We have previously written an OnPoint about the law concerning ownership of social media accounts in light of the explosive growth in the use of such media for commercial advertising, product development and customer...more
When a majority of a company’s board approves a tender offer in good faith, can it still be avoided as an actually fraudulent transfer? Yes, says the Delaware Bankruptcy Court, holding that the fraudulent intent of a...more
The explosive growth in the use of social media for commercial advertising, product development and customer engagement, including via “influencers,” is well known and those accounts may have significant value. However, the...more
Your motion to serve the influencer defendant by tweet is hereby GRANTED. On May 2, 2023, in a class action lawsuit brought by FTX investors against social media influencers who allegedly promoted such investments and shared...more
Given the volatile economic environment caused by the COVID-19 pandemic, business development companies (“BDCs”) need to proactively manage their loan portfolio companies to mitigate risk and avoid surprises that may arise in...more
5/29/2020
/ Business Development Companies ,
Business Strategies ,
Coronavirus/COVID-19 ,
Default ,
Liens ,
Liquidity ,
Loans ,
Material Adverse Change Clauses (MACs) ,
Mezzanine Lenders ,
Portfolio Companies ,
Risk Mitigation ,
Unsecured Debt ,
Workout Agreements
A decision yesterday by the New York Supreme Court has paved the way for mezzanine lenders to proceed with UCC foreclosure sales in New York City during the pandemic. Yesterday afternoon, Justice Frank Nervo issued an order...more
5/19/2020
/ Borrowers ,
Commercial Property Owners ,
Coronavirus/COVID-19 ,
Executive Orders ,
Exemptions ,
Foreclosure ,
Foreclosure Sales ,
Governor Cuomo ,
Lenders ,
Mezzanine Lenders ,
Moratorium ,
Non-Judicial Foreclosures ,
Preliminary Injunctions ,
Uniform Commercial Code (UCC) ,
Vacated
As a follow up to our OnPoint from last week, Mezzanine Foreclosures in the Time of Coronavirus, regarding a New York County Supreme Court’s halting of a mezzanine UCC foreclosure sale, here is our promised update. ...more
5/14/2020
/ Borrowers ,
Default ,
Equity Transactions ,
Executive Orders ,
Foreclosure ,
Governor Cuomo ,
Lenders ,
Mezzanine Lenders ,
Moratorium ,
Sale of Assets ,
Uniform Commercial Code (UCC)
A recent New York County Supreme Court decision has temporarily halted a mezzanine UCC foreclosure sale by granting the borrower’s request for a stay based on allegations that the terms of the mezzanine foreclosure were not...more
5/10/2020
/ Appeals ,
Commercial Property Owners ,
Coronavirus/COVID-19 ,
Court Schedules ,
Executive Orders ,
Foreclosure ,
Foreclosure Sales ,
Governor Cuomo ,
Mezzanine Lenders ,
Moratorium ,
Motion To Stay ,
Non-Judicial Foreclosures ,
Preliminary Hearings ,
TRO
Key Takeaways
- The CARES Act did not explicitly or implicitly give private plaintiffs a right to sue lenders for supposed violations of that statute.
- The Small Business Administration has primary responsibility for...more
4/20/2020
/ Appeals ,
Applicants ,
Bank of America ,
Banks ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
Federal Loans ,
Lenders ,
Paycheck Protection Program (PPP) ,
Preliminary Injunctions ,
Private Right of Action ,
Putative Class Actions ,
SBA ,
Standing
Resolving a circuit split, the U.S. Supreme Court held Tuesday that common law liability under the Alien Tort Statute (ATS) does not extend to foreign corporations. Jesner v. Arab Bank, PLC, No. 16-499, 2018 WL 1914663...more
The Supreme Court addressed the scope of so-called “specific personal jurisdiction,” on Monday, as applied to major corporations, strengthening defendants’ potential arguments at the motion to dismiss stage. Bristol-Myers...more
6/24/2017
/ Bristol-Myers Squibb Co v Superior Court of California - San Francisco County ,
CA Supreme Court ,
Due Process ,
Forum Shopping ,
Fourteenth Amendment ,
General Jurisdiction ,
Mass Tort Litigation ,
Minimum Contacts ,
Personal Jurisdiction ,
Reversal ,
SCOTUS ,
Specific Jurisdiction
The U.S. Supreme Court rendered an 8-0 decision in Water Splash, Inc. v. Menon, on May 22, 2017, confirming that service of a complaint and summons by mail is not precluded by the Hague Service Convention (the “Convention”)....more
In a 2-1 opinion, the Second Circuit overruled the district court in Marblegate Asset Management LLC v. Education Management Corp., finding no violation of the Trust Indenture Act (“TIA”) in connection with an out-of-court...more
1/28/2017
/ Appeals ,
Bonds ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Creditors ,
Debt Restructuring ,
Fraudulent Conveyance ,
Lenders ,
Payment Terms ,
Section 316(b) ,
Secured Notes ,
Senior Indenture ,
Trust Indenture Act ,
Vacated
Addressing a novel issue in In re: International Oil Trading Company, LLC, 548 B.R. 825 (Bankr. S.D. Fla. 2016), the United States Bankruptcy Court for the Southern District of Florida recently denied in part an involuntary...more
6/8/2016
/ Attorney-Client Privilege ,
Commercial Bankruptcy ,
Common-Interest Privilege ,
Corporate Counsel ,
Creditors ,
Debtors ,
Document Productions ,
Involuntary Bankruptcy ,
Litigation Funding ,
Motion to Compel ,
Work-Product Doctrine
Last week, the U.S. Supreme Court issued its decision in Kiobel v. Royal Dutch Petroleum Co., No. 10-1491 pertaining to the reach of the Alien Tort Statute (“ATS”). This decision states that the ATS does not apply to conduct...more
Two recent developments in U.S. law may be of special interest to non-U.S. clients, especially foreign banks. First, the highest appellate state court in New York issued a decision on November 20, 2012 holding that a Lebanese...more