Industry: Hospitality & Food Services

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Waterkeepers

MM&H represents the plaintiff and one of the equity owners of the historic Greystone Hotel in Miami Beach in a knock-down-drag-out dispute with his former best friend, equity partner and co-guarantor.

In late 2020, one of the equity owners of The Greystone purchased the $30MM+ debt on the property and sued MM&H’s client (before we were involved) to successfully enforce a $19MM personal guaranty. Thereafter, MM&H, filed a derivative action on behalf of Greystone Hospitality (the holding company responsible for operating the Hotel) to recoup the millions of dollars in damages that the defendant caused to the Hotel and its holding company.

Among other things, it is Greystone Hospitality’s contention that the former partner turned lender breached his fiduciary obligations and drove the Hotel to a default in order to take control of the entity in order to squeeze out his partner and friend, Mr. Vosotas. Further, MM&H has filed an indemnity action against Greysone Hold Co on behalf of Mr. Vosotas, pursuant to an indemnification provision in its operating agreement.

The case is ongoing. Both the derivative action and indemnity suit overcame substantial motion practice and the parties are in the midst of substantial discovery.