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Valuing Bids in Bankruptcy Auctions
Bids in bankruptcy auctions can be divided into two broad categories: all-cash bids; and non-cash and credit bids. This article discusses some important issues raised by non-cash bids.
Background
Bankruptcy auctions are designed to provide the highest possible value for the estate. But, how does the estate determine the highest value when a bid includes non-cash consideration? Too often, bidders are discouraged or confused because they do not know the operative value of the stalking-horse bid. By “operative value,” we mean the aggregate cash value of a bid for purposes of comparing it to other competing bids at an auction. We think that confusion about operative value can adversely affect the success of bankruptcy auctions.
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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.
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