholder dispute in entity which operates 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 owner of building.  This is presently an ongoing matter.

CONSTRUCTION  CO.

Major highway landscape construction company entailed workout of company's overall obligations and enabled it to continue its construction activity which it was obligated to complete, by obtaining interim financing and provided for payment to all creditors at conclusion of the workout. 

ELECTRICAL CONTRACTOR 

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.  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.

HOTEL

A large, approximately 200 room, hotel with primarily a corporate and commercial clientele owned by three publicly syndicated limited partnerships and subject to secured claims exceeding $18,000,000.  Arrangements for financing and for the orderly sale of property through a reorganization process for benefit of all creditors.

INN/CONFERENCE CENTER
Restructured financing so as to take out mortgagee and infuse working capital by securing additional collateral.

Commercial Collections and Bankruptcy Defense
Sidney Turner, LLC, assists businesses in commercial collections and represents creditors during bankruptcy with the intention of denying debtor discharge. We act as local counsel to national corporations, including workout departments for financial institutions, providing representation in court.
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The bankruptcy court has broad discretion to deny discharge of debts in the reorganization process. Thus, the quality of representation during proceedings is critical to the outcome. Our attorneys have extensive experience as creditors' counsel and are prepared to provide powerful representation to financial institutions, commercial landlords, investors, and other parties at risk of losses during the discharge or reduction of debt.

 
His business experience and education have led him to get involved in counseling business people, particularly those that have encountered rapidly changing conditions and require not only legal guidance but a certain degree of business acumen Bankruptcy litigation intertwines with other legal and business issues. Our lawyers have the skill to handle large and complex cases, including those involving financial fraud. We will handle complex restructurings, out-of-court workouts, and debt restructuring negotiations, litigating the recovery of rents and transfer of leases, and litigating real estate issues during bankruptcy proceedings.