December 31, 1997

Guillaume S. Losada Joins Monaco Office

Guillaume S. Losada joins the Firm's Monaco Office this coming Monday, January 5, 1998. Mr. Losada, who has dual US/French nationality, took his legal studies in France and holds a Masters in Laws degree from the Law Faculty at Aix-in-Provence, the location of the regional appellate court for the South of France. Mr. Losada speaks a number of languages and will specialize mainly in international commercial law.

December 24, 1997

US Bankruptcy Court Dismisses Recomm's
Adversary Claims Against Jean-François Vincens

In a decision dated December 23, 1997, that became available on December 24, 1997, the US Bankruptcy Court in Tampa, Florida, granted Jean-François Vincens' motion for summary judgment and entered judgment dismissing Recomm's second amended complaint with prejudice. Mr. Duffy argued the motion for summary judgment on November 14, 1997. In an adversary proceeding pending within its Chapter 11 proceeding, Recomm sought damages from Mr. Vincens, a French national who resides in France, in excess of $8.0 million for alleged preference payments and voidable transfers. In dismissing, Recomm's claims in their entirety, the Court's decision stated that Recomm's arguments did not "cut the mustard". The Court also found that Mr. Vincens had nothing to do with Recomm's operations after 1993; thus, clearly establishing Mr. Vincens' claims he was not an "insider" as that term is used in the relevant statutes under which Recomm proceeded. Recomm has ten days from December 23, 1997, to appeal the dismissal of its case. The Recomm bankruptcy involves more that $220 million in claims and is one of Florida's largest. To read the Court's decision, click the previous link.

December 23, 1997

Capital Cleaning Contractors
Incorporates in Over 40 States

The Firm assisted Capital Cleaning Contractors of Huntington, New York, incorporate in over 40 states as part of a corporate reorganization designed to achieve tax and operating efficiencies for the group. The group will be restructured into a separately incorporated operating company in each state where the group does business. The operating companies will be owned by a holding company that will also own a management company that will provide management services to the group for a fee.

December 12, 1997

Hobbs Melville Acquires
New York Broker Dealer

Hobbs Melville & Co., Inc., with offices in Amsterdam, Geneva, and Monaco, acquired an 85% interest in TransWorld Capital LLC, the parent company of SouthWall Capital Corp., a registered broker-dealer based in New York City. Hobbs Melville also loaned TransWorld $1.0 million. The Firm assisted Hobbs Melville in connection with these transactions which closed in New York on December 12, 1997.

December 1, 1997

David B. Manno starts as an
associate in the Mineola office

David B. Manno started as an associate in the Firm's Mineola office today. Dave, who graduated from Hofstra Law School last June, was in the top 5% of his class and was a member of the Law Review. Dave has also just learned that he has passed the New York Bar Examination when the results were announced just before Thanksgiving. Dave will initially focus on general corporate practice.

November 27, 1997

The American Club of the Riviera
Celebrates Thanksgiving in Monaco

The American Club of the Riviera again celebrated Thanksgiving in Monaco at the Hotel de Paris. James P. Duffy, III, President of the Club, was pleased to welcome more than 200 members and guests which included Joyce E. Leader, the US Consul General, Commodore Joseph Sestek, the commander of the 14th Destroyer Group of the US Sixth Fleet, and a number of representatives from the Navy, Mrs. Jacques Peyrat, the wife of the Mayor of Nice, and many others. The Club is one of the oldest and largest American organizations in the region.

October 23, 1997

Monaco Office wins important case
for Credit Suisse First Boston

The Firm's Monaco office won an interesting case for its client Credit Swiss First Boston today against a resident of Monaco. Judgment for about 136,000 pounds sterling, plus interest and costs, was announced from the bench today following a trial in the Tribunal de Premiere Instance, Monaco's court of general jurisdiction corresponding roughly to the New York State Supreme Court. Credit Suisse claimed that the defendant wrongfully withdrew money mistakenly credited to his account. The court agreed that, despite the mistake, the defendant could not keep the money, and his withdrawal of it from his account and refusal to return in was a tort. A translation of the court's decision is available.

October 17, 1997

Lawrence Novak accepts new responsibilities

Lawrence S. Novak resigned from the Firm as of close of business, Friday, October, 17, 1997. Larry made many important contributions, and he will be missed. His work has been reassigned, and there will be no disruption or inconvenience to any client as a result of this change. We wish Larry the all the best in his future endeavors.

October 1, 1997

Dennis Carletta becomes New York office junior partner

Dennis C. Carletta has been appointed a junior partner of the Firm, effective October 1, 1997, and he has assumed the responsibilities of managing attorney for the Firm's Mineola, New York, office. This is a well deserved promotion for Dennis, and it offers him the opportunity to develop further as a lawyer, an opportunity we believe he is looking forward to pursuing.