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De Blasio has a chance to terminate the Steve Cohen-Metz deal



If Bill de Blasio really wants to do it, if he is really determined to prevent Steve Cohen from acquiring the Mets for $2.4 billion, not just trying to keep Brand awareness, then the Mayor of New York City had better hire some damn good lawyers.

Because you know that Cohen, like his fictional opponent Bobby Axelrod of “Boillions,” hired his own damned, award-winning litigator. A pair of experts in the field believe that although de Blasio will have the opportunity to win the case by citing language in the Citi Field lease agreement between the Metropolis and New York City, some important legal exercises are needed to win, even if he Having won a distracted victory, Cohen can try other ways to get what he wants.

The key words in the whole theoretical battle match exactly what de Blasio wants in these programs.

As Dan Stanco, partner and co-head of Ropes & Gray̵

7;s real estate business, said in a telephone interview on Thursday, “It will ultimately depend on how’control’ is interpreted in this situation.”

Here’s how to cancel the lease agreement. A copy of the agreement was obtained by The Post. The text reads the key “banned person” clause and lists the criteria for the type of aspiring Metropolitan boss: “Any The convicted person commits a felony or any crime involving moral depravity, or is an organized criminal person, or is said to have a large number of business or other affiliations with an organized criminal person, or is directly or indirectly controlled, controlled or jointly Controlled Crime A person in criminal proceedings convicted of a felony or any crime involving moral depravity, or is an organized criminal person or a person who is considered to have a substantial business or other affiliation with an organized criminal person. “

Steve Cohen and Bill de Blasio
Steve Cohen and Bill de BlasioAP; Reuters

Yes, it’s a bite, so let’s break it down: Cohen himself has not been convicted, so you can exclude it. Did his former hedge fund SAC Capital Advisors plead guilty to insider trading in 2013, and did it make Cohen an “organized criminal”? It seems to be stretched.

Kris Ferranti, a partner of Shearman & Sterling LLP Real Estate Group, said in a telephone interview on Thursday: “It is basically up to the landlord to determine whether someone is an organized criminal under a lease.” “But it must Exercise it in good faith…. In the context of this lease, and how we usually understand places with “organized crime figures” such as terrorist organizations, criminal groups, criminal groups.

This brings us to the critical “control” of the convicted. As Stanco said: “If you think Cohen controls SAC Capital (SAC literally means’Steven A. Cohen)”, his eight traders deal with insider trading A plea or conviction can be considered a felony. A plea and a conviction in court are the same thing. You can’t distinguish there.”

However, Ferranti believes: “The key is how control is usually defined in leases and other contracts. Usually, it is in the entity rather than in the individual. In the classic sense of the term that is commonly used in contracts, you would not “control” personal.”

In addition, if De Blasio does achieve a defeated victory, it does not necessarily mean the end of Cohen. Stanco said: “The reality is that Cohen can organize the lease around it by placing it in an entity or trust that he does not control. If he can correctly distinguish the ownership of the team from the tenants in the lease, then Cohen should be able to make it work. .”

As the Post reported on Wednesday, the Met has hired two law firms to review de Blasio’s juice, and both law firms have concluded that the city will have no right to oppose Cohen’s acquisition.

For him, just knocking on his chest, keeping his own importance here, and inserting his name in the Mets-Cohen legend may be a victory. I don’t want to be the one who destroys it to you, but in the end, this is what all some politicians really care about.


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