26 U.S.C. § 6901 and Internal Revenue Code § 6901 enable the IRS Commissioner to collect deficient or underpaid corporate income taxes from a transferee of property. In the recently decided case of Slone v. Commissioner,[1] the appeals court was asked to decide whether the tax court had made an appropriate decision by holding that
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.
This article addresses how the decision in In re Crumbs Bake Shop Inc.[1] continues the evolution of trademark licensing in bankruptcy and contributes to an understanding of the fate of Intellectual Property (IP) during a § 363 asset sale.
Whether a contract is executory and therefore subject to assumption or rejection can have profound consequences on both the debtor and nondebtor parties to such contract. If both parties have material obligations to the other, then a contract is executory.
Section 363 sales are a common vehicle for a debtor and its creditors to receive fair value for the debtor’s assets through an open auction process supervised by the bankruptcy court. An open auction process is designed to generate a number of competitive offers for the debtor’s assets.
On June 16, 2015, the Asset Sales Committee sponsored a webinar titled Buying and Selling Oil & Gas Assets in Bankruptcy Cases. The presentation, by Thompson & Knight Partner Ira L. Herman, Greenberg Traurig Shareholder Shari Heyen and Conway MacKenzie Managing Director Bryan M. Gaston, is available in ABI’s CLE Center.
Over the past two decades, chapter 11 has become the favored forum for the sale of distressed companies in the U.S. Section 363 of the U.S. Bankruptcy Code is a strong tool for maximizing the value of struggling companies and providing predictability in distress sales.
Under the recent landmark opinion ASARCO,[1] the Supreme Court noted that the bankruptcy court had awarded ASARCO’s bankruptcy counsel, Baker Botts, L.L.P.
In light of the Third Circuit’s recent decision in In re Prosser,[1] bankruptcy practitioners in the Third Circuit (which includes the highly trafficked District of Delaware) should have a heightened awareness of the line between zealous advocacy and abusive and vexatious conduct.
