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The Changing Face of Chapter 11
The face of bankruptcies in corporate America has changed multiple times since the reforms of 1978. And it's going to change once more ' probably radically ' over the coming months. Starting about 30 years ago, bankruptcy represented freedom to restructure without the stigma of failure. It then morphed into a business tool that some of the largest and most sophisticated companies in America chose to use to reorganize in specific, strategic ways. Then the era of liquidity, which is now coming to a close, took hold. During this period, which was activated by hedge funds and private equity, bankruptcies grew less frequent. They became most useful as an opportunity to use the process to create quick sales, equity swaps and sophisticated yet pre-arranged partnerships among a company's money players. Following the 2005 Amendments to the Bankruptcy Code, bankruptcies became even scarcer.
Now, we move into a new place, as the good times come to an end. Will this mean we'll see bankruptcies the way they existed in the late 1990s and early 2000s? Or will it be something less traditional as defaults climb, money becomes harder to borrow and Chapter 11 becomes the only way to test survivability of companies that desperately need ' and may have for a long time desperately needed ' a traditional restructuring? One thing is certain: Chapter 11 is once again in play. In this article we look at the trail of modern bankruptcy ' and begin to parse the next phase.
The Recent Past
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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 Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?