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Navigating PubliclyTraded Securities When Soliciting a Chapter 11 Plan
When tapped to conduct plan solicitation, I am all too often amazed to learn that a debtor has publicly traded stocks or bonds and that it has erroneously intended to simply serve plan solicitation materials on the registered holders of those securities. There are even times when the very existence of publicly traded debt suddenly comes as a surprise.
Just because a company's stock is not publicly traded doesn't mean it doesn't have publicly traded debt! Churches, utilities, and hospitals are common types of debtors that issue debt, but many others do as well. So, no matter the business of the debtor, it is important to take steps to accurately determine whether publicly traded securities of the debtor exist. While most counsel are well aware that both registered and beneficial owners need to be reached for plan voting, the reasons why and the intricate structure of identifying beneficial owners may be less clear.
What Happens to Your Stock?
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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?