Led by Alexander Klein, the Commercial Group at BEKAL represents a rising New York restaurateur who seeks damages in connection with the purchase of a restaurant on the Upper East Side of Manhattan. On Thursday, October 12, 2023, BEKAL secured a favorable decision for its client before Justice Louis Nock, who denied a dismissal-motion by the seller-entity on all contested grounds.
While on a micro level the decision concerns the meaning and details of an Asset Sale Agreement, on a macro level the decision reinforces the importance of language and structure in commercial contracts, the protections that can be afforded to corporate purchasers, and the limits to a seller’s ability to use “as is” provisions to harm the rights of buyers.
This litigation remains pending and the parties continue to dispute liability and entitlement to damages. Nevertheless, Justice Nock’s decision reflects an early step in a positive direction for BEKAL’s client.