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Chapter 11 Breach of Contract

ArentFox Schiff

Virtual Tug-Of-War: The Importance of Clarifying Ownership of Branded Social Media Accounts

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Social media has revolutionized the ways in which brands target and market to consumers and the value of successful social media pages has become increasingly recognized, resulting in disputes over the ownership of these...more

Dorsey & Whitney LLP

Bridal Fashion Label and Designer Straighten Social Media Ruffles in Bankruptcy Deal

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The 2010s were a heyday for bridal fashion. TLC’s “Say Yes to the Dress” reality series captivated viewers watching brides navigate family opinions and emotions while shopping for “the dress” at Kleinfeld’s Bridal in New York...more

Holland & Knight LLP

The Real Estate and Corporate Restructuring Connection, Plus Retail Restructuring Trends

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The transition to online shopping, interest rate increases, labor costs, maturing debt and rising inflation have collectively taken a significant toll on the retail industry, contributing to store closures and a growing...more

Pillsbury Winthrop Shaw Pittman LLP

Not So Fast: An Option to Purchase Real Estate May Not Always Be Rejected by the Debtor in Bankruptcy

A recent bankruptcy court decision determined that a debtor cannot reject an unexercised option for the purchase of its real estate, raising a potentially significant bar to any debtor extricating itself from an under-market...more

A&O Shearman

Diamond Sports Group swings for the fences (and strikes out)

A&O Shearman on

During a U.S. bankruptcy case, can a debtor pay something less than the full contract rate provided for in a contract entered into prior to the bankruptcy while still requiring the counterparty to fully perform its...more

Harris Beach PLLC

Cannabis-Related Companies Can’t File Bankruptcy Until Federal Legalization

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Although the use of cannabis has been legalized in approximately 39 states and the District of Columbia¹ , cannabis is still illegal federally and classified as a Schedule I drug under the Controlled Substances Act. As a...more

Moritt Hock & Hamroff LLP

Aggressive Pursuit Of Repayment Or Crossing The Line? Takeaways From The Bailey Tool Bankruptcy Case

A lender’s successful enforcement of loan documents following one or more events of default turns on a variety of factors, the most important of which is compliance with the terms of the relevant loan documents. When a lender...more

Foley & Lardner LLP

11 Key Strategies to Protect Your Company’s Supply Chain and Mitigate Risks Against Financially Distressed Customers and Suppliers

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As we pass the midpoint of 2022 and the world expresses a collective sigh of relief that the worst of the COVID-19 pandemic seems to be behind us, a perfect storm of extraordinary factors is creating conditions for financial...more

Vinson & Elkins LLP

In re Ultra Petroleum Corp. – Fifth Circuit: Debtors May Reject FERC-Approved Gas Transportation Agreements

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In Federal Energy Regulatory Commission v. Ultra Resources, Inc. (In re Ultra Petroleum Corp.),1 a panel of the Fifth Circuit Court of Appeals (the “Fifth Circuit Panel”) provided valuable clarity regarding a 2004 decision in...more

Jones Day

Delaware Court Holds Rejection Eliminates Non-Debtor's Exclusive Right to Provide Services to the Debtor

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Nine Point Energy Holdings, Inc. and its affiliates (collectively, "Nine Point" or "Nine Point debtors") constituted an oil and gas production and exploration company that sought to reorganize in chapter 11 through a going...more

Proskauer Rose LLP

Nine Point Ruling Limits High Court Bankruptcy Contract Rule

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In its 2019 decision in Mission Product Holdings Inc. v. Tempnology LLC, the U.S. Supreme Court resolved a circuit split concerning the effect of contract rejection under Section 365 of the Bankruptcy Code. More specifically,...more

Tucker Arensberg, P.C.

Informal but Actual Notice of Bankruptcy: What Difference Does It Make?

On January 3, 2021, in In re Ditech Holding Corporation, Case No. 19-10412 (JLG), an unpublished opinion, Bankruptcy Judge James L. Garrity, Jr., discussed an important distinction for creditors of a non-individual chapter 11...more

FordHarrison

Non-Compete News: – Georgia Court Interprets Non-Compete Statute's "Sale-of-a-Business" Provision

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Georgia’s Restrictive Covenants Act (O.C.G.A. § 13-8-50 et seq.) (“RCA”) governs Georgia non-compete agreements entered into after May 2011. Very few courts have interpreted the RCA since its inception. In Bearoff v. Craton,...more

Jones Day

The U.S. Supreme Court Rules That Rejection of a Trademark License Agreement in Bankruptcy Does Not Strip the Licensee of Its...

Jones Day on

In Mission Product Holdings, Inc. v. Tempnology, LLC, 139 S. Ct. 652, 2019 WL 2166392 (U.S. May 20, 2019), the U.S. Supreme Court ruled that the rejection in bankruptcy of a trademark license agreement, which constitutes a...more

Harris Beach PLLC

Supreme Court Brings Protections to Licensees of Trademarks

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The United States Supreme Court has rendered a decision that represents a victory for licensees of trademarks throughout the country when faced with a bankrupt licensor....more

Mintz - Intellectual Property Viewpoints

U.S. Supreme Court Adopts Rule Protecting a Trademark Licensee’s Ability to Use a Trademark after a Bankrupt Licensor’s Rejection...

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...more

Foley & Lardner LLP

Preserving and Protecting Value Following the Recent Supreme Court Decision Shifting the Landscape on Intellectual Property...

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In May 2019, the U.S. Supreme Court decided the Mission Product Holdings, Inc. v. Tempnology, LLC case. The Mission Products Holdings decision provides a reminder to intellectual property license parties that periodic review...more

Eversheds Sutherland (US) LLP

When bankruptcy law and trademark licensing intersect - The Supreme Court’s decision in Mission Product Holdings Inc. v....

On May 20, 2019, the US Supreme Court clarified that when a trademark licensor rejects a trademark license agreement in a Chapter 11 bankruptcy proceeding, the rejection does not rescind the use rights of the licensee under...more

Patterson Belknap Webb & Tyler LLP

Another Ruling on Public Auctions Versus Private Sales Under Section 363

Two weeks ago, we discussed asset sales under Bankruptcy Code section 363. As that post noted, section 363 requires court approval for asset sales outside the ordinary course of business, with courts ensuring that sales...more

Farrell Fritz, P.C.

When big retailers go bankrupt - Long Island landlords, vendors and others are impacted

Farrell Fritz, P.C. on

Farrell Fritz Attorney Patrick Collins was quoted in this Long Island Business News Article. The parade of retailers filing for bankruptcy marches on as consumer shopping habits continue to evolve and e-commerce keeps...more

Jones Day

Caveat Emptor—Anti-Assignment Clause Renders Transferred Claim Unenforceable

Jones Day on

Amid the explosion of trading in claims against distressed and bankrupt entities, courts in recent years have issued numerous rulings of interest to both buyers and sellers. Notable decisions have addressed, among other...more

Alston & Bird

Caesars Case Again Highlights Disallowance Risk When Distressed Claim Transfers Fail to Comply with Assignment Provisions

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Our Distressed Debt & Claims Trading Team discusses another bankruptcy case highlighting significant risks involved with failing to comply with assignment provisions and highlights the important difference between the “right”...more

Dechert LLP

The Enforceability of Ipso Facto Provisions in a Dismissed Chapter 11 Case

Dechert LLP on

Section 365 of the U.S. Bankruptcy Code does not address the legal status of an executory contract that is not assumed or rejected in a chapter 11 proceeding. In such cases where a chapter 11 plan is confirmed, courts adopt...more

Dechert LLP

Dechert's Global Private Equity Newsletter - Summer 2017 Edition: Recent Developments in Acquisition Finance

Dechert LLP on

Basic to any acquisition and its financing are the projections of the target’s future performance. These play a key role in setting the price for the target as well as on the availability of acquisition financing. Projections...more

Kramer Levin Naftalis & Frankel LLP

Debt Dialogue: June 2017 - Refusing to Fund Into a Bankruptcy: Lessons From Lyondell for Lenders

In the May 2017 issue of Debt Dialogue, we discussed the recent decision by Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York with respect to the actual and constructive fraudulent...more

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