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Balancing the Equities in Municipal Bankruptcies
When it comes to explaining what has prompted the incidence of financial distress being experienced by an increasing number of our nation's cities, perhaps the most persistent and significant cause is a troubled city's obligations to fund substantial pensions for its employees, both retired as well as its active work force.
It is in this context that the recent rulings regarding pension liabilities in the Detroit and Stockton, CA, bankruptcies have taken center stage. Legal issues surrounding whether pension benefits can be modified under our bankruptcy laws, even in the face of state constitutional protections that would otherwise preclude the abrogation of promised retiree benefits to public employees, are now front-page news. But more recently, the focus has shifted from whether pensions can be impaired to a more complex set of questions about when and to what extent such modifications should be required for a fiscally challenged city to successfully garner a court's confirmation of a Chapter 9 plan of adjustment. More than any other set of legal issues arising in the municipal distress context, it is fair to say that the treatment of pension liabilities has quickly become the most significant focus of creditor constituencies and their professionals.
What's at Stake
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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?