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IP Finance and Law: Four Vignettes
Intellectual property is an asset class and patents, prominent members of that class, are call options on the economic value of the covered technology. Because patent value can be substantial, and because the values of companies can be significantly impacted by the value of IP assets, the intersection of finance and patent law is increasingly common. In particular, here are four vignettes in which they intersect.
Markman-based Equity Arbitrage
While equity markets are “efficient” in the sense that they immediately process all information available to make reasonable investment decisions, they may not appreciate the full financial impact of relatively esoteric news ' such as the outcome of a Markman hearing. See Fama, Eugene F., et al., 1969. “The Adjustment of Stock Prices to New Information,” International Economic Review, Volume 10, Issue 1. (Feb. 1969), 1-21. This is the rationale in certain equity research circles where one IP-savvy senior analyst at Lazard Freres & Co. has claimed that “knowing the results of the Markman can be a profitable way to bet on the outcome of the trial or on which party will have to agree to a major settlement.”
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.
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.
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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?