MPS Law, a widely respected Chicago area business-to-business law firm, has announced the promotion of two partners: Raymond J. Horn III as capital partner, and Monica J. Paine as income partner. The announcement reaffirms the firm’s commitment to two of its top performers in their respective areas, Horn in mergers and acquisitions and Paine in…
MPS Law, a widely respected Chicago area business-to-business law firm, is pleased to welcome Kevin Flavin as a new Associate. Flavin will focus primarily on corporate law, including mergers and acquisitions, business formation, business separations, and corporate, industrial and asset-based lending matters. His expertise is bolstered by an extensive professional background in business and finance….
As the retail centers and megamalls of yesterday evolve into the mixed-use developments of today, so too must the reciprocal easement agreements – REAs for short – that outline rights and responsibilities and keep the peace. Commercial real estate attorney Kathleen Boyle offers her insights on this all-important topic in this article reprint from the…
The popularity of co-working arrangements over traditional office leases continues to grow, and it’s easy to see why. They’re more flexible, require less planning, and offer substantial cost savings on both space and services. What’s not to like? Plenty, argue MPS Law leasing specialists Scott Hargadon and Holly Eubanks in this in-depth article on the…
Overview With baby-boomers aging, and with over 95 million millennials in the job market, the importance of Non-Compete Clauses and Restrictive Covenants in employment agreements is sharply in focus. Boomers are at the age where they may be stepping back, retiring, or selling their businesses, while millennials and techies are starting businesses or changing employers….
MPS Law, a widely respected Chicago area business-to-business law firm, is pleased to welcome a pair of new attorneys to their downtown Chicago office. Kevin Purtill arrives as a partner specializing in commercial litigation, creditors’ rights and restructuring, banking and finance law. Max Guggenheim is an associate whose practice areas include commercial real estate, real…
Chicago-area law firm Meltzer, Purtill & Stelle (MPS Law) is pleased to announce two new partners: Steven H. Goodman as capital partner, and J.L. Cherwin Jr. as income partner. The move will further strengthen the firm’s ability to provide high-quality commercial real estate legal services to financial institutions, real estate developers, and the corporate, industrial,…
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…
Today, most newly constructed owner/occupant housing developments are governed by a condominium and/or non-condominium homeowners association (“HOA”) made up of the owners of the dwelling units in the development. The housing crash and the great recession which followed (the “Crash”) exposed many flaws and weaknesses in the HOA model. See, Time to Rehab the Aging…
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…
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…
When constants are discussed, why do death and taxes always come up? Why not prosperity and relaxation? Well, actually change is the true constant and change is always unsettling. Planning around and in anticipation of changes requires constant awareness and flexibility. Many business owners “knew” in 2006 that they would transition their business long before…
On October 13, 2015, Chicago Municipal Code, Chapter 2-45-115, the 2015 Affordable Requirements Ordinance (“2015 ARO”) became effective. Go to www.cityofchicago.org/ARO to find a copy of the 2015 ARO, the 2015 ARO Enhancements Summary published by the City of Chicago, and 2015 Affordable Requirements Ordinance Rules and Regulations issued by the City under the 2015…
