Law firm's new practice to address real estate problems
Orlando Business Journal - 11:12 AM EDT Wednesday, May 23, 2007
Shutts & Bowen LLP has launched a complex loan workout practice
group to focus on clients who are grappling with the effects of a
slowdown in the real estate market.
For the new group, the law firm says it will use lawyers from its
Orlando, South Florida and Tampa offices who are experienced in the
fields of bankruptcy, creditors' rights, real estate, receiverships,
taxation and litigation.
"We are anticipating increased demand for workout advice as Florida's
economy faces headwinds from residential overbuilding, shifting market
demands and soaring construction, insurance and other costs,"
says Shutts & Bowen Chairman Bowman Brown.
Lee D. Mackson, a partner in the firm's Miami office, is to lead
the new practice group. Mackson represents financial institutions
and other companies in real estate and banking litigation, multimillion-dollar
commercial foreclosures, and complex workouts.
He says the firm's statewide complex loan workout practice group
will work with investment banks, pension funds, insurance companies,
lending institutions, developers, investors, landlords and private
"The collapse of the subprime mortgage market is creating a
ripple effect on other sectors of the U.S. economy," Mackson
says. "Foreclosure rates and mortgage fraud claims are rising
and excess liquidity in the capital markets has been keeping borderline
companies afloat. As these stresses mount, we anticipate that companies
in a wide range of industries will be seeking our advice on restructuring
loans, reorganizing business ventures and addressing complex contract
The practice group is to advise clients on loan workouts and modifications,
restructurings, bankruptcy alternatives, reorganization, capital infusion
and strategic and development alternatives for real estate in all
stages of distress.
Other members of the new practice group include partners Don Wasil,
Peter Levitt, and Bob Fracasso in Miami; Peter Shapiro in Fort Lauderdale;
Art Menor in West Palm Beach; Rob Soriano in Tampa; and Andrew Brumby
and Michael Gore in Orlando.
Reprinted from Orlando Business Journal
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