Litigation

The FASB and IASB issued the second Exposure Draft ("ED") of the proposed new leasing rules on May 16, 2013 with a deadline for comments of Sept. 13, 2013. The ED is an improvement over the 2010 ED in that it is closer to current GAAP in areas such as the definition of the lease term and lease payments.

Finance Companies' Rights to Collect
True Lease vs. Security Interest: In General
Lessors' Damages: Measures and Entitlement
Vendor Issues
End-of-Term Lease Provisions
Forum Selection, Jurisdiction and Choice of Law
Assignments of Leases

Courts frequently wrestle with how to apply post-petition payments for rental proceeds deriving from lenders' pre-petition collateral. The issue arises principally in single asset real estate cases, because generally post-petition proceeds of the debtor are the rents attributable to the lender's collateral.

International recording artist Jos' Feliciano is suing his manager and asking a Broward County, FL, circuit judge to rescind their contract.

Anti-Slapp Motion Involving Disclosure of ex-Miss California Suit Settlement Is Denied
New York Court Finds Malpractice Suit, over Transfer of Motion Picture Ownership, Improperly Pleaded

Declaratory Bids Denied in Dispute over Literary Agent Agreement
Method for Monetizing Internet Content Not Too Abstract for Patentability
New York Music Administration Suit Stayed Until Outcome of Canadian Suit over Related Songs-Purchase Agreements

U.S. Supreme Court Upholds Arbitrator's Determination of Authority to Determine Class Issues
Recent Attempt to Revive Laxmi v. Golf USA Fizzles

Highlights of the latest insurance cases from around the country.