Accomplishments

  • In re Meruelo Maddux Properties, Inc. – Lesnick Prince proposed and obtained confirmation of a competing plan of reorganization for 53 jointly administered chapter 11 debtors. Together, the debtors comprise one of the largest commercial real estate companies in Southern California. The company develops, redevelops, owns and leases industrial, commercial and multi-unit residential real properties primarily located in downtown Los Angeles. After the debtors’ old management proposed several plans to wipe out shareholders, Lesnick Prince was retained by minority shareholders to achieve a better result. Lesnick Prince worked to obtain permission from the bankruptcy court to propose a competing plan of reorganization, and negotiated with the estate’s numerous stakeholders to create a better plan for the Company. After months of trial, the bankruptcy court confirmed the plan proposed by Lesnick Prince, and the company since has emerged from bankruptcy under new leadership.
  • Blue Rider Finance – Lesnick Prince represented an individual chapter 7 debtor in an adversary proceeding brought by a film financier against the debtor. The film financier sought a non-dischargeable debt in excess of $2 million. Although Lesnick Prince attempted to obtain a favorable result through settlement, the plaintiff’s demands made it clear that trial was inevitable. Accordingly, Lesnick Prince handled the debtor’s defense through trial, and achieved a total defense verdict.
  • Selene RMOF REO Acquisition II, LLC – Lesnick Prince represented a purchaser of real estate in a state court quiet title action. The purchaser acquired the real property in a bankruptcy court approved sale, and subsequently was sued by a national bank claiming to own the property through foreclosure. Lesnick Prince first moved to expunge a lis pendens filed by the bank, and subsequently filed a demurrer to dismiss the bank’s quiet title case. After the court expunged the lis pendens, the bank agreed to dismiss the case with prejudice.
  • Hui Hao – In an immigration appeal before the Ninth Circuit, Lesnick Prince substituted in as counsel to argue the appeal on a pro bono basis. Previously the client had lost an appeal before the Board of Immigration Appeals on the basis that the client failed to establish ineffective assistance of counsel in his immigration proceeding. Lesnick Prince argued to the Ninth Circuit, and succeeded in overturning the Board’s ruling.
  • Palm Finance – Lesnick Prince defended an individual debtor in a non-dischargeability proceeding involving claims of fraud and embezzlement against the debtor in excess of $3 million. The firm handled the case through trial and attained a favorable verdict for the debtor – less than 5% of the plaintiffs’ demand.
  • Prudential – Lesnick Prince represented a secured lender of a gasoline station and convenience market in Placer County, California. Once the owner defaulted on the client’s loan, Lesnick Prince represented the lender in an action to foreclose on the property and to recover the outstanding loan amount from the guarantors of the loan. Lesnick Prince ultimately obtained a verdict against the owner and guarantors for approximately $3.5 million, plus interest and attorneys’ fees.
  • VCC Alameda – Lesnick Prince argued eminent domain issues before the California Supreme Court on behalf of a real estate holding company that had filed for bankruptcy. The eminent domain proceeding concerned whether the Metropolitan Transport Authority had authority to acquire real property located in downtown Los Angeles.
  • Fremont General Corporation – Lesnick Prince prosecuted a competing plan of reorganization under chapter 11 of the bankruptcy code for one of the nation’s largest sub-prime lenders, Fremont General Corporation. After the lending company filed for bankruptcy, Lesnick Prince represented one the company’s minority shareholders, which was one of five parties allowed by the court to propose a competing plan of reorganization. Lesnick Prince represented the company from the disclosure statement, to plan solicitation, to confirmation briefing and trial. Lesnick Prince’s client ultimately teamed up with another plan proponent whose plan was confirmed by the court.

 

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