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The Interplay of Bankruptcy, Copyrights and Security Interests in Film Properties
The U.S. Bankruptcy Code is written so perversely in favor of a bankrupt party that a bankruptcy can upset all reasonable expectations of anyone doing business with that party. In the film industry, rights can be lost, payment obligations cancelled and other contractual obligations left in limbo for years.
The havoc is so great that it is necessary to plan in advance for the tragic event: “What if the other side goes bankrupt?” This requires a basic understanding of the extraordinary protections and rights that are afforded to debtors in a bankruptcy, particularly the right to void unperfected security interests and to reject executory contracts. This article focuses on the security interests issue.
Almost every important asset of an entertainment company relates to the ownership or exploitation of copyrights, including film and television rights, film libraries, licenses and receivables. Thus, the nature of copyright is critical to analyzing almost all entertainment bankruptcy issues.
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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?