Header graphic for print

New Miami Blog

Insights and Commentary on the Gateway City's Expanding Global Significance

Miami Courts Drive Florida Business Law

Recent opinions in corporate governance litigation make clear that Miami courts are leading the way in developing Florida case law governing key corporate governance issues. In Dinuro Investments, LLC v. Camacho, Judge John Thornton of the Miami-Dade Complex Business Litigation Section dismissed an LLC member’s claims against the company’s members and managers. On July 9th, the Third District Court of Appeal affirmed that decision, and in doing so, issued an opinion that has implications throughout the entire state.

The issue in the case was the same key issue present in almost any shareholder litigation: who gets the money? In other words, is the claim direct or derivative? In a direct claim, the plaintiff-shareholder receives any and all recovery. In a derivative action, the shareholder is still the plaintiff, but any recovery goes to the company. Given the bottom line nature of the distinction, it is not surprising that this is a hotly contested issue.

Continue Reading

Retail and Tech in Miami Continue to Expand

At the Beacon Council’s annual One Community One Goal Meeting, national retail department store Macy’s announced that it will be bringing its fashion incubator to Miami in order to foster and keep talent in Miami. In its two other locations in Chicago and Philadelphia, the Macy’s incubator has served as a residency on the business of fashion with a mentoring and educational component that provides training ranging from business planning, sales and marketing to pattern production and proportion theory. These incubators are two of five major fashion incubators in the country, among which is one created by the Council of Fashion Designers of America (CFDA). The Macy’s incubator will select local emerging designers and provide workspace, curriculum, mentoring and other guidance and resources that will help the designers launch their fashion businesses.

Continue Reading

Infrastructure Investment Through P3s

Last month, a roundtable policy discussion on ways the financial community can invest in infrastructure using public-private partnerships (also known as P3s or PPPs) took place in New York City. The panel, chaired by U.S. Rep. John J. Duncan, highlighted the current need across the U.S. to re-invest in infrastructure, including highways, water infrastructure, airports and public buildings. On July 17, 2014, President Obama addressed this need and announced a new initiative to boost private investment in public infrastructure, which would encourage collaboration between state and local governments and private-sector investors, expand the market for public-private partnerships and make greater use of federal credit programs.

Continue Reading

City of Miami Adopts Public-Private Partnership Ordinance

The City of Miami has recently adopted a public-private partnership (“P3″) ordinance. The new City ordinance, combined with the recently passed Florida state P3 legislation, and Miami-Dade County P3 resolution, continue to endorse the usage of public-private partnership as a procurement method for public projects in South Florida. Such timely legislative activity facilitate the financing of the expansion and transportation projects of our community, such as the PortMiami Tunnel project, the future Bay Link, new rail connections and street transportation in Miami Beach.

Continue Reading

Increasing Canadian Investment in Florida

Long since a top destination for Canadian ‘snowbirds,’ Florida is quickly solidifying its position as a center for Canadian investment.

Miami-based Canadian Consul General Louise Leger recently made an official visit to Pensacola, Florida.  Leger is a 34-year veteran of the Canadian foreign service specializing in international business, and has been the Canadian government’s top trade representative in Florida since 2009. She spent her visit chatting with business groups like the Pensacola Greater Chamber of Commerce.

Canada may be something of an economic mystery to many Floridians who encounter that nation’s citizens mainly as tourists and might not be aware of other, substantial business connections. But they should be given that Canada sees the U.S. as a huge customer for its exports, with a 75 percent share of the international sales by Leger’s homeland.

Continue Reading

Miami Beach — New Hotbed For Boutique Hotel Deals

No longer are the major hotel flags of the world the only ones taking their talents to South Beach. Boutique hotels are becoming the focus of the Miami hospitality market at a time when investors are pouring millions into Miami real estate.

The small boutique hotels that line Collins Avenue and Ocean Drive in Miami Beach — once controlled by mom-and-pop operators — have become the new darling of investors. They are being targeted by overseas capital, some of the country’s largest hospitality investors and brands reacting to a consumer demand for the personal service and memorable experience that boutique hotels can offer. Miami Beach is becoming a mecca for the reinvention of boutique hotels of all sizes, each attempting to bring a different, and in most cases, luxurious experience to the ever-increasing number of visitors to the area.

Continue Reading

P3s are a Viable Tool for Convention Center Development

South Florida has long been a leading destination for conventions and trade shows, and the convention market is extremely competitive.  As other cities have expanded and modernized their convention centers, ours have remained stagnant. It has been noted that the South Florida region no longer effectively competes for the events that bring the highest economic impact to the community.  Fortunately, multiple area convention center projects, including many within the cities of Miami and Ft. Lauderdale are now on the horizon, and together these projects can help to reestablish the South Florida area as the leading convention destination.

Continue Reading

The Importance of Planning Joint Venture Exit Strategies

With the Miami real estate market making a resurgence, there is a new rush for companies to come together in a joint venture to acquire real estate and develop projects.  With the excitement of a new deal, the joint venture partners often do not want to discuss what happens if the project or the joint venture do not go as planned, and it is easy for the joint venture partners to overlook planning for future deadlocks and exit strategies.  A recent Delaware case illustrates the pitfalls of not addressing deadlocks and exit strategies in the joint venture agreement and allowing a judge to make business decisions.

Continue Reading

Legal Implications of the Sterling Trust Dispute

While the attention of most Miami basketball fans was focused on the Heat’s bid for a third consecutive title, Clippers fans look forward to a new owner in Microsoft CEO Steve Ballmer.  Donald Sterling is challenging the proposed sale from a family trust to Ballmer, however, and the outcome of that challenge hinges on a question of trust law and interpretation.  According to published reports, Sterling’s wife Shelly Sterling approved the sale as sole trustee after removing her husband from the trustee role based on mental incapacity as determined by two neurologists.  This recent development adds trust law to race relations and wiretap rules as important lessons from the Sterling/Clippers saga.

Continue Reading

Miami Finance Forum Panel Addresses Crowd Funding

Bilzin Sumberg was recently involved in eMerge Americas Techweek, a conference dedicated to the burgeoning technology industry and the impact its having in Miami. We are all very excited about the prospect of various startups setting up shop in our global city.

Miami Finance Forum has launched an educational series that is of particular value for tech pioneers, and on June 25, we will be holding one of the panels here in our office. I, along with Heather Schwarz-Lopes, co-founder and chief strategy officer of EarlyShare, will present a panel entitled “Crowd Funding: Mystery Solved!” We’ll review the need-to-know tips for capital raising for techies and other entrepreneurs.

The panel will take place on June 25 at 7:30am at Bilzin Sumberg’s offices in Brickell. To register, click here.