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Collateral Damage: The Venture Capital Outlook and Potential
Joseph Schumpeter, in a celebrated phrase, noted that capitalism depends, for its foundation and longevity, on the "animal spirits" of the entrepreneurial class in a given region. Absent the turbo charge which the entrepreneurial culture has in the past projected into the U.S. economy, we in this country are in for an indefinite slide to economic stagnation. The national balance sheet is alarming, in the vicinity of insolvency; our manufactures are increasingly non-competitive; our labor force is displacing itself in favor of, eg, China, our currency is depreciating. I often use hypothetical benchmarks called (by me) the Fidelity Index ' an assumed list of factors professional investors are wont to use when rating and distinguishing between the debt of a AAA national credit and a Third World obligor state. Absent robust growth, look at our score card on the Index ' increasing debt as a percentage of GDP and GNP; balance sheet insolvency (in legal terms, insolvency 'in the bankruptcy sense'); extraordinary spending in the military sector growing rich/poor disparity; continuing barriers to women's rights; environmental indifference; wide spread tax evasion; attempts by both the Left and Right to politicize the judiciary; elections for sale; tainted election procedures; a state highly dependent on imported capital to recycle its debt.
The Hedge Fund Probes
On Sept. 3, New York State Attorney General Eliot Spitzer announced a $40 million settlement with Canary Capital Partners LLC (a multimillion-dollar hedge fund), Canary Investment Management LLC, Canary Capital Partners Ltd. and the managing principal, Edward Stern, for fraudulent trading of mutual fund shares. Because of suggestions that such schemes are widespread, the news has triggered a flurry of media attention and, more notably, significant regulatory inquiries, criminal probes and private class actions.
Hurdle Rates for PE/VC Funds: An Overview
A hurdle rate is a provision that requires that the partners recover their capital contributions and, often, a specified rate of return, before the general…
<B><I>Decision of Note</b></i>'Daily Show' Wins Dispute on Fair Use
A Manhattan federal district court decided that the airing of an unlicensed clip from a public access TV show to introduce a segment on Comedy Central's "The Daily Show" constituted fair use under copyright law. The "Daily Show" segment at issue opened with a one-second, full-screen shot of the plaintiff ' comedienne/stripper Sandy Kane ' dancing in a bikini. The title of "The Sandy Kane T.V. Show" is visible in the background. The clip is then further shown briefly as part of a video collage. A shorter clip of Sandy Kane's show is used in a commercial promoting "The Daily Show."
Courthouse Steps
Recently filed cases in entertainment law, straight from the steps of the Los Angeles Superior Court.
Bit Parts
Recent developments in entertainment law.
Cameo Clips
Recent cases in entertainment law.
Court Rulings on Industry Attorney Fees
Depending on the circumstances and the law, parties on either side of an entertainment suit may ask a court for an award of attorney fees. Following are court rulings from recent months that deal with this and related concerns. In future issues, <i>Entertainment Law &amp; Finance</i> will report on such relevant rulings in Attorney-Fee Updates.
Negotiating Termination Provisions in Film Talent and Distribution Deals
Entertainment attorneys spend a significant part of their time putting deals together and creating agreements reflecting those deals. But these lawyers may occasionally be called on to terminate ' in an amicable fashion ' an agreement that they or someone else has prepared.
Case Notes
Highlights of the latest product liability cases from around the country.

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    A majority of courts consider the <i>contra proferentem</i> doctrine to be a pillar of insurance law. The doctrine requires ambiguous terms in an insurance policy to be construed against the insurer and in favor of coverage for the insured. A prominent rationale behind the doctrine is that insurance policies are usually standard-form contracts drafted entirely by insurers.
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  • Abandoned and Unused Cables: A Hidden Liability Under the 2002 National Electric Code
    In an effort to minimize the release of toxic gasses from cables in the event of fire, the 2002 version of the National Electric Code ("NEC"), promulgated by the National Fire Protection Association, sets forth new guidelines requiring that abandoned cables must be removed from buildings unless they are located in metal raceways or tagged "For Future Use." While the NEC is not, in itself, binding law, most jurisdictions in the United States adopt the NEC by reference in their state or local building and fire codes. Thus, noncompliance with the recent NEC guidelines will likely mean that a building is in violation of a building or fire code. If so, the building owner may also be in breach of agreements with tenants and lenders and may be jeopardizing its fire insurance coverage. Even in jurisdictions where the 2002 NEC has not been adopted, it may be argued that the guidelines represent the standard of reasonable care and could result in tort liability for the landlord if toxic gasses from abandoned cables are emitted in a fire. With these potential liabilities in mind, this article discusses: 1) how to address the abandoned wires and cables currently located within the risers, ceilings and other areas of properties, and 2) additional considerations in the placement and removal of telecommunications cables going forward.
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