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    First Circuit Rejects Seventh Circuit’s Approach to Rejection of Trademark Licenses: Licensees Retain No Post-Rejection Trademark Rights
    2018-01-25

    In one of the first decisions issued this year by the United States Court of Appeals for the First Circuit, the court addressed an issue of first impression. In Mission Products Holdings, Inc. v. Tempnology, LLC, n/k/a Old Cold LLC, No. 16-9016 (1st Cir. Jan. 12, 2018), the First Circuit held that the omission of trademarks from the definition of “intellectual property” in Section 101(35A) of the Bankruptcy Code, as incorporated by Section 365(n), leaves a trademark licensee with nothing more than a claim for damages upon the rejection of its license under Section 365(a).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Duane Morris LLP, United States bankruptcy court, Seventh Circuit, First Circuit
    Location:
    USA
    Firm:
    Duane Morris LLP
    First Circuit Bankruptcy Appellate Panel Latest to Warm Up to Protections for Trademark Licensees in Bankruptcy
    2016-12-12

    In its recent decision in Tempnology LLC, n/k/a Old Cold, LLC v. Mission Product Holdings, Inc. (In re Tempnology LLC), No. 15-065 (B.A.P. 1st Cir. Nov. 18, 2016), the U.S. Bankruptcy Appellate Panel for the First Circuit (“the BAP”) rejected the Fourth Circuit’s holding in Lubrizol Enterprises, Inc. v. Richmond Metal Finishers, Inc., 756 F.2d 1043 (4th Cir.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Duane Morris LLP, Fourth Circuit, First Circuit
    Authors:
    Paul D. Moore , Keri L. Wintle
    Location:
    USA
    Firm:
    Duane Morris LLP
    A Tale of Two States: Puerto Rico and Chapter 9
    2016-06-30

    Puerto Rico is in the midst of a ­financial crisis. Over the past few years, its public debt skyrocketed while its government revenue sharply declined. In order to address its economic problems and to avoid mass public-worker layoffs and cuts in public services, the unincorporated U.S. territory issued billions of dollars in face value of municipal bonds. These bonds were readily saleable to investors in the United States due to their tax-exempt status and comparatively high yields.

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Public, Duane Morris LLP, Bond (finance), Federal preemption, Tax exemption, Bankruptcy, Debtor, Debt, Investment funds, Municipal bond, US Congress, The Legal Intelligencer, SCOTUS, First Circuit
    Authors:
    Rudolph J. Di Massa, Jr. , Jarret P. Hitchings
    Location:
    Puerto Rico, USA
    Firm:
    Duane Morris LLP
    First Circuit Holds that Asset Sale Appeals Are Moot Notwithstanding Jevic Violation
    2018-02-26

    In Mission Product Holdings Inc. v. Old Cold LLC (In re Old Cold LLC), 879 F.3d 376 (1st Cir. 2018), the First Circuit held that a sale in possible violation of the Supreme Court’s Jevic decision does not allow an appellate court to examine the merits of the sale when the sale-approval order otherwise is statutorily moot under section 363(m).

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, First Circuit
    Authors:
    Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Does an Unsecured Creditors’ Committee Have an Absolute Right to Intervene in Adversary Proceedings? The First Circuit Says Yes
    2017-10-09

    An Official Committee of Unsecured Creditors (“UCC”) often plays an active role in larger, more complex business bankruptcy cases. But what right, if any, does a UCC have to intervene in a bankruptcy adversary proceeding? The First Circuit Court of Appeals recently addressed this very issue in Assured Guaranty Corp., et al. v. The Financial Oversight and Management Board of Puerto Rico, et. al., 17-1831 (1st Cir. Sept. 22, 2017) (“Financial Oversight”) and ultimately held that a UCC does have such a right.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, First Circuit
    Authors:
    Graham Mitchell
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    In Brief: First Circuit Rules That Section 1109(b) of the Bankruptcy Code Creates an Unconditional Right to Intervene in an Adversary Proceeding
    2017-11-24

    In Assured Guaranty Corp. v. Fin. Oversight & Mgmt. Bd. for Puerto Rico, 872 F.3d 57 (1st Cir. 2017), the U.S. Court of Appeals for the First Circuit ruled that section 1109(b) of the Bankruptcy Code gave an unsecured creditors’ committee an "unconditional right to intervene," within the meaning of Fed. R. Civ. P. 24(a)(1), in an adversary proceeding commenced during the course of a bankruptcy case.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, First Circuit
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    First Circuit Ruling Highlights Difference Between PROMESA Stay and Automatic Stay in Bankruptcy
    2017-04-13

    An important aspect of the Puerto Rico Oversight, Management, and Economic Stability Act, 48 U.S.C. §§ 2101–2241 ("PROMESA")—the temporary stay of creditor collection efforts that came into effect upon its enactment—was the subject of a ruling handed down by the U.S. Court of Appeals for the First Circuit. In Peaje Investments LLC v. García-Padilla, 845 F.3d 505 (1st Cir. 2017), the First Circuit affirmed in part and vacated in part a lower court order denying two motions for relief from the PROMESA stay.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Jones Day, Title 11 of the US Code, First Circuit
    Authors:
    Ben Rosenblum , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    From the Top in Brief - July/August 2016
    2016-08-08

    The U.S. Supreme Court has handed down two rulings thus far in 2016 (October 2015 Term) involving issues of bankruptcy law. In the first, Husky Int’l Elecs., Inc. v. Ritz, 194 L. Ed. 2d 655, 2016 BL 154812 (2016), the Court addressed the scope of section 523(a)(2)(A) of the Bankruptcy Code, which bars the discharge of any debt of an individual debtor for money, property, services, or credit to the extent obtained by "false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor’s or an insider’s financial condition."

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Jones Day, Bankruptcy, Debtor, Fraud, Federal Reporter, Debt, Constitutionality, Dissenting opinion, Bankruptcy discharge, Title 11 of the US Code, SCOTUS, Fifth Circuit, Third Circuit, Seventh Circuit, First Circuit
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    U.S. Supreme Court Scuttles Puerto Rico’s 2014 Municipal Debt Restructuring Law
    2016-08-08

    On June 13, 2016, the U.S. Supreme Court upheld lower court rulings declaring unconstitutional a 2014 Puerto Rico law, portions of which mirrored chapter 9 of the Bankruptcy Code, that would have allowed the commonwealth’s public instrumentalities to restructure a significant portion of Puerto Rico’s bond debt (widely reported to be as much as $72 billion). In Commonwealth v. Franklin Cal. Tax-Free Tr., 2016 BL 187308 (U.S.

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Public, Jones Day, Federal preemption, Bankruptcy, Debtor, Federal Reporter, Debt, Constitutionality, Title 11 of the US Code, US Congress, SCOTUS, United States bankruptcy court, First Circuit
    Authors:
    Ben Rosenblum , Mark G. Douglas
    Location:
    Puerto Rico, USA
    Firm:
    Jones Day
    "Rejection" of a Trademark License in Bankruptcy Is a Breach, Not a Rescission
    2019-05-29

    Bankruptcy protection under Section 365 does not give brand owners/debtor-licensors the unilateral right to rescind trademark licensing agreements.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Jones Day, First Circuit, U.S. Court of Appeals
    Authors:
    Ben Rosenblum
    Location:
    USA
    Firm:
    Jones Day

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