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All Volumes | Admiralty Law Institute | 1985

Copyright and the First Amendment: Where Lies the Public Interest?

Janice E. Oakes | Symposium

The United States Constitution grants to Congress the power ‘[t]o promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries.’ The rationale for conferring the limited monopoly of copyright is that the public benefits from the labors of authors and that the copyright monopoly serves to stimulate such creative efforts. The copyright law provides an economic incentive by granting the right to exclude others from certain uses of the copyrighted work. Defining the scope of this right involves a difficult balance between the interests of authors [...]

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A Chart of Bankruptcy Jurisdiction for Admiralty Lawyers

The Honorable Lloyd King | Symposium

Jurisdictional gamesmanship is now one of the most important skills for admiralty counsel involved in bankruptcy related litigation. Admiralty lawyers are called upon increasingly to engage in such gamesmanship. In order to do so effectively, however, the rules of the game must be fully understood and appreciated.

The significance of disputes unrelated to the merits of controversies has been greatly increased by the Bankruptcy Amendments and Federal Judgeship Act of 1984. Although delay, for its own sake, is unethical, these amendments require counsel to be aware of opportunities to select the forum most likely to produce a favorable result for the [...]

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Jurisdictional Problems Between Admiralty and Bankruptcy Courts

Frank R. Kennedy | Symposium

Jurisdictional disputes between admiralty courts and bankruptcy courts have arisen frequently since bankruptcy courts were inaugurated during our republic’s first century. Conflicts between admiralty courts and other courts existed prior to the development of bankruptcy courts, but the principles developed for resolving those conflicts are of little assistance in dealing with disputes involving conflicts between admiralty and bankruptcy courts.

 

 

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Bankruptcy–An Historical Overview

Graydon S. Staring | Symposium

The present bankruptcy law of the United States has a scope undreamed of when the bankruptcy power was written into the United States Constitution. Changes in bankruptcy law have developed with geometrical acceleration in the last fifty years. Bankruptcy law has participated in the ‘law explosion,’ of which much was written a few years ago, and has had its own special ‘explosion’ as a result of economic changes and the overhaul of the bankruptcy laws in 1978.

When I started my practice of law in a bankruptcy firm thirty years ago, I quickly found out that there were very few attorneys [...]

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Liens and Liquidation: Preferences, Strong Arm Clause, Fraudulent Transfers, Equitable Subordination, Priorities and Other Limitations on Liens Claims

David W. Skeen | Symposium

Litigation arising out of vessel arrests and overlapping bankruptcy actions has presented a number of new and challenging questions in the field of maritime creditors’ rights. These problems are of particular concern to admiralty practitioners who suddenly find themselves immersed in the unfamiliar intricacies of the Bankruptcy Code. This article addresses two broad areas in which the bankruptcy law most directly affects maritime creditors: (1) the power of the trustee to set aside transfers and (2) the treatment of maritime liens as secured claims in bankruptcy.

Curiously, aside from commentary on the jurisdictional issues, little has been written on these subjects [...]

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Chapter 11 Strategies and Techniques–Creditors Committees, Effective Use of Plan Provisions, Objections to Confirmation, Financing a Chapter 11 Case, ‘Cramdown’ and How it Works

Mark M. Jaffe | Symposium

Most shipping companies are not susceptible of being reorganized under Chapter 11 of the U.S. Bankruptcy Code, as amended, (the ‘Code’) or the bankruptcy or insolvency laws of leading foreign maritime nations. Moreover, despite the present depressed state of key segments of the maritime industry and the recent incidence of maritime insolvencies, few companies in the industry have sought protection under Chapter 11. For those companies that have filed under Chapter 11, rehabilitation has been rare. The reasons behind these phenomena are instructive in identifying those elements necessary for a successful plan of reorganization. Some elements are peculiar to the maritime industry. [...]

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The Uniform Commercial Code and Bankruptcy

Robert Leon Poster | Symposium

To a commercial lawyer, the mention of bankruptcy and the Uniform Commercial Code in one sentence strongly suggests a series of well-known problems—principally the problems relating to the need to perfect security interests under Article 9 of the U.C.C. in order to prevent the bankruptcy trustee from disregarding the security interest under section 544 of the Bankruptcy Code. Admiralty lawyers may tend to think of an entirely different series of problems when they hear the word bankruptcy—such as which part of the federal district court, admiralty or bankruptcy, administers the property with which they are concerned. Nevertheless, the specter of bankruptcy requires that [...]

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Vessel Arrest Before and After Bankruptcy–The Automatic Stay

Edward M. Heller; Jan M. Hayden | Symposium

With the recent economic downturn and the change from an excess demand for fossil fuels to an oversupply, there has been a tremendous reduction in marine transportation requirements. As a result, both charter rates and utilization rates for vessels have rapidly fallen. The cash flow of companies operating vessels has been reduced to the point where there is insufficient net income to meet debt service on obligations that were incurred in a far better economic climate. Consequently, there are many seriously delinquent ship mortgages and unpaid maritime liens on all types of vessels, both those operating offshore, and those which [...]

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The Protection & Indemnity Club and Bankruptcy: An English Perspective

J. Iain Murray | Symposium

The purpose of this paper is to discuss, from the viewpoint of a corporation lawyer, protection and indemnity (P&I) clubs under circumstances where the club concerned has become financially embarrassed. As a corporate lawyer, this writer is accustomed to seeing the assets of an insolvent company realized and disposed of in accordance with the normal rules imposed by the country of incorporation. The concept behind P&I clubs—that of a company being a conduit, in some cases the only conduit, for mutual dealings between owners insuring one another severally—is quite difficult to grasp. When considered in the context of an insolvent [...]

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The Impact of a Member’s Insolvency or Bankruptcy on a Protection & Indemnity Club

Daniel J. Dougherty | Symposium

This paper is written for the 1980′s, an era when owners and operators of merchant ships have experienced serious financial troubles. Hopefully these problems will wane in the next decades.

 

 

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