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Concerns for Licensees of e-Commerce Software In Cross-Border Bankruptcies
Insolvency of a multinational corporation with U.S. and foreign assets brings the prospect of complex bankruptcy. A recent case illustrates some concerns a licensee of e-commerce-related software and other intellectual property could have when a foreign licensor files for bankruptcy outside the United States.
Chapter 15 of the U.S. Bankruptcy Code aims to provide a systematic, consistent resolution to cross-border insolvencies by charging federal bankruptcy courts to cooperate with foreign bankruptcy courts and, for the most part, defer to the insolvency laws of the country where the principal case was filed. Undoubtedly, conflicts exist between the U.S. Bankruptcy Code and insolvency codes of other nations. For instance, under '365(n) of the U.S. Bankruptcy Code (11 U.S.C. '365(n), while an intellectual-property licensor may reject an executory contract, such as a software license, that the bankruptcy estate deems burdensome, a licensee may elect to continue paying licensing fees and retain most of its rights under the license. Without licensee protections in '365(n), a bankrupt licensor could reject and terminate the license under '365(a) and auction the rights to another entity, leaving the licensees to either risk legal liability or re-bid for licenses for which they have already paid.
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.