A bankruptcy judge’s decision to sanction a prominent real estate developer who hired Marc S. Dreier in 2004 in a scheme to meddle with a rival’s bankruptcy has been reversed by a federal appeals court.
The 2nd U.S. Circuit Court of Appeals said that Bankruptcy Court Judge Burton R. Lifland lacked the authority to order $334,583 in sanctions against developer Sheldon Solow, his chief operating officer at Solow Realty & Development Co., Dreier and others in the bankruptcy case of Peter S. Kalikow, a developer and former head of the Metropolitan Transportation Authority.
