It is a quirk of the Bankruptcy Code that while it expressly allows oversecured creditors’ claims for post-petition contractual attorneys’ fees, it is silent as to the treatment of claims for post-petition contractual attorneys’ fees on unsecured claims. In part because the Supreme Court in Travelers Casualty & Surety Co. of America v. Pacific Gas…
Interpreting and understanding the terms and conditions of insurance policies can be a daunting endeavor. Failure to do so, however, can be disastrous for the uninformed policyholder who goes to make a claim, only to find the coverage is inadequate—or that the carrier has issued a denial. MPS Law is committed to helping our clients…
When the “great recession” was in full bloom, the oldest baby boomers were approaching age 65 and the many business owners among them lamented missing the opportunity to “sell high.” Beginning in 2011 and every day since, over 10,000 boomers have reached age 65. Now that we are in an unprecedented period of economic growth,…
The purpose of this paper is to lay out a suggested procedure for a condominium association which desires to sell its building for de-conversion to do so in an orderly manner that will maximize the distributions to the unit owners and minimize the amount of time, effort, and conflict required to consummate the transaction. A….
CHICAGO (November 2, 2018) – In a move to bolster its already strong real estate presence, Chicago area law firm Meltzer, Purtill & Stelle (MPS Law) is pleased to announce the recent additions of Peter Levy and Julie Cunniff to its Real Estate Group. Levy joins MPS’s Schaumburg office as a partner and arrives with…
Hal Francke, a partner at Meltzer, Purtill & Stelle LLC (Chicago and Schaumburg, IL), has been named 2019 “Land Use and Zoning Lawyer of the Year” for the Chicagoland area by Best Lawyers®, the only annual publications of its kind in the legal profession compiled entirely on the basis of peer reviews. Francke is one of…
Andrew Chamberlain, a partner at MPS with a focus on mergers and acquisitions, played football in high school. His position was defensive back. The skillset of a great defensive back includes, among other traits: speed, the ability to change directions quickly as needed, rigorous preparation, good technique, and the ability to see the whole picture….
Sam Schumer’s deft skills in litigation, investigatory research, and case strategy delivered two wins for one of his clients. The case involved two business partners who jointly owned a portfolio of restaurant franchises located throughout the Chicagoland area. The partners’ relationship significantly deteriorated over personal issues, with the partners ultimately agreeing to part ways through…
Brian Meltzer offers his insights about lessons learned and lingering issues from the real estate meltdown in a collaborative article from the September 2017 issue of The Practical Real Estate Lawyer . Reprinted with permission….
Kathleen Dempsey Boyle is a partner with Meltzer, Purtill & Stelle LLC in Chicago, Illinois. Cristina Hendrick Stroh is senior counsel—real estate legal for JCPenney in Plano, Texas. Benno G. Rothschild is a partner with Hartman Simons & Wood LLP in Atlanta, Georgia. There have always been marketplace-driven changes, and outparcel development has long been…
How to Sell Yourself: A Road Map for Condominium Sale/De-conversion The purpose of this paper is to lay out a suggested procedure for a condominium association which desires to sell its building for de-conversion to do so in an orderly manner that will maximize the distributions to the unit owners and minimize the amount of…
An Alternative to De-conversion The Dilemma Facing Some Aging Condominiums The housing crash resulted in dramatic declines in home values in the Chicago area. By 2017 home prices were recovering in many neighborhoods. However, in some neighborhoods, the values of condominium units, particularly those in moderate income buildings, have not recovered and may not recover…
The purpose of this paper is to lay out a suggested procedure for a condominium association which desires to sell its property to do so in an orderly manner that will maximize the distributions to the owners with the minimum amount of time, effort, and conflict. A. Background/De-Conversion Phenomena. Condominiums were first authorized in Illinois…
Introduction For decades, condominium developers made a profit by splitting the ownership of multifamily buildings into individual units and selling them at retail for significantly more than it cost to acquire or build the building. After the housing crash, circumstances were reversed, at least as it relates to those condominiums which fall into the category…
Contributing Editor: Ray Horn is a Member with Meltzer, Purtill & Stelle LLC, a law firm with offices in Schaumburg and Chicago and is also Executive Vice President and a member of the Board of Directors of MBBI. Ray can be reached by phone at (847) 330-2430, and by email at RHorn@MPSLaw.com. Success in an…
