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2d Cir. Issues Two Notable Copyright Fair Use Decisions
The U.S. Court of Appeals for the Second Circuit recently issued decisions in two closely watched copyright fair use cases involving photographs. In the first, the Second Circuit decided that Andy Warhol did not make fair use of a photographer's copyrighted image of the iconic musician Prince, in a ruling that fine-tuned that court's precedent relating to "transformative" works and cautioned trial judges to refrain from the role of art critic.
Warhol's Prince Series
The ruling in The Andy Warhol Foundation for the Visual Arts Inc. v. Goldsmith, 19-2420 (2d Cir. 2021), from a three-judge panel of the Manhattan-based appeals court, reversed a trial court decision in finding that Warhol's famous series of 16 silkscreen works had infringed Lynn Goldsmith's copyright for her 1981 photograph portraying Prince in black and white.
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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.
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Supreme Court Rules Rejection of Trademark License Does Not Rescind Rights of Licensee
Mission Product Holdings, Inc. v. Tempnology, LLC The question is whether a debtor's rejection of its agreement granting a license "terminates rights of the licensee that would survive the licensor's breach under applicable nonbankruptcy law."