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Protecting Interests if Another Company Files for Bankruptcy Protection
In light of the current economic tsunami, which is certain to throw a few entertainment companies into bankruptcy, this article provides a basic overview of the common issues that arise in connection with such bankruptcies. The most important reason to understand bankruptcy is to protect oneself from the draconian results that can result from a bankruptcy of the other party to a transaction. The U.S. Bankruptcy Code is written so perversely in favor of the bankrupt party that a bankruptcy upsets all reasonable expectations of anyone doing business with that party. Film rights can be lost, payment obligations can be canceled and other contractual obligations can be left in limbo for years. The havoc is so great that it is necessary to plan in advance for the tragic event: “What if the other side goes bankrupt?” For consistency, this article refers to the entity in bankruptcy as the “debtor” and the other party to a contract with the debtor as the “non-debtor.”
Almost every important asset of an entertainment company relates to the ownership or exploitation of copyrights, including film and television rights, film libraries, licenses and receivables. Thus, understanding the nature of copyright is critical to analyzing almost all entertainment bankruptcy issues.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.