The Real Deal Reports on Lawsuit Against AJ Capital Affiliate Over Abandoned Roosevelt Island Hotel
April 23, 2026 – The Real Deal reports that an affiliate of lender ACRES Capital, represented by Brewer, Attorneys & Counselors, filed suit against an affiliate of AJ Capital Partners seeking more than $79 million after the Graduate by Hilton on Roosevelt Island, New York had its ground lease terminated by Cornell University.
The action comes nearly six months after the hotel ceased operating – during which time Hilton continued to portray the property on its booking site as “sold out.”
AMF Levered II, LLC and ACRES Real Estate SPE 10, LLC filed a Motion for Summary Judgment in Lieu of Complaint in the Supreme Court of the State of New York, Commercial Division on Wednesday, against Graduate Hotels Real Estate Fund III LP — an AJ Capital Partners entity and the guarantor of an over $76 million commercial mortgage loan secured by a leasehold interest in the Graduate by Hilton on Roosevelt Island.
The Graduate by Hilton on Cornell Tech's campus — Roosevelt Island's only hotel — opened in 2021 and closed in November 2025. The 224-key, 18-story property operated under a 65-year ground lease signed in 2018. Following a series of defaults, Cornell University terminated that ground lease on April 9, 2026 – which set the stage for ACRES to seek the full value of the debt from the guarantor.
According to court documents filed in New York State Supreme Court, the borrower failed to maintain required debt service reserve accounts, failed to pay lenders' fees associated with loan workout requests, and failed to make utility payments to Cornell University — multiple defaults that ultimately led to the termination of the ground lease.
"AJ Capital shut down the only hotel on Roosevelt Island, turned Union employees out of work, walked away from its obligations to Cornell University, and attempted to leave its lender holding the bag on almost $80 million," said William A. Brewer III, partner at Brewer, Attorneys & Counselors and lead counsel for Plaintiffs.
"Graduate Hotels Real Estate Fund III LP signed a guaranty that waives every defense to collection when Cornell's termination of the ground lease — caused directly by AJ Capital's abandonment of the property — fired the full recourse trigger,” Mr. Brewer added. "The documentary record leaves no room for argument. It is now time for the guarantor to fulfill its own obligation.”
The action was filed as a Motion for Summary Judgment, reflecting the Plaintiffs' position that the facts and documents leave no triable issues. The plaintiffs are seeking more than $79 million.
2026 International Debate Champions Crowned: North Allegheny Senior High School Wins IPPF Title, $10,000 Prize
New York, New York — April 20, 2026 — After six months of debate, North Allegheny Senior High School from Wexford, Pennsylvania triumphed in the 25th annual Brewer Foundation / New York University International Public Policy Forum (IPPF) Finals — earning the coveted title of IPPF World Champion and a $10,000 grand prize from the Brewer Foundation.
The final debate, held Saturday, April 18, at NYU School of Law in New York City, concluded the largest competition in the IPPF’s history beginning with 332 teams from 39 countries including Pakistan, the United Arab Emirates, Saudi Arabia, the United Kingdom, China, and Japan, among others.
This year’s resolution challenged teams to address the global education crisis, Resolved: The Group of 20 Nations should levy a global education tax equal to 1% of each member country's gross domestic product to establish a dedicated international organization that supports the provision of universal, free, quality primary and secondary education.
From the original pool of 332 teams, 64 advanced into a rigorous single-elimination written debate tournament. The “Elite Eight” earned an all-expenses-paid trip to New York City as guests of the Brewer Foundation to engage in high-stakes, in-person debates before a panel of global experts.
Topic experts, former IPPF champions, and guests from around the world attended the final debate.
“This year’s IPPF World Champions showcased a command of the topic, offered a credible plan to address the problem and defended it with passion," said William A. Brewer III, chairman of the Brewer Foundation and founder of the IPPF.
Brewer added, “The IPPF pushes students to confront the world’s most pressing issues—from nuclear proliferation to climate change, and now, the global education crisis. This year’s competitors answered that call.”
The winning team, coached by Dominic Moore and composed of students Sanjeev Arora, Kaartic Muralidharan, Eric Peng, Aayushi Vardhan, Samuel Xiao, and Casey Yan bested top contenders in the quarterfinals and semifinals before defeating Millburn High School from Millburn, New Jersey in the final round.
In addition to being part of the IPPF World Champion team, Sanjeev Arora, a junior from North Allegheny Senior High School, won the John E. Sexton Award and a $1,000 prize for exceptional performance during the final debate.
Awards:
Runner Up: Millburn High School from Millburn, New Jersey ($5,000 prize)
Semifinalists: Westwood High School from Austin, Texas, and Ivy Bridge Academy from Johns Creek, Georgia ($3,000 prize each)
Quarterfinalists: BASIS International School Shenzhen from Shenzhen, China; Çevre High School from Istanbul, Turkey; Delbarton School from Morristown, New Jersey; Troy High School from Troy, Michigan; ($1,500 prize each)
Judging Panel:
The final debate judges included Brewer Foundation Chairman William A. Brewer III; NYU President Emeritus John Sexton; Executive Director of the United World Colleges Faith Abiodun; Director of the MLK Jr. Forensics Program at Howard University Angela D. Minor; Miha Andric, an international debate coach and Director of Education Center Argument based in Slovenia; Alex Pouille, Zone Europe Chief Financial Officer for Anheuser-Busch InBev; and Director of NYU Global TIES for Children Dr. Florencia Lopez-Boo.
Will Baker, famed debate coach, Director of the NYU Global Debate Fund and member of the IPPF Advisory Board served as moderator for the final debate.
About the IPPF and the Brewer Foundation:
The IPPF was founded in 2001 by the Brewer Foundation and is jointly administered with New York University. The program is available to all high schools around the world. The IPPF is endorsed by leading forensic agencies, such as the National Association for Urban Debate Leagues, the International Debate Education Association, the Impact Coalition, Associated Leaders of Urban Debate Leagues, and the National Debate Coaches Association.
The Brewer Foundation is a private, non-profit organization funded by companies, individuals and the national litigation firm of Brewer, Attorneys & Counselors. With offices in New York and Dallas, the Foundation has achieved widespread recognition for its efforts to create, fund and manage a variety of educational outreach programs.
William A. Brewer III Named to 2026 Lawdragon 100 Managing Partners You Need to Know
Firm partner William A. Brewer III has been named to the 2026 Lawdragon 100 Managing Partners You Need to Know list.
As described by Lawdragon, this year's honorees "inspire and lead as never before. They are impassioned, inclusive and represent a new era of what it looks like to lead a law firm. They steer global enterprises whose success is measured in the billions; local law firms in a family's third generation; midsized firms intensely competing for survival; and plaintiff firms finding the right cases and pathways to achieve lasting success."
Honorees are selected through a combination of firm submissions and journalistic research, paired with editorial vetting from some of the best minds in the legal industry.
Founded in 2005, Lawdragon is a leading digital media company producing the best lawyer guides and content in the legal industry. Its industry-leading guides recognize the most effective lawyers and legal professionals in a wide variety of industries and areas, with news-focused content that is followed by industry leaders.
To review the full list of honorees, visit The 2026 Lawdragon 100 Managing Partners You Need to Know | Lawdragon
William A. Brewer III Named to 2026 Lawdragon 500 Leading Plaintiff Financial Lawyers List
Firm partner William A. Brewer III was named to the 2026 Lawdragon 500 Leading Plaintiff Financial Lawyers List.
As described by Lawdragon, “These amazing advocates find pathways to justice for investors who have been defrauded, companies who have been blocked from fair competition and consumers who have been duped, hornswoggled and otherwise had their rights trampled on by ruthless corporations, from social media to pharmaceuticals.”
Founded in 2005, Lawdragon is a leading digital media company producing the best lawyer guides and content in the legal industry. Its industry-leading guides recognize the most effective lawyers and legal professionals in a wide variety of industries and areas, with news-focused content that is followed by industry leaders.
To review the full list of honorees, visit The 2026 Lawdragon 500 Leading Plaintiff Financial Lawyers | Lawdragon
CFO.com Reports on Lawsuit by Former AmeriTex CFO Against CBIZ
March 30, 2026 – CFO.com reports today on major developments in the case by Brewer client and former AmeriTex CFO Chris Podlasek against CBIZ (formerly Marcum). As reported, the U.S. District Court for the Southern District of Texas recently denied a motion by CBIZ to halt the case, clearing the path for the matter to proceed toward trial.
Mr. Podlasek alleges that CBIZ’s recently acquired subsidiary, accounting firm Marcum LLP, knowingly participated in a breach of fiduciary duty by producing a fraudulent, “low-ball valuation” of AmeriTex. The lawsuit claims this action was part of a scheme designed to deprive Mr. Podlasek of more than $25 million owed to him for his 1.5% equity stake in the company.
The complaint, originally filed in June 2025, asserts that Marcum was enlisted by AmeriTex’s CEO to “pretend it performed an independent valuation” in order to artificially depress the payout owed to Mr. Podlasek upon his departure. The lawsuit brings claims against CBIZ for knowing participation in a breach of fiduciary duty and civil conspiracy.
“As a career CFO, our client understands the damage that can be accomplished by valuation firms willing to tailor their work to the desires of the one paying them in disregard of the standards of their profession,” Brewer said of Podlasek.
CFO.com reports that, according to his attorneys, Podlasek seeks $30 million each from CBIZ and AmeriTex, a defendant in a separate action.
The case is Podlasek v. CBIZ, Inc., in the U.S. District Court for the Southern District of Texas, Houston Division.
Read more here.
Former CFO Prevails – Judge Denies CBIZ Bid to Halt Valuation Fraud Lawsuit; Discovery to Proceed
March 25, 2026 – In a major development, a federal judge denied motions by CBIZ Inc. and CBIZ MAG LLC, a successor entity to Marcum LLP’s non-attest business (“Marcum”), to abate a lawsuit alleging Marcum conspired with others to produce a materially understated business valuation. The ruling allows the case to move into full discovery into the allegations of intentional breaches of duty. It also provides an inside look at the closely guarded world of corporate valuation services.
U.S. District Judge Alfred H. Bennett of the Southern District of Texas entered the ruling on Tuesday in Podlasek v. CBIZ Inc., CBIZ MAG LLC, Civil Action No. 4:25-CV-03047.
The lawsuit was filed on June 30, 2025, by Christopher Podlasek, former chief financial officer of AmeriTex Holdings LLC, a major infrastructure supplier.
Podlasek alleges that Marcum produced an artificially low valuation of AmeriTex to deprive him of more than $25 million owed for his 1.5% equity stake. According to Podlasek, AmeriTex's internal estimates valued the company at up to $3 billion. Marcum valued AmeriTex at $789 million. The complaint alleges that, under pressure from AmeriTex leadership, Marcum abandoned its professional standards, producing a low-ball valuation based upon “backdated” projections that conflicted with contemporaneous bullish valuations given to lenders.
“The ruling clears the path to trial,” said William A. Brewer III, partner at Brewer, Attorneys & Counselors and lead counsel to Mr. Podlasek. “Mr. Podlasek will move immediately into discovery and a full debate regarding Defendant’s conduct.”
The complaint notes that the alleged conduct occurred during the same period in which Marcum was sanctioned by the SEC and Public Company Accounting Oversight Board for systemic quality control failures, resulting in millions of dollars in fines.
“Valuation professionals are supposed to be the independent arbiters that investors, executives and counterparties rely upon to ensure major transactions reflect reality,” Brewer added. “When that process is compromised – as we contend it was here – the damage extends far beyond any one deal. It strikes at the heart of professional accountability and the trust that underpins our financial markets.”
Brewer, Attorneys & Counselors Hails the Supreme Court's Denial of Certiorari of the State Court Challenge of the N.Y. Even Year Election Law
March 23, 2026 — Today, the United States Supreme Court denied review of the state court challenge to New York's Even Year Election Law (EYEL). The denial does not reach the merits of any of the federal constitutional claims now pending before the United States District Court for the Eastern District of New York in New York Republican State Committee et al. v. Hochul et al., No. 2:25-cv-6083.
William A. Brewer III, partner at Brewer, Attorneys & Counselors and lead counsel for plaintiffs therein — a broad coalition of counties, local candidates, and voters — issued the following statement:
"Today's action by SCOTUS removes a hurdle to the efforts of our Plaintiffs to move their claims forward. The State rested its defense strategy on delay — by using the Petition for review of the state court proceedings to interfere with our case . That strategy has now run its course. There is no longer any reason to delay expedited resolution of the Constitutional claims presented in our matter. We represent a coalition of plaintiffs whose federal claims have never been heard on the merits — and we look forward to changing that before Judge Brown."
We will ask the Court to give new dates for the pre-motion conference, which was previously adjourned pending the Supreme Court's action. Plaintiffs will respond promptly.
CONTACT:
Ali Dukakis
Brewer, Attorneys & Counselors
Office: 212-527-2580
Email: ajd@brewerattorneys.com
Industry Expert Publishes Analysis of Foster v. WPP, Examining Allegations of Retaliation for Whistleblower Report That WPP Built a $1 Billion Non-Disclosed Profit Center at Clients' Expense
March 20, 2026 — Nick Manning, founder of Encyclomedia International and Non-Executive Chairman of Media Marketing Compliance (MMC), who served as Chief Strategy Officer at Ebiquity and co-founded Manning Gottlieb OMD has published a detailed analysis of Foster v. WPP, the retaliation and wrongful termination lawsuit pending in New York Supreme Court. The analysis is available on Mr. Manning's LinkedIn.
The case was brought by Richard Foster, a 17-year veteran of GroupM, WPP's media-buying arm, who served as global CEO of Motion Content Group. Mr. Foster alleges WPP terminated him in retaliation for raising concerns that the company was improperly profiting from advertising rebates and discounts — rather than returning those savings to clients — creating a non-disclosed profit center worth nearly $1 billion in 2024 alone.
Brewer, Attorneys & Counselors retained Mr. Manning as an expert witness on behalf of Mr. Foster. His analysis scrutinizes court documents, including "Project Claridges," that exposes the media trading practices at the center of Foster's whistleblower report, as well as the implications of those practices for WPP's newly announced "Elevate 28" strategy.
"Nick Manning's analysis makes clear what this case already demonstrates from the outset — that WPP surreptitiously prioritized its own financial interests over the clients to whom they owed fiduciary duties," said William A. Brewer III, partner at Brewer, Attorneys & Counselors and lead counsel to Mr. Foster.
"Richard Foster blew the whistle on closely guarded media trading practices internally, at considerable personal cost, because he believed the clients deserved better. Mr. Manning's work brings expert weight to the court record, and we welcome the scrutiny," Mr. Brewer added.
The full analysis can be viewed here.
Media Contact:
Brewer, Attorneys & Counselors
212-527-2580