May 27, 2015

Coconut Grove's Famous Monty's Raw Bar and Marina Trades for Undisclosed Sum
Stroock & Stroock & Lavan Represent the Buyer

Press Release |

Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles, Miami and Washington, DC, announced Monty's Raw Bar and Bayshore Landing Marina, arguably the most well-known and popular bar/restaurant and marina in Miami's sought-after sub-market of Coconut Grove, have just been acquired by Aligned Bayshore Raw Bar LLC and Aligned Bayshore Marina LLC at an undisclosed price.

Stroock attorneys Ron Kriss and Paul Shelowitz from the Miami office led the team that arranged the complex transaction on behalf of the buyer. Seller Bayshore Landing LLC began negotiations for the sale over a year ago. According to Miami-Dade property records, the last sale of the property was for $3 million in 2004.


Steven Rabitz to Speak at SIFMA's DOL Fiduciary Seminar

Stroock Partner Steven Rabitz will be speaking at SIFMA's DOL Fiduciary Seminar "Assessing the intended and unintended consequences" on June 3, 2015 from 8:00 a.m. – 12:30 p.m. EDT. The event will take place in New York at SIFMA’s NYC Conference Center or via Webcast.

  • May 28, 2015 - IAA's Duties and Responsibilities of Compliance Officers
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  • June 3, 2015 - SIFMA's DOL Fiduciary Seminar 
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  • June 15-19, 2015 - New York Energy Week: Emerging Energy Technologies – Investment & Commercialization 
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  • May 19, 2015 | LAW360 - EXPERT ANALYSIS

    "Problems In The 'Fight Of The Century' Class Actions" by James Sammataro

    Ever since this complaint was shouted into the ringside mic after a title fight, complainers from the hard court to Broadway have recycled it. Who hasn't paid to watch an event and been disappointed? But is this really the stuff of lawsuits?

    Can aggrieved pay-per-view customers sue Manny Pacquiao and his corporate constellation for his performance in the overhyped "Fight of the Century" against Floyd "Money" Mayweather? Precedent firmly says "no."


    "IRS Issues Proposed Regulations on Insurance Companies That Will Be Treated as PFICs"

    On April 24, 2015, the Internal Revenue Service (the “IRS”) issued proposed regulations (Prop. Reg. §1.1297-4) addressing when a foreign insurance company’s income is excluded from the definition of passive income under the passive foreign investment company (“PFIC”) rules of Internal Revenue Code Section 1297. Section 1297 defines a foreign corporation as a PFIC if 75 percent or more of its gross income for the taxable year is passive income, or 50 percent or more of its assets produce passive income or are held for the production of passive income.

    PFICs owned by U.S. investors are subject to very unfavorable tax treatment as a general matter. This Stroock Special Bulletin provides an overview of the proposed regulations, which target a perceived abuse in which hedge funds and other entities would rely on reinsurance affiliates to enable them to fall within the “active conduct of an insurance business” exception to passive income and thereby shelter their investment earnings from tax under the PFIC rules.


    "DOL's Fiduciary Re-Proposal: Caveat Venditor or 'Death of a Salesman'?"

    On April 14, 2015, the Department of Labor ("DOL") released its long awaited re-proposal (the "Re-Proposal") to expand the definition of fiduciary as it applies to the many providers of services to employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and individual retirement accounts subject to the Internal Revenue Code of 1986, as amended.

    In the words of one senior DOL official, "obviously, any regulatory project that aims at the fiduciary definition is going to, kind of, right to the core" of ERISA. This Stroock Special Bulletin provides a detailed discussion of the Re-Proposal's framework and the many issues it will pose for market participants if it is adopted in its present form.


    "SEC Cross-Border Security-Based Swap Proposal"

    This Stroock Special Bulletin describes the SEC’s proposed test for whether a security-based swap transaction would be considered to be arranged, negotiated or executed by personnel of a non-U.S.

    person located in a U.S branch or office, or by personnel of an agent of such non-U.S. person located in a U.S. branch or office.


    "Update: Design Patent Filing under Hague Treaty to Begin May 13, 2015 with New USPTO Rules"

    On February 13, 2015, the U.S. deposited its instrument of ratification with the World Intellectual Property Organization, acceding to the Hague System for the International Registration of Industrial Designs and bringing the total membership of the treaty to 64 nations. On April 2, 2015, the U.S. Patent and Trademark Office (USPTO) revised its rules of practices on design patent applications to implement the Hague Agreement for International Registration.

    This Stroock Special Bulletin looks at the new rules, which provide that as of May 13, 2015, U.S. based applicants may apply for design protection in member countries by filing a single, international design application with the USPTO. The changes in this final rule take effect on May 13, 2015.

  • May 6, 2015 | NEW YORK LAW JOURNAL

    "Updated Procedures for Issuing and Selling New Shares"

    This column updates our 2006 column on the procedures to be followed for the issuance and sale of new shares and addresses the 2012 Policy Memorandum issued by the New York State Department of Law regarding the sale of certain spaces in co-ops and condominiums.

    This column also discusses the potential adverse impact on a co-op and its shareholders’ continued eligibility to take certain tax deductions—because the issuance of new shares can result in the loss of such tax benefits—and how to prevent such a loss.