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Third circuit affirms plan distributions are not proceeds of collateral

Insight Douglas J. Schneller Douglas J. Schneller · July 29, 2019
In Energy Future Holdings Corp. v. Morgan Stanley Capital Grp., Inc., 2019 U.S. App. LEXIS 18458 (3d Cir. 2019) (“EFH”), the United States Court of Appeals for the Third Circuit issued an important, albeit nonprecedential, opinion about whether adequate protection payments and plan distributions made during a bankruptcy case should be

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Facebook’s Libra, cryptocurrency and the Token Taxonomy Act: much needed blockchain innovation reform or fear of the giants?

Insight Sam Miller Sam Miller · July 24, 2019
Although Capitol Hill and not Mount Olympus, one could be forgiven for mistaking the Facebook Libra co-creator and Calibra CEO, David Marcus’s July 17th, 2019 testimony before the House Committee on Financial Services for a page out of Greek mythology. If one were to be dramatic, one could say that this was no more an exercise in regulatory

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The End of Fine Art Experts? A Few Lessons Learned From The Recent Agnes Martin Litigation

Insight Sam Miller Sam Miller · July 18, 2019
Picture this. The Picasso that always hung in your childhood livingroom; a gift to your grandfather from a grateful gallery owner, liberated as your grandfather’s 264th Infantry Regiment worked its way through France in the dying days of World War II. As the years passed, and family generations moved on, the family puts the Picasso up for

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Warhol, Prince and a Case of Vanity Perhaps Not-So-Fair: Even Fine Art Colossuses Need Inspiration

Insight Sam Miller Sam Miller · July 10, 2019
What could be more flattering than arguably the greatest pop fine artist of all time copying your work? Well fine art photographer, Lynn Goldsmith, apparently wasn’t all too flattered when she saw Andy Warhol’s ‘Prince Series’ (of the singer, once known as “The Artist Formerly Known As Prince” or that

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Update on EU Election Results Suggest Tougher Regulatory Climate for US Firms Doing Business in Europe

Insight Stephen Díaz Gavin Stephen Díaz Gavin · July 05, 2019
Late on July 2nd, after several days heated and extensive discussions, the leaders of the EU countries announced their choices to lead the EU institutions for the next five years: Germany’s current Minister of Defense, Ursula von der Leyen as President of the European Commissioner Belgium’s lame duck Prime Minister, Charles Michel

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SCOTUS Holds Licensee May Continue Using Trademark After Rejection in Bankruptcy

Insight Douglas J. Schneller Douglas J. Schneller · June 11, 2019
The Supreme Court of the United States has ruled that the rejection in bankruptcy by a debtor-licensor of an executory trademark license does not terminate the licensee’s right to use the trademark but instead has the same effect as a breach of that contract outside of bankruptcy.[1] Consequently, the licensee may continue to use the

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Limited Liability Company Considerations for Conducting Business: A Top Five List

Insight John J. Hanley John J. Hanley · Chae Kim Chae Kim · June 04, 2019
Formation of a limited liability company (“LLC”) is a popular and viable alternative to a corporation or a partnership. An LLC features both the limited liability of a corporation and the tax advantages of a partnership. In addition, the LLC model offers great flexibility in choosing the appropriate rules to govern unique

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FinCEN, Tokens and Money Transmission: A Redux

Insight Sam Miller Sam Miller · June 03, 2019
We wrote recently about money transmitters and the state of regulation for token-driven businesses. On May 9th, 2019, the Financial Crimes Enforcement Network (FinCEN) put a number of these questions to rest in its guidance entitled “Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual

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LIBOR Fallbacks- Alternative Reference Rates

Insight Douglas J. Schneller Douglas J. Schneller · Fred Chang Fred Chang · Emma R. Larson Emma R. Larson · Robert Q. Lee Robert Q. Lee · Suzanne L’Hernault Suzanne L’Hernault · Lisa-Marie Monsanto Lisa-Marie Monsanto · Yaacov P. Silberman Yaacov P. Silberman · Patrick Maschio Patrick Maschio · May 20, 2019
LIBOR Fallbacks: What’s Next After LIBOR? At the end of 2021, the London Interbank Offered Rate (“LIBOR”) may cease as a reference interest rate.[1] For years LIBOR has served as the leading baseline reference interest rate for loans and other financial instruments such as floating rate notes. In order to minimize or avoid loan

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Sears Fights with Vendors Whether Goods Were Delivered Prepetition or Postpetition

Insight Douglas J. Schneller Douglas J. Schneller · May 16, 2019
Several foreign suppliers are seeking to compel payment by Sears Holding Corporation and subsidiary debtors (collectively the “Debtors”) for merchandise purchased by the Debtors during, or just before the commencement of, the Debtors’ Chapter 11 bankruptcy cases (the “Case” or “Sears”) pending in the United

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