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<b><I>Lyondell Chemical</I></b>: A Long and Winding Roadmap for Creditors in Leveraged Transaction Cases
In July 2009, the LyondellBasell Litigation Trustee commenced litigation arising out of the merger of Lyondell and Basell, seeking the recovery of billions of dollars for the benefit of unsecured creditors. And, as Bankruptcy Judge Martin Glenn observed, the Trustee “threw the kitchen sink” at the defendants. Actual and constructive fraudulent transfer claims. Preference claims. Breach of contract claims. Even claims alleging breaches of Luxembourg law.
Eight years of litigation and two bankruptcy judges later, we have a decision. On April 21, 2017, the United States Bankruptcy Court for the Southern District of New York, in Weisfelner v. Blavatnik (In re Lyondell Chemical Company), 2017 BL 131876 (Bankr. S.D.N.Y. Apr. 21, 2017), dismissed all but a $7.2 million judgment on a breach of contract claim. Here's the story.
Background
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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?