Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Judgment Based on Stock Value Not Subject to Subordination
The Ninth Circuit has ruled that where the value of a judgment against a bankrupt company is based on the company's stock price, the claim is not one for damages arising from the purchase or sale of a security subject to subordination under ' 510(b). Racusin v. American Wagering Inc. (In re American Wagering Inc.), No. 05-15969 Oct. 6).
The debt in question stemmed from an employment contract dispute that was litigated to judgment in federal district court. The court ultimately awarded the plaintiff $2.31 million, which reflected the value of the employer's stock when plaintiff could have first sold it, plus $150,000. A few days later, the employer filed a Chapter 11 petition. The debtor sought to subordinate the employee's claim under ' 510(b) as arising from the purchase or sale of a security. The bankruptcy court ruled for the employee, but the BAP reversed.
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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.
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 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.
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?