Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
News Briefs
Bankruptcy Updates
Franchise bankruptcies continue to reshape the landscape. The most prominent recent transaction was announced on Aug. 30, when Advantage Rent-A-Car was sold to Franchise Services of North America, Inc., a publicly traded company based in Calgary. The sale was $16 million for slightly less than half of the company (49.76% of equity), according to a press release issued by Franchise Services.
Franchise Services, which owns U-Save Car & Truck Rentals, Rent-A-Wreck of Canada, and other businesses, bought the 62-unit franchise from car rental giant Hertz Global Holdings. Hertz was required to sell the brand by the U.S. Federal Trade Commission (“FTC”), in order to receive approval to acquire Dollar Thrifty Automotive Group. The deal for Dollar Thrifty was announced earlier this year, and a merger agreement was filed with the U.S. Securities and Exchange Commission on Aug. 28; at that time, company executives said in a conference call that they hoped to have all regulatory approvals by the end of October.
Meanwhile, Romano's Macaroni Grill is gradually repurchasing nearly all of its franchised restaurants across the United States. In its latest transaction, Romano's purchased four restaurants from bankrupt West Coast franchisee Waterloo Restaurant Ventures Inc. (Waterloo's other Romano's restaurants seem likely to be shuttered, and four in Portland, OR, were due to have their assets liquidated in late September.) After the transaction is completed, Romano's will own 186 of the 191 Romano's Macaroni Grill restaurants. The majority of equity in Romano's is held by private equity firm Golden Gate Capital, which purchased its shares from Brinker International in 2008.
Bankruptcy Updates
Franchise bankruptcies continue to reshape the landscape. The most prominent recent transaction was announced on Aug. 30, when Advantage Rent-A-Car was sold to Franchise Services of North America, Inc., a publicly traded company based in Calgary. The sale was $16 million for slightly less than half of the company (49.76% of equity), according to a press release issued by Franchise Services.
Franchise Services, which owns U-Save Car & Truck Rentals, Rent-A-Wreck of Canada, and other businesses, bought the 62-unit franchise from car rental giant Hertz Global Holdings. Hertz was required to sell the brand by the U.S. Federal Trade Commission (“FTC”), in order to receive approval to acquire
Meanwhile, Romano's Macaroni Grill is gradually repurchasing nearly all of its franchised restaurants across the United States. In its latest transaction, Romano's purchased four restaurants from bankrupt West Coast franchisee Waterloo Restaurant Ventures Inc. (Waterloo's other Romano's restaurants seem likely to be shuttered, and four in Portland, OR, were due to have their assets liquidated in late September.) After the transaction is completed, Romano's will own 186 of the 191 Romano's Macaroni Grill restaurants. The majority of equity in Romano's is held by private equity firm Golden Gate Capital, which purchased its shares from Brinker International in 2008.
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.