The Department of Education (DOE) and the CFPB are pushing Congress to make it easier for students to discharge student debt issued by private lenders by filing for bankruptcy protection. The recommendations of the DOE and CFPB would not affect the majority of student debt, which is issued by the federal government, because federal loans already offer leniency in the form of deferrals, forbearance or more flexible payment options. No such cushion exists for private loans.
I am the director of a corporate hospitality agency that has become insolvent. I still have a lot of goodwill with my clients and am keen not to lose the book of contacts I have built up in this industry. Can you tell me whether there is anything to stop me from forming a new company from the remains of my failed business and opening up again under a different name?
The Olympics may be over, but a potential clash of titans is gearing up in the Chapter 9 bankruptcy case of Stockton, California. Municipal bond insurer National Public Finance Guarantee Corporation (“National”) has challenged Stockton’s eligibility to be a debtor under Chapter 9 of the Bankruptcy Code, and is focusing expressly on the c
On July 9, 2012, Judge Mary F. Walrath of the Bankruptcy Court for the District of Delaware disallowed a claim for rejection damages related to a real estate development agreement, because the claim had been released upon the termination of an LLC Agreement, and the underlying ground lease never came into existence. In re Magna Entm’t Corp., 2012 Bankr. LEXIS 3089 (Bankr. D. Del. July 9, 2012).
Background
The United States Court of Appeals for the Seventh Circuit recently issued its opinion in Sunbeam Products, Inc. v. Chicago American Manufacturing, LLC, in which the court clarified that the rejection of a trademark license in bankruptcy does not end the licensee’s right to use the licensed trademark.
Perfection of security interests in intellectual property can be a trap for the unwary. In general, secured parties are often confused about where to file in order to perfect a security interest. This is not surprising as the perfection regime differs depending on the type of intellectual property. As a starting point, one should determine the general rule for the main classes of intellectual property: trademarks, patents and copyrights.
On August 2, 2012, in the case ofIn re MBS Management Services, Inc.,1 the Court of Appeals for the Fifth Circuit ruled that a retail electricity agreement with a real estate management company constituted a forward contract protected by the “safe harbor” provisions of the U.S. Bankruptcy Code (“Bankruptcy Code”).
In Deephaven Distressed Opportunities Tradings, Ltd. v. 3V Capital Master Fund Ltd., Index No. 600610/08 (Sup. Ct., NY County, Jun. 26, 2012), Judge Melvin L. Schweitzer denied the plaintiffs’ motion for summary judgment on its damages claims. The case arose from a dispute over the trade of distressed claims in the Sea Container, Inc. bankruptcy. Deephaven and 3V Capital executed trade confirmations that would convey “allowed” claims to 3V Capital subject to a negotiated assignment agreement. The parties signed confirmations on three trades, two of which led to this dispute.