He said the same leases sold for billions a decade later.
"Of course, the tenant can argue in court that he's entitled to a renewal lease on the same terms and conditions as the existing lease," Mr. Ng said.
"The law requires that all lease renewals be on the same terms as of the original lease," Mr. Treiman said.
Mr. Martin, 32, is now back at work on the same rig, the Courageous, leased by Shell Oil.
A Joel Abramson, a Manhattan landlord-tenant lawyer, said that generally, a rent-stabilized lease should be renewed on the same terms and conditions as the expiring lease.
He added that while it may not be possible to add such a clause to renewal leases of rent-stabilized tenants -- because the law requires the renewal lease be on the same terms and conditions as the original -- it is possible to include the rider in vacancy leases and in leases for apartments that are no longer subject to regulation.
A A rent-stabilized lease must be renewed on the same terms and conditions as the previous expired lease, according to Joel E. Abramson, a Manhattan real estate lawyer.
San Francisco lawyer Peter Bertrand of Buchalter, Nemer, Fields & Younger helped bring down a nearly $50 million leasing scam in 1991 when he discovered that a locally prominent garment operation was arranging multiple leases on the same knitting and sewing machines.
Patrick Bennett, whose father founded the firm, was writing leases on the same pieces of equipment between two to seven times each, paying off earlier investors with new money and skimming the rest.
