Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
A recent decision from the U.S. Court of Appeals for the Sixth Circuit may be creating a tsunami of concern to those attorneys and law firms that regularly represent bankruptcy trustees. The decision, in essence, takes an hourly fee arrangement between the trustee and the trustee's attorneys and adds a results-based contingency to the approval of any fee payment authorization by the bankruptcy court.
The case of In re Village Apothecary, 21-1555 (6th Cir. Aug. 16, 2022), addresses whether a bankruptcy court may consider "results obtained" when determining whether fees are reasonable under Section 330(a)(3) of the Bankruptcy Code. Ultimately, the Sixth Circuit decided yes it could.
Village Apothecary, a pharmacy in Ann Arbor, Michigan, filed for Chapter 7 bankruptcy in 2015. The court appointed a trustee and trustee's special counsel (a law firm) to investigate potential causes of action totaling $1.6 million that would potentially benefit the estate. The special counsel undertook a year-long investigation into these potential causes of action and eventually drafted a complaint against Village Apothecary's president, Garry Turner. Although the complaint was never filed, it was used as leverage to settle with Turner for $38,000. Notably, the estate's assets totaled $40,710.87.
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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.
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.
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.
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?