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Biotech Industry Bankruptcy Case Update: 'Zymergen' and 'Humanigen'
'Zymergen'
On Oct. 3, 2023, Zymergen Inc. and three affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
In 2021, Zymergen raised approximately $530 million from its initial public offering (IPO) to fund their product, Hyaline, the polyimide film for flexible touch-screen devices. Soon after the IPO, the company struggled to generate revenue as customers faced technical problems with the product, causing the company's stock to drop about 70%. This spurred litigation against the company and directors by investors.
Subsequently, Gingko Bioworks purchased Zymergen for $300 million. As a wholly-owned subsidiary of Gingko, Zymergen shifted to a services-based business utilizing its synthetic biology technology but continued to operate on a cash negative basis.
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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
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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 Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.