Founding member of Rakower Law PLLC, Michael C. Rakower is a highly-regarded expert in complex commercial litigation and disputes, ranging from federal and state courts to arbitration forums and mediation. Clients are often executives, hedge funds and other investment vehicles, and high-net-worth-individuals, often based abroad or involving an international element.
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Michael Rakower has been hired by numerous clients to bring a dozen cases against Getty Images. Each of these new cases involves a warrant holder in Getty Images who was not permitted to exercise warrants in exchange for common stock following the de-SPAC transaction that brought Getty Images public.
Michael Rakower commenced an action on behalf of several hedge funds against Kaleyra, Inc. after Tata Communications acquired Kaleyra. Kaleyra had become a public entity following a de-SPAC transaction in 2019. Following that de-SPAC, Rakower Law’s clients held a material sum of warrants in Kaleyra. The acquisition by Tata Communications extinguished the warrants while simultaneously triggering a complex formula, set forth in Kaleyra’s warrant agreement, that mandated a certain payout to their clients for the extinguished warrants. Rakower Law brought a breach of contract action against Kaleyra after it failed to pay for the extinguished warrants.
As lead counsel, Rakower Law commenced CRCM Institutional Master Fund (BVI) Ltd. and CRCM SPAC Opportunity Fund LP v. Getty Images Holdings, Inc., Case No. 23-CV-01074, in the Southern District of New York. The action alleged claims against Getty Images for breach of contract and violations of federal securities laws, because Getty prevented CRCM Funds from exercising publicly warrants into Getty common stock after Getty entered the public markets via a SPAC merger (aka de-SPAC transaction). By October 2023, the CRCM Funds won summary judgment against Getty in the amount of $51 million plus interest.