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Preventing a Haven for Wrongdoers
The current economic downturn has resulted in a huge number of bankruptcy filings by publicly traded companies. During 2001, for example, a record 257 publicly traded companies filed for bankruptcy. See FDIC Bank Trends, No. 02-01 (Jan. 2002). The telecommunications sector was particularly hard hit, as 14% of those bankruptcies were filed by publicly traded telecom companies. Id. The downward trend continued in 2002, with industry giants such as WorldCom and Global Crossing filing for bankruptcy, not to mention the numerous CLECs and wireless carriers that have sought protection through the bankruptcy courts.
The Code's Automatic Stay and Its Police/Regulatory Exception
The U.S. Bankruptcy Code's automatic stay provision (11 U.S.C. ' 362(a)) would appear to deflect some of the immediate problems faced by financially troubled companies. But the automatic stay does not prevent the government from enforcing the law and defending the public interest. The Code provides an important exception, which precludes a bankruptcy filing from operating as a stay of an action by a government entity to enforce its police or regulatory powers. See 11 U.S.C. ' 362(b)(4). Although 'police or regulatory powers' have not been defined, the U.S. Supreme Court has held that they are 'the least limitable' of all government powers. See Queenside Hills Realty Co., Inc. v. Saxl Com'r of Housing and Buildings of New York, 328 U.S. 80, 83 (1946). Hence, courts have broadly construed the scope of Section 362(b)(4).
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?