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The Troubled Energy and Production (Oil and Gas) Sector
The oil and gas exploration sector in North America has been crushed by high debt, globally low oil prices and regional overcapacity. The result: Over 100 oil and gas exploration and production companies have filed for bankruptcy over the past 18 months, and dozens more are expected to follow. The stress on the producers is threatening a secondary wave of bankruptcies among the downstream counterparties to the producers ' in particular, the so-called “midstream” entities that move the oil and gas produced into the broader system and are tied to the producers through gathering and similar agreements.
The vast majority of recent oil and gas filings have occurred solely in the United States, with filings in Texas leading the way. A few filings have occurred solely in Canada under its insolvency regime. A very small subset of those have filed in both jurisdictions.
Of the 15 largest oil and gas filings over the past 18 months, two involved filings for corporate families (Quicksilver Resources, Inc. and Pacific Resources) in both the U.S. and Canada, and of those two, only Pacific Resources involved a cross-border proceeding, defined as a proceeding in which the orders pursued and obtained in one proceeding are intended to be recognized and have effect in the other proceeding. Quicksilver filed separate proceedings in the U.S. and Canada one year apart, with neither proceeding referencing the other.
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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
"Holy Fair Use, Batman": Copyright, Fair Use and the Dark Knight
The copyright for the original versions of Winnie the Pooh and Mickey Mouse have expired. Now, members of the public can create — and are busy creating — their own works based on these beloved characters. Suppose, though, we want to tell stories using Batman for which the copyright does not expire until 2035. We'll review five hypothetical works inspired by the original Batman comic and analyze them under fair use.