New York partner on Cassa NY Hotel's bid to emerge from bankruptcy
New York partner Lee Stremba was quoted in a July 19 Law360 article about the developer behind New York’s newly built Cassa NY Hotel clearing a major stumbling block in its bid to emerge from bankruptcy, negotiating a way to resolve disputes with the hotel’s builders.
Waterscape Resort LLC, which owns Cassa, needed a sale order in place by July 29 or the deal could unravel, but progress had been held up because the sides could not agree on language in a single paragraph that would determine how any appeals might be handled.
“Your honor, we have successfully drafted a single sentence,” Stremba, who represents Waterscape, told the judge overseeing the case after an intense negotiation session during a recess during case proceedings. “That’s a great accomplishment,” the judge shot back. “In this case, it’s almost a milestone,” Stremba countered.