Overview
About Solomon B. Genet
Solomon B. Genet, a partner with Meland Russin & Budwick and general counsel for the firm, focuses his practice on commercial litigation, corporate insolvency/bankruptcy and financial fraud. He has represented a wide range of parties in complex commercial litigation matters. He has also represented corporate debtors and alleged debtors, creditors, creditors’ committees, equity holders and trustees in state and federal insolvency proceedings, often stemming from financial frauds and Ponzi schemes.
Sol is recognized in the Bankruptcy/Restructuring practice area in the 2016 and 2017 Chambers USA Guide, a prestigious ranking of the top attorneys in the country. According to Chambers (2016), he is noted for winning widespread market recognition with sources saying: “He knows the law very, very well, he’s very smart and he’s invested in cases.” Chambers (2016) also quotes another interviewee as saying: “He’s a tough but pragmatic guy who is extremely well rounded.”
Chambers (2017) reports that Sol is “well known for his work in insolvency, financial fraud and commercial litigation,” and is “a very effective lawyer with a good reputation.”
Prior to joining the firm, he served as the Judicial Law Clerk for the Honorable Robert A. Mark, (then) Chief Judge of the United States Bankruptcy Court for the Southern District of Florida.
In addition to his professional legal experience, he was an adjunct professor at the University of Miami School of Law and the St. Thomas Aquinas School of Law. He has lectured and authored publications on bankruptcy and real estate-related issues.
Sol also is also very involved in professional, community and charitable organizations. He is a member of the Board of Directors of the Bass Art Museum in Miami Beach, where he serves as the chair of the diversity sub-committee. He is a former Vice Chair of the Miami Beach Cultural Arts Council, founding member of the Miami-Dade County Mortgage Fraud Task Force, Board of Directors for the Miami Beach Police Athletic League and the Bankruptcy Court Local Rules Committee. He has served as the Chair of the Greater Miami Jewish Federation Real Estate Speaker Series and its annual “Sunset over Miami” event. He has also served as the Zone VI Vice President of the Florida Land Title Association.
Education
- University of Miami School of Law, J.D., magna cum laude 1999
- Yeshiva University, B.A., 1996
Awards/Rankings
- Recognized, Chambers USA Guide, Bankruptcy/Restructuring (2016-2017)
- The Daily Business Review: Most Effective Lawyer 2016 Finalist, Bankruptcy Category
- “AV Preeminent” Rating from Martindale
- ‘Up and Comer,’ Florida Legal Elite
- Florida Rising Star, Super Lawyers
- Mover and Shaker, Business Leader Magazine
- 40 Under 40 – Outstanding Lawyers of Miami-Dade County, Cystic Fibrosis Foundation (when he was under 40)
Publications
- “Your Contingency Fee May Be at Risk if Your Client Files for Bankruptcy,” Daily Business Review, October 18, 2017.
- “HOAs in Florida: Issues and Analysis for the Real Estate Developer.” ActionLine, the Florida Bar Real Property, Probate and Trust Law Section publication (ActionLine), Summer 2008.
- “Heter Iska; Does it Make a Loan not a Loan? An Introduction for Lenders and Borrowers,” ActionLine, Summer 2007.
- “Closing Protection Letters in Florida: A Title Underwriter’s Liability to the Commercial Lender,” ActionLine, Winter 2006.
- “The Bankruptcy/Divorce Conflict: How Courts Have Used Constructive Trusts to Remedy An Inequitable Situation,” Annual Survey of Bankruptcy Law, 2001-02 Ed.
- “2nd Circuit Review,” Norton Bankruptcy Advisor, March 2000.
Bar Admissions
- Florida
- Southern District of Florida
- New York
- Southern District of New York
Languages
- English
- Hebrew (conversational)
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| Representative Matters
Practice Areas |
Representative Matters |
Bankruptcy and Restructuring, Financial Fraud, Commercial Litigation, Creditors' Rights |
Representation of bankruptcy trustee for two South Florida-based hedge funds that suffered $1.1 billion in losses in connection with the $3.5 billion Ponzi scheme perpetrated by Thomas J. Petters in Minneapolis, the third-largest financial fraud in U.S. history. Prosecuted more than 140 adversary proceedings, including claims for accountant and attorney malpractice and clawback of fraudulent transfers, as well as a $1.1 billion conspiracy claim against one of the nation's largest financial institutions. Successfully prosecuted common law tort and novel fraudulent transfer claims against BMO Harris Bank, N.A. resulting in a recovery of $16,000,000. Representation of client as one of three members of the Petters Company, Inc., Official Committee of Unsecured Creditors in Minnesota. |
Commercial Litigation |
Representation of the defendant in $20 million fraud action in the Southern District of Florida stemming from a complex corporate transaction which took place in Eastern Europe. |
Receiverships and Assignments |
A Florida District Court appointed MRB partner Peter Russin as Receiver over entities located in Wisconsin and Florida. The action was brought by the Federal Trade Commission and alleged that the bad actors operated a scam that lured consumers with promises of affordable health insurance but actually provided nearly valueless “medical discount” cards. The Firm is representing and assisting the Receiver in taking control of the receivership entities, investigating their operations and shutting certain of them down while allowing others to operate, and gathering assets for eventual distribution for the benefit of creditors. |
Receiverships and Assignments |
Represented a Florida District Court-appointed receiver in a Federal Trade Commission action against bad actors involved in a bogus health insurance scheme, which included deceptive practices that harmed consumers across the country. Assisting the Receiver, the Firm took control of, and evaluated the business operations, determined they should be shut down and did so, and gathered assets for the benefit of creditors. The receivership was transferred to a Texas District Court, where the Firm, assisting the Receiver, worked with a Texas receiver over affiliated entities and eventually terminated the receivership with a distribution made to priority creditors. |
Bankruptcy and Restructuring, Financial Fraud, Commercial Litigation, Creditors' Rights |
Puig, Inc. - representation of the Official Joint Committee of Unsecured Creditors and then the Plan Administrator in connection with 26 debtor affiliates in the business of condominium conversions. The asserted unsecured claims exceeded $100 million. Prosecuted claims against third parties include actions for avoidance of transfers, professional malpractice, usury, fraud and breach of fiduciary duty. |
Bankruptcy, Financial Fraud |
Representation of a California-based fund, handled bankruptcy-related issues and worked with state court counsel to successfully obtain $60 million judgment against an entity who operated a financial fraud. Also, obtained a $17.5 million non-dischargable judgment against the entity’s principal in his individual chapter 7 bankruptcy case. |
Bankruptcy, Restructuring |
Successfully represented note purchaser in bankruptcy filing of obligor-debtor, a commercial real estate owner, resulting in full payment (including interest and attorney’s fees) to the client in the millions of dollars. |
Bankruptcy, Restructuring |
Successfully reorganized a Miami-based international frieght-forwarding company through the chapter 11 bankruptcy process. For various strategic reasons, speed was of upmost importance. The Plan of Reorganization was confirmed approximately 120 days from the Petition Date. |
Financial Fraud |
Appointed by the Miami-Dade County Circuit Court as Receiver for various entities involved in a financial fraud. |
Financial Fraud, Bankruptcy |
Representation of the chapter 7 bankruptcy trustee of an entity through which its principal operated a $40+ million ponzi scheme. The principal has been sentenced to more than 15 years in prison. |
Financial Fraud, Bankruptcy and Restructuring |
Court appointed Mark S. Meland as Receiver for Innovida Companies run by Claudio Osorio. After discovering an approximately $50 million fraud, ceased operations and filed Chapter 11 for numerous entities. Mark S. Meland was appointed the Chapter 11 Trustee and liquidated tangible assets. Firm serves as litigation counsel to the Chapter 7 trustee in numerous avoidance and tort actions seeking to collect funds for defrauded investors. |
Alternative Dispute Resolution |
Solomon B. Genet was selected by the parties to mediate the adversary proceeding of J. Stuart Baker v. Howard Storfer and Elida Storfer, Adv. Case No. 12-1236-BKC-JKO. The mediation resulted in a settlement of all disputes. |
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| News
- Your Contingency Fee May Be at Risk if Your Client Files for Bankruptcy October 18, 2017
Attorneys bringing personal injury and other suits on a contingency fee basis often face bankruptcy-related issues. A defendant may be insolvent, a bankruptcy trustee may assert an insurance policy is property of a bankruptcy estate, or a bankruptcy trustee may bring a competing claim against the same defendant, as just a few examples.
- Federal Court To Decide Whether GE Capital Was Complicit In Ponzi Scheme July 6, 2017
By December 8, 2000, GE Capital Corporation (GECC) had received nearly $50 million that it had loaned to Petters Capital, a company that specialized in buying bulk lots of merchandise from various retailers and then re-selling them to large, big box, distributors like Costco and Walmart.
- Judge Won’t Toss Suit Against GE Capital Over $3.6B Scheme June 15, 2017
A Florida bankruptcy judge on Thursday denied General Electric Capital Corp.’s bid to escape a suit alleging it participated in the $3.6 billion Ponzi scheme orchestrated by Tom Petters, paving the way for the claims to go to a jury.
- Four Meland Russin & Budwick Attorneys, and Bankruptcy and Restructuring Practice Listed in 2016 Chambers USA Guide June 28, 2016
The 2016 Chambers USA Guide includes four Florida attorneys from law firm Meland Russin & Budwick and also ranks the firm’s Bankruptcy and Restructuring Practice.
- Petters Ponzi Trustee Sets $160 Million Liquidation January 29, 2016
Miami attorneys from Meland Russin & Budwick helped craft a more than $160 million liquidation plan to repay victims of one of the largest Ponzi schemes in history.
- BMO Harris To Pay $16M To End Petters Ponzi Row July 16, 2015
BMO Harris Bank NA agreed Thursday to pay $16 million to settle an adversary suit launched by the trustee for two bankrupt Florida investment firms, which alleged a BMO unit helped convicted Ponzi scammer Thomas Petters bilk investors out of $3.7 billion.
- Fulbright Can’t Shake Malpractice Suit Over Petters Scheme October 11, 2013
A Florida bankruptcy judge refused Monday to dismiss a $748 million lawsuit accusing Fullbright & Jaworski LLP of failing to properly advise funds involved in Tom Petters’ $3.6 billion Ponzi scheme
- Judge Allows Petters Feeder Fund Lawsuit to Move Forward August 26, 2013
A bankruptcy judge said a major feeder fund to convicted Ponzi-scheme operator Tom Petters may move forward with a lawsuit to collect more than $4 billion in damages from General Electric Capital Corp .
- Former Karu & Y owner Seecomar pursued for $60M April 24, 2013
A business owned by former Miami nightclub operator Clive Seecomar has been slammed with a $60 million judgment for civil theft related to a cellphone recycling business he was involved in.
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