In a recent decision, the U.S. Supreme Court turned aside the efforts of a debtor and a group of creditors to make an end-run around the Bankruptcy Code’s priority rules by distributing assets to junior creditors ahead of objecting senior creditors via a “structured dismissal.” In doing so, the Court did not just close a...
Last week, the United States Supreme Court found that designs on cheerleading uniforms can be protected by copyright. The Court held that designs that appear on useful items are covered by the copyright laws, so long as the designs: (1) can be perceived as a two-or-three dimensional work of art separate from the useful article...
By Alicia J. Samolis and Christopher M. Wildenhain Savvy employers always need to be on the look-out for ways to mitigate the ever-growing risks posed by increasingly burdensome state and federal employment laws. Later this year, the U.S. Supreme Court will have the chance to breathe new life into an old, but effective risk-mitigation tool...
A city’s lawsuit against various banks under the federal Fair Housing Act (“FHA”) to recover property tax revenues allegedly lost due to discriminatory lending practices has survived . . . for now. In a recent decision, the U.S. Supreme Court concluded that municipalities are within the FHA’s “zone of interests” and can sue for such...
It’s that time of the year again. Or maybe it isn’t. Effective for tax years beginning on or after December 31, 2015, the filing deadlines for many common federal tax returns have changed. As a result, taxpayers coming off a December year end may be in store for some surprises this Spring. The default income...
The nomination of Senator Jeff Sessions’ as Attorney General raises questions as to what impact he might have on the business of marijuana in the United States. Sessions has historically taken a hardline stance against marijuana, which is contrary to the position that has been taken by the Department of Justice under the Obama Administration....
As Senator Jeff Sessions’ nomination for Attorney General advances to the full Senate, questions are being raised as to what impact he might have on the business of marijuana in the United States. Sessions has historically taken a hardline stance against marijuana, which is contrary to the position that has been taken by the Department...
The Problem: The Dreaded Liquidation Overhang Convertible promissory notes and SAFEs (Simple Agreement for Equity) (let’s call both of these “convertible instruments”) are used regularly to raise capital in the early stage company space. It’s not uncommon for convertible instruments to have what’s called a “valuation cap.” Valuation caps set the maximum valuation at which...
Estate planning attorneys see a two-word change in the federal law governing special needs trusts as making a dramatic difference in meeting the needs of clients who suffer from disabilities. Last month, President Obama signed into law the Special Needs Trust Fairness Act, an amendment to existing law that will now allow people with disabilities,...
Is your business divided into separate entities? It isn’t an uncommon practice. Business owners often establish separate legal entities to manage different aspects of their business. One reason for doing so is to prevent the assets of one entity from being used to satisfy the debts of another entity. This can be effective, but an...
