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    Seventh Circuit protects nondebtor licensee of rejected trademark license
    2012-07-12

    The U.S. Court of Appeals for the Seventh Circuit held on July 9 that the nondebtor licensee of a rejected trademark license may continue to use the trademark (Sunbeam Products, Inc. v. Chicago American Mfg., LLC, ___ F.3d ___, 2012 WL 2687939 (7th Cir. July 9, 2012) (Easterbrook, Ch. J.)). The court's clear, concise and no-nonsense opinion explained that Bankruptcy Code ("Code") § 365(g) deems a trustee's rejection to be a "breach" of the contract, enabling "the other party's rights [to] remain in place." Id., at *3.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Schulte Roth & Zabel LLP, Bankruptcy, Seventh Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Seventh Circuit issues important decision regarding trademarks in bankruptcy
    2012-07-12

    When a trademark licensor declares bankruptcy, the trustee may reject the trademark license.   The trademark licensee then can lose its rights to use the licensed trademark, which obviously can be a disaster for the licensee.  The Bankruptcy Code protects patent and copyright licensees from this fate, but perhaps by fiat, trademark licensees were left out.  See 11 U.S.C. § 365(n).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Pattishall, McAuliffe, Newbury, Hilliard & Geraldson LLP, Bankruptcy, Seventh Circuit
    Location:
    USA
    Firm:
    Pattishall, McAuliffe, Newbury, Hilliard & Geraldson LLP
    Two recent decisions from courts of appeals address important intellectual property issues in bankruptcy
    2012-07-12

    In the last two weeks, the 6th Circuit and 7th Circuit Court of Appeals each issued decisions on important intellectual property issues in bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Intellectual Property, Litigation, Davis Wright Tremaine LLP, Bankruptcy, Debtor, Seventh Circuit
    Authors:
    Hugh McCullough , Bradley R. Duncan
    Location:
    USA
    Firm:
    Davis Wright Tremaine LLP
    Court protects shareholder from liability when it terminates payments to former executive
    2012-07-06

    One of the benefits to a corporate form of entity is the protection of shareholders from liability for obligations of the corporation. Of course, as we all know, there are still legal claims which could impose liability on a corporate shareholder for obligations of the corporation. In a recent case, a former executive of a corporation tried to assert a tortious interference claim against a majority shareholder, when it terminated severance payments that were owed to the executive. (Nation v. American Capital, Ltd., 7th Circuit Court of Appeals, Case No.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Masuda Funai Eifert & Mitchell Ltd, Shareholder
    Authors:
    Stephen M. Proctor
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    No need to ”show the note” for a non-judicial trustee’s sale
    2012-07-09

    On May 18, 2012, the Arizona Supreme Court issued an opinion in Hogan v. Washington Mutual Bank, N.A., et al., CV-11-0115-PR, holding that Arizona’s non-judicial foreclosure statutes do not require the beneficiary to show the original promissory note for the trustee to notice and conclude a non-judicial trustee’s sale.

    Filed under:
    USA, Arizona, Insolvency & Restructuring, Litigation, Snell & Wilmer LLP, Foreclosure, Arizona Supreme Court
    Authors:
    Richard H. Herold , Colleen E. Schiman
    Location:
    USA
    Firm:
    Snell & Wilmer LLP
    Ritz Camera files for bankruptcy in Delaware ... again
    2012-07-10

    On June 22, 2012, Ritz Camera & Image, LLC, and various related entities (collectively, the "Debtors" or "Ritz II"), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Those familiar with Ritz Camera know that the company's predecessor, Ritz Camera Centers, Inc.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, United States bankruptcy court
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    In re Crane: update on appellate and legislative efforts to clarify Illinois mortgage requirements
    2012-07-11

    In February the Bankruptcy Court for the Central District of Illinois held in Crane v.

    Filed under:
    USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Husch Blackwell LLP, Interest, Amicus curiae, Mortgage loan, Seventh Circuit
    Authors:
    Phillip J.F. Geheb , Courtney L. Hill
    Location:
    USA
    Firm:
    Husch Blackwell LLP
    Trustee: MF Global creditor claims could top $3 billion
    2012-06-29

    Louis J. Freeh, a former FBI director and the court-appointed creditor trustee in the MF Global bankruptcy, estimates that creditors’ claims could be in excess of $3 billion. In his recent report to the bankruptcy court, Freeh estimates creditors likely include major banks, investors and service providers, potentially leading to 112 claims against MF Global, which collapsed in October 2011.

    Filed under:
    USA, Insolvency & Restructuring, Sedgwick LLP, The New York Times, Trustee
    Authors:
    Jennifer Q. Broda , Matthew M. Ferguson , Jennifer Hamilton , Thomas R. Orofino , Eric C. Scheiner
    Location:
    USA
    Firm:
    Sedgwick LLP
    Chapter 9 - California and federal bankruptcy law/relative bargaining positions
    2012-06-29

    On June 28, 2012, Stockton, California became the most recent municipality to file for bankruptcy under chapter 9, after having concluded a mandatory mediation process with its creditors. See, In re City of Stockton, California, Case No. 12-32118 (Bankr. E.D. Cal.). Many parties affected by a potential filing by other similarly situated California public entities are seeking to understand the process that precedes a Chapter 9 filing and how to plan for a possible filing.

    Filed under:
    USA, California, Insolvency & Restructuring, Litigation, Public, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Debtor, Title 11 of the US Code
    Authors:
    Alan H. Martin , Matthew B. Holbrook
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Picard contends California lawsuit violates federal bankruptcy law
    2012-06-29

    Irving Picard is seeking to block a $270 million state enforcement action brought by California Attorney General Kamala Harris against investment adviser Stanley Chais’ estate. Picard argues that pursuant to federal bankruptcy laws, only the trustee can recoup funds on behalf of Madoff’s former customers. Harris, in turn, contends that her lawsuit is an exception to the federal bankruptcy laws because she is exercising her police powers under state law.

    Filed under:
    USA, California, Insolvency & Restructuring, Sedgwick LLP, California Attorney General
    Authors:
    Jennifer Q. Broda , Matthew M. Ferguson , Jennifer Hamilton , Thomas R. Orofino , Eric C. Scheiner
    Location:
    USA
    Firm:
    Sedgwick LLP

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