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Banking Representative Matters

Represent large national retail bank in over 100 cases.

Successfully represented regional bank in $75 million dollar asset based lending dispute with syndicate.

Represented leading national mortgage lender in $100 million civil penalties case brought by Connecticut Attorney General.

Regularly represent investors and depositors in bank conversion litigation.

Regularly represent midmarket clients in state loan and grant programs, and have obtained over $60 million in funding (including State of Connecticut Department of Economic and Community Development (DECD) grants and loans).

Successfully represented Stamford, Connecticut-based client Bank Street Group LLC in its role as joint lead arranger for a $135 million senior secured financing closed by Alpheus Communications, LLC. The financing comprised a $110 million term loan, $15 million delayed draw term loan and $10 million revolving credit facility. The financing solution also affords up to an additional $40 million in an accordion feature under certain conditions.

Acted as counsel to a large Boston-based bank in connection with an SEC action entitled Securities and Exchange Commission v. Reserve Management Company, et al. in the United States District Court for the Southern District of New York. That action arose out of the demise of the Primary Fund, a money market fund that held $785 million in debt securities issued by Lehman Brothers. As a result of Lehman Brother's bankruptcy, the Primary Fund experienced a "run on the bank," and therefore suspended redemptions on September 16, 2008. The Primary Fund came under SEC administration. The SEC administered the distribution of $46.1 billion in Fund assets and at the time of the action, $4.5 billion remained to be distributed. The drop in value and the suspension of redemptions led to multiple lawsuits against the Reserve Fund. The Boston-based bank served as a custodian to the Primary Fund and P&D attorneys assisted it to make sure that the funds held by the bank as custodian remained under an SEC order to provide for indemnification by the Primary Fund, as required by contract.

Successfully concluded a $3 million loan financing transaction on behalf of client NewOak Capital, a specialized financial advisory firm based in New York City that provides consulting, analysis, and technology services to global banks, insurance companies, asset owners, and regulators. The financing was provided by the State of Connecticut Department of Economic and Community Development (DECD) in connection with NewOak's $13 million relocation project which established its credit services division, NewOak Credit Services, now located in the Matrix Corporate Center in Danbury, Connecticut. Under the terms of the loan, the company plans to create up to 50 jobs during its first year and up to 100 jobs within three years.

Represent both buyers and sellers of broker-dealers, including in negotiation of terms; preparation and review of due diligence; preparation of formal purchase agreements; and submission of Form CMA to FINRA and navigate regulatory approval for same.