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When Worlds Collide
The first part of this article discussed the collision of the bankruptcy and public finance worlds, and the damage caused to bondholders and their respective professionals in the case of In re Las Vegas Monorail Company, 429 B.R. 317 (Bankr. D. Nev. 2010)(Las Vegas Monorail). This month, the authors analyze and discuss two other casess and share what bankruptcy and public finance lawyers need to know when navigating the mostly uncharted waters of municipal bankruptcy.
In re Jefferson County, Alabama
In In Re Jefferson County, Alabama, Jefferson County, AL, (the County) filed its Chapter 9 bankruptcy case on Nov. 9, 2011, after attempts to reach agreement with its creditors, particularly the holders of approximately $3.2 billion of special obligation warrants issued to finance rehabilitation and improvements to the sewer system in the County, had failed. Over a year before the commencement of the Chapter 9 case, a receiver had been appointed for the sewer system, managing it in place of the county commissioners and employees, many of whom had been convicted of, or pled guilty to, federal bribery and related charges. The proceedings were commenced by a new slate of county commissioners not subject to the taint of the misdeeds of their predecessors.
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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?