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Changing Outcomes Through a Reservation of Rights

In the day-to-day practice of bankruptcy law, it may occasionally be tempting to dismiss "reservation of rights" language as unnecessary or unimportant — after all, a pragmatically minded court will consider the economic reality of the case before it. Right? Well, the U.S. District Court for the District of Delaware's recent ruling in Emerald Capital Advisors v. Victory Park Capital Advisors (In re KII Liquidating) demonstrates the flaws in that way of thinking.

9 minute read January 01, 2020 at 12:05 AM

By

Francis J. Lawall and

Kenneth A. Listwak

Changing Outcomes Through a Reservation of Rights

In the day-to-day practice of bankruptcy law, it may occasionally be tempting to dismiss "reservation of rights" language as unnecessary or unimportant — after all, a pragmatically minded court will consider the economic reality of the case before it, placing greater importance on the overall transaction at hand.

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Catching Up With the Copyright Royalty Board At the D.C. Circuit

The Copyright Royalty Board (CRB), which works under the umbrella of the Librarian of Congress, sets statutory-license royalty terms and rates. The U.S. Courts of Appeals for the D.C. Circuit recently issued two notable decisions about the CRB.

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For Encrypted Data, “Q-Day” Is Coming — Here Are Seven Steps to Prepare

As quantum machines become more powerful, today’s uncrackable encryption schemes may become trivial to break. Opinions vary as to how soon that moment, so-called “Q Day,” will arrive, but the threat is real.

October 01, 2026

When AI Agents Trigger a Crisis: The New Communications Playbook

How do you communicate when you know the harm before you know its cause? For law firms, it comes up both when advising a client and when explaining an incident of their own.

October 01, 2026

Law Firms Collect About 82 Cents on the Dollar — The Rest Is An Architecture Problem

The gap between what a firm bills and what it collects is not a collections failure. It is a design flaw in how the whole revenue cycle is wired, and clients armed with AI are now exploiting it faster than firms can respond.

October 01, 2026

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