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Lewis Johs’ Attorneys Resolve Contentious Litigation With A Creative Business Solution

Posted: September 9, 2020

Partners Bryan Lewis and Ellen Savino successfully and amicably concluded a matter which began as a contentious partnership dispute and ended in a series of complex corporate and commercial real estate transactions. The engagement began in the courtroom, as the parties each sought to force dissolution of five different partnerships, each owning one or more commercial properties in Nassau County. Through motion practice and negotiation, the parties ultimately were able to end litigation and move forward through a series of complex transactions that involved the sale of one property to a third party, and the negotiated buyout of the remaining properties by existing partners after procuring independent expert valuations from separate appraisers. The transactions involved the structuring of a financing arrangement for the buyouts, as well as several 1031 Exchanges which permitted the withdrawing partners to acquire replacement investment properties and defer the tax consequences from the sales.