Hedge funds have gone Hollywood. Chasing high returns, money managers are plunking down hundreds of millions of dollars to finance films such as 'Superman Returns' and 'Nanny McPhee.' At the same time, the influx of money from hedge funds and private-equity firms is reshaping film-financing deals, leading entertainment lawyers toward lucrative transactions and new clients who might want a little glamour-by-association.

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Copyright Infringement/Chain of Song OwnershipVideo-Game Laws/Constitutionality

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The U.S. District Court for the Southern District of New York decided that Bridgeport Music didn't breach a mechanical-licensing agreement by filing a copyright-infringement suit against its licensee for granting digital-download licenses to third parties.

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Like other sectors of the entertainment industry, the film industry is looking to the digital age for new revenue streams. Even with digital-piracy concerns, film studios are positioning themselves to capitalize on Internet sales of their products. This summer, for example, motion pictures from several major studios and key independent providers became available on CinemaNow for downloading and copying by consumers for DVD-machine play. In the following interview ' conducted by Entertainment Law & Finance Editor-in-Chief, Stan Soocher ' George A. Cooke, a law partner in the New York office of Manatt, Phelps & Phillips, discusses distribution of motion pictures in the digital age.

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In 1976 and again in 1998, Congress extended subsisting copyrights, by 19 and 20 years respectively. <i>See</i> Pub. L. 94-553, 90 Stat. 2541 (1976) (extending renewal term for pre-1978 works to 47 years, for 75 years total protection); Pub. L. 105-298, 112 Stat. 2827 (1998) (extending renewal term for pre-1978 works an additional 20 years, for 95 years total protection). Seeking to allow authors and their kin to share in the benefits of the newly extended terms, Congress afforded them a mechanism known as statutory termination. <i>See</i> 17 U.S.C. '304(c) and (d). The mechanism allows abrogation of contracts executed prior to Jan. 1, 1978, otherwise valid under state law, by which an author (or certain other specified persons) had transferred away copyright interests. To bolster and protect this termination right, Congress mandated that it may be effected 'notwithstanding any agreement to the contrary.' 17 U.S.C. '304(c)(5); <i>see also</i> 17 U.S.C. '304(d)(1).

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The lion's share of business method and e-commerce patents is grouped in the now infamous Class 705 at the U.S. Patent and Trademark Office ('USPTO'). This specialized class that encompasses data processing involving financial, business practice, management, and cost/price determination has experienced a surge in popularity rivaled only by the likes of nanotechnology. From 2001 to 2005, more than 5000 U.S. patents were issued in Class 705. Growth in 705 patenting has been so pronounced that this 5-year period has produced about the same number of new patents as the previous 15-year period.

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