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New York City's Guaranty Law Invalidated
In March 2020, as New York City became the epicenter of the COVID-19 pandemic, Governor Andrew Cuomo issued a number of executive orders, some of which required non-essential businesses to close their doors. As a consequence, many commercial businesses began defaulting on rent payments or attempting to terminate their leases altogether, to potentially catastrophic effect for landlords, who rely on rent payments to cover expenses (e.g., taxes and debt service).
In May 2020, the New York City Council enacted several local laws to combat the economic impact of the pandemic on struggling small businesses. Among the laws passed in this legislative relief package were amendments to the Commercial Harassment Law (Local Law No. 53 of 2020) and to the Residential Harassment Law (Local Law No. 56 of 2020), and the "Guaranty Law" (Local Law No. 55 of 2020). While facially implemented to protect struggling commercial tenants and small businesses, the practical effect of these laws was to shift the economic burden of the pandemic almost exclusively to landlords, who were now precluded from enforcing certain negotiated personal guaranties contained in their lease agreements. Compounding that restriction, the amendments to the Harassment Laws stoked apprehension with respect to the consequences of demanding rent payments directly from tenants.
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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.
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.
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Blockchain Domains: New Developments for Brand Owners
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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."