April 16, 2019

The Bark of the Covenant: Failure to Define and Negotiate Non-Compete Clauses and Other Restrictive Covenants Can Come Back to Bite You

Author: Jeffrey Asperger

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….

March 26, 2019

MPS Law Adds Attorneys Purtill, Guggenheim

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…

February 28, 2019

MPS Law Announces Two New Partners

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,…

February 26, 2019

Delaware District Court Overturns Bankruptcy Court Decision Disallowing Unsecured Claim for Post-Petition Contractual Attorneys’ Fees

Author: Tim Brink

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…

November 30, 2018

Recent Illinois Decision Appears To Eliminate Liability Of Independent Insurance Agents For Negligent Procurement Of Coverage

Author: Jeffrey Asperger

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…

November 21, 2018

Boomers Seek Business Succession

Author: Mark R. Raymond

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,…

November 14, 2018

Condo Deconversion: How to Sell Yourself

Author: Brian Meltzer

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….

November 2, 2018

MPS Law Adds Peter Levy, Julie Cunniff to Real Estate Group

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…

September 7, 2018

Suggested Legal Structure For Owner/Occupied Affordable Housing Developments Using The Chicago ARO

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…

August 8, 2017

We Finally Got A Piece Of The Pie — Perimeter And Outparcel Development

Author: Kathleen Dempsey Boyle, Cristina Hendrick Stroh, and Benno G. Rothschild

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…

April 1, 2017

How To Sell Yourself: A Road Map For Condominium Sale/De-Conversion

Author: Brian Meltzer

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…

April 1, 2017

The Hybrid Condominium

Author: Brian Meltzer

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…

January 11, 2017

How To Sell Yourself A Road Map For Condominium Associations

Author: Brian Meltzer

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…

January 11, 2017

Co-Opdominium: A Path To Affordable Condominium Unit Ownership

Author: Brian Meltzer

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…

September 12, 2016

Advisor Fit is a Key to Transaction Success

Author: Ray Horn

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…

November 10, 2015

Some Business Owners Still Hope To Retire

Author: Mark R. Raymond

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…

October 13, 2015

The 2015 ARO Promoting Affordable Homeownership in Chicago’s Neighborhoods

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…