August 12, 2011
If you are involved in IP licensing and are unfamiliar or rusty with bankruptcy law, you should consider this class.
The CLE brings IP licensing and bankruptcy law together, as they are increasing linked in today’s turbulent economic climate. The first half of the session covers the fundamentals of US bankruptcy law and it takes this foundation into the second half to explore the impact and recourse of the debtor IP licensee and licensor.
In the recent recession, bankruptcy filings have increased three-fold and not only small entities, as evidenced by GM, Chrysler, Samsonite and Dunkin Donuts. Amazingly, the average cost of bankruptcy filing is 23% of a company’s book value. This background covers topics such as the implication of the automatic stay, what qualifies as a secured and unsecured creditor and the administrative claims made in between. They explore the meaning of executory contracts under 11 U.S.C 365(a) and the universally accepted “Countryman” definition as it ties to the IP license and the concept of unperformed obligations as defined in “Re: Lubrizol.”
With respect to issues specific to debtor IP licensee or licensor, the expert speakers from Goodwin Proctor present as if they are advising a client and offer scenarios to illustrate their points. For example, if an IP licensor files for bankruptcy protection, what recourse does your licensee client have and what advice can you offer to protect their rights under the contract as much as possible. They note that your client will be disappointed to learn that contingent rights such as to future developments are no longer available, although a plan to take this into account is in order.
Finally, the session covers recommendations on how to draft an IP license to minimize impact of a bankruptcy. As an IP professional in today’s difficult financial environment, you’re bound to run into these situations, so you might benefit from a refresher on how they connect!
Access the CLE session via recorded webinar, and register with this code for 25% off: 0811LEC25.