Sullivan v. Jamison, No. 06 C 5240, Slip Op. (N.D. Ill. Mar. 8, 2011) (Coleman, J.).
Judge Coleman denied plaintiff's motion for summary judgment that defendants' counterclaims to music royalties from the group Survivor were stopped for failure to disclose them in bankruptcy petitions. In fact, both individual defendants had sufficiently identified their alleged rights to Survivor's music royalties in their bankruptcy petitions or amendments thereto.
Chances are those well-known eloquent lyrics have stirred up some patriotic spirit from somewhere deep within even the most sporting averse of us.
With the 2016 summer of sport fast upon us the effect of the Euros, Wimbledon and the Olympics could have a significant impact on the economy (and the nerves) of the nation.
Recently, lawyers for 50 Cent fought against the appointment of a bankruptcy examiner to investigate Instagram photos the rapper posted of himself lying next to piles of hundred dollar bills. In one picture, the bills spelled out the word “BROKE.” The humor of the photos was lost on the Office of the U.S. Trustee, who viewed the postings as disrespectful of the bankruptcy process and possible evidence that 50 Cent committed bankruptcy fraud by concealing assets from his creditors.
Despite the fact that there have been no football club insolvencies in over two seasons, on 5 June 2015 the Football League voted to amend its rules on football insolvencies. The amendments to the existing rules were approved at the recent Football League Conference and will come into force from the start of the 2015-16 football season. They provide a range of changes to take a harder line on clubs (or their parent companies) that enter administration and to improve returns to creditors, both football and non-football related.
It is a fact of life that whatever goes up will normally come back down (but not necessarily vice versa). Nowhere is this more keenly felt than in the world of British football, where those clubs that just about stay in the Premier League reap riches that would be the envy of Plutus, Ancient Greek god of wealth, and those that drop out face a desperate chase for money simply to stay afloat.
It was a painful outcome for the administrator of ARY Digital UK Limited (“ARY”) when he was found in breach of duty and liable to pay £743,750.
The case of Brewer and another (as joint liquidators of ARY Digital UK Ltd) vIqbal [2019] EWHC 182 (Ch) reminds office holders of the importance of understanding what assets they are selling, ensuring that correct marketing processes are employed and obtaining proper valuations.
Last week, the world of Rugby League was rocked by the news that Bradford Bulls, one of the giants of the game in the UK, had been placed into liquidation with reported debts of £1m and funding shortfall of a further £1m.
Secured creditors naturally want to be repaid. Sometimes secured creditors go as far as asking a debtor to waive its right to seek bankruptcy protection. Although such clauses are frequently held to be unenforceable, we previously have discussed exceptions for LLCs.
It’s nothing new in 2015 to say that social media has become a valuable part of any company’s marketing and public relations strategy. Companies now rely on sites like Facebook and Twitter to communicate with customers, advertise products, build brands, and shape public opinion. Despite the obvious value such accounts provide, however, it is not always clear what rights, if any, a company may have in a social media accounts associated with its businesses or brands.
To celebrate the one event that affects workplace productivity worldwide, we bring you our World Cup edition of Weil’s Bankruptcy Beach (or, in this case, multitasking while sitting in front of a screen for eight hours) Reading.