Our attorneys have represented national, regional and local banks in connection with disputes over lending practices and enforcements of rights as secured lenders.
Our attorneys have also handled large claims in bankruptcy for financial institutions.
We regularly represent both large and middle-market companies in DECD loan transactions, and have assisted our clients in obtaining $60 million in such financing in the last two years. We have negotiated a DECD (Connecticut Department of Economic and Community Development) loan for a New York-based company moving 500 employees to Connecticut. Our former partner is the Lt. Governor of Connecticut and actively assisted in developing this practice while at the firm.
Pastore attorneys 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 Pastore 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.
Representative Matters
- Represented a large national retail bank in over 100 cases.
- Successfully represented a regional bank in $75 million asset based lending dispute with syndicate.
- Represented a 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 represents mid-market clients in state loan and grant programs, and have obtained over $60 million in funding (including 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.
- Successfully concluded a $3 million loan financing transaction on behalf of client NewOak Capital, a specialized financial advisory firm based in Connecticut that provides consulting, analysis, and technology services to global banks, insurance companies, asset owners, and regulators. The financing was provided by the 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.
- Represents both buyers and sellers of broker-dealers, including the 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.
- Effectuated financing rounds and assisted with corporate restructuring and filing of Form Ds for start-up banking company.
- Effectuated seed round financing and negotiated terms with investors for tech start-up.
- Effectuated multiple rounds of financing, negotiated terms on deals and filed Form Ds for start-up biotech company.
- Regularly represent one of the largest lending institutions in the world.
- Proudly represent several multibillion regional and community banks around the country.