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    Supreme Court addresses Effects of Trademark License Rejection in Bankruptcy
    2019-07-05

    In an 8–1 decision, the Supreme Court of the United States reversed the US Court of Appeals for the First Circuit and held that rejection of a trademark license in bankruptcy constitutes a breach of the license agreement, which has the same effect as a breach outside bankruptcy. Therefore, a licensor’s rejection of a trademark license agreement does not rescind or terminate the licensee’s rights under the agreement, including the right to continue using the mark. Mission Product Holdings Inc. v. Tempnology, LLC, Case No. 17-1657 (S. Ct.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, McDermott Will & Emery, Debtor, Title 11 of the US Code, Supreme Court of the United States, First Circuit, U.S. Court of Appeals
    Authors:
    Nathan F. Coco
    Location:
    USA
    Firm:
    McDermott Will & Emery
    U.S. Supreme Court adopts rule protecting a trademark licensee’s ability to use a trademark after a bankrupt licensor’s rejection of the license
    2019-07-08

    This past May, in a highly-anticipated decision, the Supreme Court held in Mission Product Holdings, Inc. v. Tempnology, LLC that a debtor’s rejection of an executory contract under Section 365 of the Bankruptcy Code has the same effect as a breach of contract outside of bankruptcy.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Trademarks, Mintz, Debtor, Supreme Court of the United States
    Authors:
    Susan Neuberger Weller , Alexander G. Roan , Timothy J. McKeon
    Location:
    USA
    Firm:
    Mintz
    Poor Foresight on an Intercreditor Agreement Waterfall Provision
    2019-07-09

    The United States Court of Appeals for the Third Circuit issued an opinion in Delaware Trust Company v. Morgan Stanley Capital Group, Inc., Wilmington Trust, N.A. (In re Energy Future Holdings Corp.) on June 19, 2019, in which it addressed distributions of assets pursuant to the waterfall provision of an intercreditor agreement in a chapter 11 reorganization.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Debtor, Supreme Court of the United States
    Authors:
    Woods Drinkwater
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Supreme Court Holds That Trademark Licensor’s Rejection Does Not Rescind or Terminate License
    2019-06-19

    On May 20, 2019, in Mission Product Holdings, Inc. v. Tempnology, LLC, 587 U.S. ---, 139 S. Ct. 1652 (2019), the Supreme Court resolved a split among the circuits, holding that a licensor’s rejection of a trademark license in bankruptcy constitutes a prepetition breach, but does not terminate the license.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Kramer Levin Naftalis & Frankel LLP, Debtor, Title 11 of the US Code, Supreme Court of the United States
    Authors:
    P. Bradley O'Neill , Anupama Yerramalli , Kelly E. Porcelli
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    US Supreme Court Clarifies Treatment of Rejected Trademark Licenses and Other Executory Contracts in Bankruptcy
    2019-06-24

    Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in France, Hong Kong, Italy, Singapore, and the United Kingdom and as an affiliated partnership conducting the practice in Japan. Latham & Watkins operates in South Korea as a Foreign Legal Consultant Office. Latham & Watkins works in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Latham & Watkins LLP, Supreme Court of the United States
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Supreme Court: Bankrupt Trademark Licensor Cannot Terminate Trademark License
    2019-06-17

    Mission Product Holdings Inc. v. Tempnology LLC, 587 U.S. _______, 2019 WL 2166392 (2019)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Fross Zelnick Lehrman & Zissu PC, Supreme Court of the United States
    Authors:
    David W. Ehrlich
    Location:
    USA
    Firm:
    Fross Zelnick Lehrman & Zissu PC
    Fifth Circuit Denies Post-Petition Default Interest to Fully Secured Creditors
    2019-06-18

    On June 14, 2019, the U.S. Court of Appeals for the Fifth Circuit issued an opinion[i] affirming bankruptcy and district court decisions finding that, under the terms of the confirmed chapter 11 bankruptcy plan, the debtor’s lenders were not entitled to receive over thirty million dollars of post-petition default interest even though the lenders were fully secured.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, King & Spalding LLP, Debtor, Supreme Court of the United States
    Authors:
    Jeffrey Dutson , Sarah Primrose , Nadia B. Saleem
    Location:
    USA
    Firm:
    King & Spalding LLP
    Late May Wrap-up: Another First Opinion, Another En Banc, Another Cert Grant
    2019-06-06

    Note — This post (plus many others) arrives thanks to the hard work of Sixth Circuit Appellate Blog intern extraordinaire Barrett Block, a rising 3L at UK Law.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, Internal Revenue Service (USA), Supreme Court of the United States
    Authors:
    Benjamin Beaton , Lauren S. Kuley
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Creditor Beware: Supreme Court Rejects “Good Faith” Defense to Violations of Bankruptcy Discharge Orders
    2019-06-06

    Starting now, all creditors must exercise more caution when trying to collect against discharged bankruptcy debtors, because a creditor’s good faith belief that the discharge injunction did not apply is no longer a viable defense. On Monday, June 3, 2019, the U.S. Supreme Court clarified the standard for awarding sanctions against a creditor for violation of the discharge injunction, unanimously holding that a court may hold a creditor in civil contempt for violating a discharge order if there is “no fair ground of doubt” that the discharge order barred the creditor’s conduct.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dykema Gossett PLLC, Supreme Court of the United States
    Authors:
    Maria A. Diakoumakis
    Location:
    USA
    Firm:
    Dykema Gossett PLLC
    Where a “fair ground of doubt” can create comfort: taggart v. lorenzen
    2019-06-06

    In a unanimous, and perhaps unsurprising, decision, the Supreme Court determined that a creditor may be held in civil contempt for violating the discharge injunction if there is “no fair ground of doubt” as to whether the creditor’s conduct was barred by the order placing that injunction. The Supreme Court declined to adopt the standard of either of the courts below – the bankruptcy court’s strict liability standard or the Ninth Circuit’s good faith belief “even…if unreasonable” standard.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Bradley Arant Boult Cummings LLP, Supreme Court of the United States
    Location:
    USA
    Firm:
    Bradley Arant Boult Cummings LLP

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