Trump Entertainment Resorts Trump AC Casino Marks, LLC (the “licensee/debtor”) filed voluntary petitions for chapter 11 relief on Sept. 9, 2014. On Aug. 5, 2014, Trump Marks, LLC sought to terminate the royalty-free trademark license previously granted to the licensee/debtor.
In today’s corporate bankruptcy world, a debtor’s most important and valuable assets often come in the form of intellectual property (IP). Understanding the effect of bankruptcy on IP licenses is crucial not only for debtors, but also for existing licensees and for potential purchasers of IP assets.
On April 3, 2015, U.S. Bankruptcy Court for the Southern District of Texas ruled that business social media accounts are property of the estate. Accordingly, the court ordered the former owner to relinquish control of the accounts, which the former owner claimed were personal and not business related.
Beginning in 2012, a distinguished group of bankruptcy attorneys, academics and judges known as the American Bankruptcy Institute (ABI) Commission to Study the Reform of Chapter 11 (the Commission) held periodic meetings throughout the U.S. to analyze and discuss comprehensive reforms to chapter 11 of the Bankruptcy Code. The results of their analyses and recommendations were published on Dec.
On Oct. 31, 2014, Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey issued an opinion addressing the rights of trademark licensees following a sale of substantially all assets under § 363 of the Bankruptcy Code. The decision arose out of the Crumbs Bake Shop bankruptcy case and the sale of substantially all of the debtors’ assets to Lemonis Fischer Acquisition Co. LLC (LFAC), which was approved by the bankruptcy court in August 2014.
In June 2014, the Eighth Circuit reversed its own August 2012 panel decision that had allowed a chapter 11 debtor/licensor to “reject” a perpetual, royalty-free trademark license agreement as an “executory contract.” The entire Eighth Circuit determined that a perpetual, royalty-free trademark license was not an executory contract and not subject to an assumption or rejection by a lic
You are embroiled in a contentious trade secret lawsuit. In the midst of the litigation, your competitor files for bankruptcy and proposes to sell its assets. Do those assets include the trade secrets? Which court makes that determination?
A petition for writ of certiorari in the ongoing dispute between bankrupt Qimonda AG and certain licensees has been filed in the U.S. Supreme Court and briefing on the petition was recently completed. On Dec. 3, 2013, the U.S. Court of Appeals for the Fourth Circuit affirmed the U.S.
Editor’s Note: Tech Talk is a regular feature of the ABI’s Technology and Intellectual Property Committee’s Newsletter that highlights existing and/or emerging technology that might be useful to the bankruptcy community. Reference to a particular company or product is for example purposes only, and is not intended to promote or endorse the product or company.
Cloud computing has been getting a lot of attention recently as a way to save money and time, as well as to facilitate better communication and collaboration.
On July 26, 2011, the U.S. Court of Appeals for the Seventh Circuit issued In re XMH Corp., recognizing for the first time in a published U.S. Court of Appeals opinion that a trademark license is not assignable in bankruptcy without the licensor’s consent. This recognition, however, comes with a significant caveat.
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