Category: News

Pastore was retained by a billionaire and his company in connection with a dispute over the maintenance and ownership of a fleet of private jets. The new action, filed in Federal Court in Connecticut, involves Wheels Up and Delta Airlines and alleges breach of contract and unfair trade practices concerning N79B aircraft.

In a hotly contested alternative investment hedge fund dispute involving a billionaire family office, the Connecticut Complex Litigation Court recently reduced an award after trial by more than half. In a motion to modify, Pastore LLC argued that requiring their clients to pay this amount plus interest would be excessive, due to a settlement payment previously received by Plaintiff in a related federal court proceeding. The judge agreed with Pastore LLC on that issue. The issue of costs and attorney’s fees is still pending. Additionally, Pastore LLC’s client won the aforementioned related case in federal court and the corresponding appeal before the Second Circuit, and thus, the entire state court matter is subject to appeal.

Pastore LLC, along with Davidoff Hutcher & Citron LLP and Levitt LLP, moved to remand an Adversary Proceeding originally pending in the Complex Litigation Docket in the Connecticut Superior Court in Stamford. Although the case was pulled from the docket by the original bankruptcy filing, a SDNY bankruptcy judge ordered it returned for “equitable” remand. The claims involve corporate governance and ownership structure of construction projects totaling over $1.6 Billion. Related to this dispute, Pastore’s client has already won a $14 million Arbitration Award, which will be paid out under the Bankruptcy Court’s supervision.

Pastore advised a well-known New York public college foundation with respect to the endowment investments totaling in excess of $100 million. Pastore advised the university foundation on a new investment management agreement with Bank of America, and helped them negotiate a more balanced contract for both parties involved.

Pastore LLC attended the Digital Assets Connection 2023 as a sponsor on June 7, 2023. This third iteration of the conference, which was formerly known as Crypto Connection, saw approximately 250 attendees, speakers, and sponsors join together for meaningful and innovative dialogue about the digital asset industry. Central topics included stablecoin and payment tokens, current trading and exchange environments for centralized and decentralized finance, and digital asset custody, utility, and purpose.

At Digital Assets Connection 2023, Pastore LLC representatives discussed with other attendees the difficulties that arise from ambiguous or insufficient regulations, the importance of making a good faith effort to comply, and projections for the future of public policy in the industry. As a firm that applies a long history of practice in traditional finance to the realm of decentralized financial platforms, Pastore LLC can advise clients on best practices for compliance with regulations related to digital assets.

Pastore LLC was proud to sponsor the event alongside co-sponsors such as LMAX Group, Ciphertrace – Mastercard, Hedera, BSO, Wilkie Farr & Gallagher LLP, Prometheum, INX, Oasis Pro Markets, Chainlink Labs Aon, Cboe Digital, Ledgible Crypto Tax & Accounting, NODE40, American Crypto Academy, XTRD, and Astra Engine. More information about the forum can be found at https://www.tabbgroup.com/digitalassetsforum2023.

On Thursday, May 18^th, Pastore LLC welcomed our summer class to the firm.

Garrett Borden has returned to the office as a Summer Associate. He started with Pastore as a Law Clerk in January of 2023. He took a break for his finals at Quinnipiac University School of Law and to relocate to New Haven, Connecticut. He will be full time for the summer.

Dana Gour joined us as a Summer Associate. She completed her first year of law school at the Elisabeth Haub School of Law at Pace University. She graduated from Rutgers University in January 2022. She is involved in multiple organizations at Pace, including the Intellectual Property Student Organization.

Emily DiGiacomo joined us a Summer Associate. Emily completed her first year of law school at the Elisabeth Haub School of Law at Pace University. She graduated from the University of Connecticut in August 2022. She is involved in the National Environmental Moot Court Competition at Pace as well as many other organizations.

Hayley McBryan joined us a Summer Associate. She completed her first year of law school at the Elisabeth Haub School of Law at Pace University. She graduated from the University of South Carolina in August 2022. She is involved in the Environmental Law Society at Pace.

Pastore LLC has also welcomed Ellie Carter, as our Summer Law Intern. She finished the first part of her dual undergraduate program at Sciences Po Paris and obtained a Bachelors of Art in Politics and Government. She will finish her undergraduate career at Columbia University. Ellie looks forward to going to law school upon graduation.

 

The Second Circuit affirmed a jury verdict obtained by Pastore in a federal securities fraud case. This concluded a contentious, multi-year litigation, defeating claims of fraudulent inducement and securities fraud brought against two hedge fund executives by a billionaire family office special purpose investment vehicle. The billionaire family office, the heirs to and founders of a well-known apparel store, had invested in the fund’s General Partner limited liability company.

 

Pastore LLC also won a complex securities and M&A appeal taken to the United States Court of Appeals for the Eighth Circuit arising from a derivative rights holder agreement and related investment banking engagement agreements. This matter was an appeal filed by Plaintiff-Appellant after Pastore LLC successfully defended this case in the United States District Court for the District of Nebraska.

 

Pastore LLC also represented a large national investment bank at the Third Circuit in a matter arising from a dispute over a $650 million financing. Pastore LLC had previously defeated White & Case in the DE Bankruptcy Court.

Pastore LLC has been tapped as counsel in two related bankruptcy matters in the Southern District of New York (formerly presided over by Judge Drain, who also presided over the Purdue Pharma Bankruptcy). The first matter involved a residential development in Bronxville, New York that is the most expensive per square foot development in Westchester. The second matter involves a multi-billion commercial real estate project. Pastore LLC represents a large creditor and owner of the construction management company for both projects. Damages and claims by Pastore LLC’s client exceed $300 million.