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'Megabankruptcies': Changes On the Way?
Across the nation, readers of this publication are plagued daily with myriad problems associated with “megabankruptcies” and complex reorganization cases, and sometimes with Chapter 11s that are just large enough to be cumbersome and unwieldy, but too important and/or lucrative to pass up. Notwithstanding what is generally the statutory clarity of the Bankruptcy Code, many of the solutions to these nettlesome issues have evolved on an ad hoc basis, and are often the creatures of local customs and practice, if not the rules and procedures of individual judges. Putting aside the natural peaks and valleys of Chapter 11 filings, these issues persist, no matter the economic climate.
Certainly, the legal and business communities are not alone in their despair; the bankruptcy judges share it, too, and the more thoughtful of their number would like to solve some of these problems, and thus do their job better. Thus, it comes as no surprise that a working subgroup of the Federal Judicial Center convened a “Conference on Large Chapter 11 Cases,” and recently released a detailed report (See the June 9, 2004 daily edition of the newsletter for ABIWorld, the Web site of the American Bankruptcy Institute at www.abiworld.org). The conference report not only addresses some of the more pressing problems, it makes some suggestions for beneficial change that, even if not enacted into statute or the Federal Rules of Bankruptcy Procedure, could become the foundation for judges' individual rules or set new standards for local or even national “best practices.” Given this potentially far-reaching impact, some analysis and commentary is in order.
Where to File? The Venue Problem
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.