Bankruptcy Code § 1129(a)(10) provides that in order for a plan proponent to “cram down” - i.e., force acceptance of - a plan of reorganization on a dissenting class of creditors, at least one impaired class of creditors must vote in favor of the plan. Because a plan is often not accepted by all classes entitled to vote, the ability to procure at least one impaired, accepting class in order to cram down a dissenting class is essential in achieving plan confirmation ...
The collapse of systems integrator and reseller 2e2 in January has highlighted the danger for clients of companies such as 2e2, and focuses attention on how to deal with this type of situation. At a recent Shoosmiths event, data, IT and banking lawyers shared practical experience of the risks and potential remedies associated with insolvency of IT suppliers ...
Only the terms of the insurance policy itself - and not the provisions of an underlying indemnity contract - determine the scope of coverage afforded to an additional insured, provided that the insurance and indemnity provisions in the underlying indemnity contract are separate and independent from one another. For additional insured and indemnity provisions to be deemed “separate and independent,” “Texas law only requires the additional insured provision to be a discrete requirement ...
On February 27, 2013, the Supreme Court held in a 6-3 opinion in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, 568 U.S. ___ (2013), that securities fraud class action plaintiffs need not prove materiality at the class certification stage to invoke the fraud-on-the-market presumption of class-wide reliance ...
A recent ruling by the Court of Justice of the European Union (CJEU) could mean trouble for many Community trade marks. There is now a heightened risk that national courts will invalidate these trade marks if they have not been used extensively enough in the European Union. Is broader protection better?A Community trade mark (CTM) confers protection in all 27 EU member states ...
On February 26, 2013, the National Institute of Standards and Technology ("NIST") issued a Request for Information ("RFI") to gather comments regarding the development of a framework to reduce cybersecurity risks to critical infrastructure. As we previously reported, the Obama Administration’s executive order, Improving Critical Infrastructure Cybersecurity (the "Executive Order"), released on February 12, 2013, directs NIST to coordinate development of this framework ...
It’s well known that computer programs enjoy copyright protection - many have also been patented, but that’s another story and I’m not going to deal with that here. The South African Copyright Act has protected computer programs as a specific category of works since 1992, although prior to that they were protected as ‘literary works’ ...
The United States Supreme Court yesterday significantly limited the federal government’s ability to bring an action for civil penalties more than five years after the alleged misconduct occurred. In Gabelli v. Securities and Exchange Commission, the Court held that the five-year limitations period governing most enforcement actions begins to run when the underlying violation occurred – not when the government discovered the violation ...
Data Privacy Act of 2012 The Data Privacy Act (Republic Act No. 10173) seeks to protect the confidentiality of “personal information.” The latter is defined as “any information whether recorded in material form or not, from which the identity of an individual is apparent or can be reasonably and directly ascertained by the entity holding the information, or when put together with other information would directly and certainly identify an individual ...
On Tuesday, February 19, 2013, information security firm Mandiant issued a report documenting computer security breaches at hundreds of organizations, allegedly resulting from a cyber-espionage campaign undertaken by elements of the Chinese government. The Mandiant report is only the latest in a series of much-publicized incidents of “hacking” performed by what is believed to be a variety of public and private actors ...
What it’s aboutThe Data Privacy Act (Republic Act No. 10173) seeks to protect the confidentiality of “personal information.” The latter is defined as “any information whether recorded in material form or not, from which the identity of an individual is apparent or can be reasonably and directly ascertained by the entity holding the information, or when put together with other information would directly and certainly identify an individual ...
What it’s aboutThe Cybercrime Prevention Act (Republic Act No. 10175) penalizes “cybercrimes”— acts that fall into any of these major categories:a) offenses against the confidentiality, integrity and availability of computer data and systems (e.g., illegal access, data interference);b) computer-related offenses (e.g., computer-related forgery and fraud);c) content-related offenses (e.g ...
There are several TCI legal entities regularly established for carrying out business either internationally or domestically. The registration process of these entities is comparatively straightforward and can usually be completed for a fixed cost and within a short timeframe and are often attractive options in TCI as an offshore financial centre with no corporate or personal income tax ...
Outside the work permit regime, there are two possible types of residency in TCI-a. Permanent residency (which frequently comes with the right to work); b. Shorter term residency. Permanent residency is now available only to those who have lived and worked in TCI for a stipulated period. Previously such residency was available to individuals who made a specific level of investment in TCI: since September 2012, that is no longer the case ...
For the first time, Texas rules permit a motion to dismiss. On February 12, the Texas Supreme Court released the final version of Texas Rule of Civil Procedure 91a, which (1) establishes procedures for dismissal of civil claims, and (2) provides for the mandatory award of attorneys’ fees to the prevailing party ...
President Obama recently signed an executive order focused on improving the security of the nation’s infrastructure from cyber attack. Borrowing concepts from failed legislative efforts, the executive order (“Order”) calls for increased information sharing between the federal government and the private sector and provides for the development of a voluntary cybersecurity program for owners and operators of critical infrastructure ...
An expansion strategy doesn’t always need to be M&A driven. Hunton & Williams LLP partners Robert Acosta-Lewis and Susan Failla make the case for strategic alliances. When considering expanding into emerging markets, companies often look to traditional M&A oppor tunities or explore possible distribution or sales representation relationships. While both of these avenues may offer potential advantages, they also carry risks and limitations ...
On January 31, 2013, the Bankruptcy Court for the District of Delaware in In re Indianapolis Downs, LLC1declined to designate the votes of parties to a post-petition restructuring support agreement (i.e., a lock-up agreement), instead confirming the Debtors’ Modified Second Amended Joint Plan of Reorganization (the “Plan”) based on the votes of such parties ...
Amendments to Mining Business Regulation The Minister of Energy and Mineral Resources recently issued Regulation No. 24 of 2012 (“Regulation 24”) amending his Regulation No. 28 of 2009 on Organizing Coal and Mineral Mining Businesses ...
The Government finally issued Government Regulation No. 82 of 2012 9regarding the Implementation of Electronic Systems and Electronic Transactions (“Regulation 82”) for Law No. 11 of 2008 regarding Electronic Information and Electronic Transactions (“Law No.11”). Regulation 82 sets out significant requirements in relation to electronic registration/certification, electronic systems, electronic transactions, electronics agents, electronic signatures and domain names ...
On 14 November 2012, the Minister of Manpower and Transmigration of the (“MOMT”) issued MOMT Regulation No. 19 of 2012 regarding Terms of Partial Assignment of Work to Third Party Companies (“Regulation No. 19”) Regulation No. 19 covers two types of outsourcing: business activity outsourcing (pemborongan pekerjaan); and manpower outsourcing (penyediaan tenaga kerja) ...
After the financial crisis hit the markets in 2008, small and medium sized enterprises ("SME") have found themselves at the sharp end of diminished access to credit. In their search for credit, they have turned to alternative forms of financing, such as crowdfunding. Last year around €300 million was raised through different types of crowdfunding. This amount is expected to increase significantly in 2013 ...
