Bankruptcy and Intellectual Property

Intellectual property smacks with bankruptcy when a technology licensor has a debtor licensee who wants to assign the licensed rights to a licensor competitor. The Bankruptcy Code provides a debtor protection from spending to perform contract obligations with agreements are executory contracts. These agreements have material terms not yet performed by each party. For example, […]

Chapter 11 Debtor-in-Possession

In February 2011, crain’s new york reported that the founder of New York’s H&H Bagels, filed bankruptcy. The founder was sentenced to 50 weekends in jail in 2010 for failing to pay over $500,000 in payroll taxes. H&H Bagels started in 1972 with its first store at Broadway and West 80th Street on Manhattan’s […]

Small Business Debtor in New York

In Chapter 11, a business may obtain exceptions from certain filings and procedures by being classified as a small business debtor. A debtor is a small business debtor when it passes a two-part test: Debtor must be engaged in commercial or business activities other than primarily owning or operating real property with total non-contingent liquidated […]

Business Bankruptcies in New York

Westlaw News & Insights reported on February 17, 2011, that Starr & Company LLC and Starr Investment Advisors LLC filed for Chapter 7 bankruptcy in the cases Re Starr Investment Advisors, LLC, U.S. Bankruptcy Court for the Southern District of New York, No. 11-10639 and Re: Starr & Company, LLC, in the same court, No. […]