![Digital concept of data flow](https://www.nortonrosefulbright.com/-/media/images/nrf/hero/digital-concept-flow-lights.jpg?w=265&revision=2bcb14f7-5897-4d72-b329-f54ecf1859a8&revision=5250201361707387904&hash=1DBB7BD88F7D40EFEAB403B51B115D8F)
Publication
Generative AI: A global guide to key IP considerations
Artificial intelligence (AI) raises many intellectual property (IP) issues.
Global | Publication | October 19, 2017
Bankruptcy lawyers in our New York office recently obtained a decision from the North Carolina Court of Appeals reversing a summary judgment order that had been entered against our client, Friday Investments. Sam Kohn argued the appeal.
Friday is the owner of a large mall in Charlotte, North Carolina, and the lessor under a lease to Bally Total Fitness of the Mid-Atlantic, which is guaranteed by its parent, Bally Total Fitness Holding Corporation. Bally Mid-Atlantic breached its obligations under the lease, and Friday sought recovery from Bally Holding as guarantor.
In the trial court, Bally Holding argued that notwithstanding the assumption by the Bally debtors of the underlying lease in its 2009 bankruptcy proceeding, its obligations under the guaranty had been discharged by the Bally debtors’ Chapter 11 plan. The trial court agreed and granted summary judgment for Bally Holding, reading the provisions of the plan that consolidated all of the Bally debtors for distribution purposes to include the elimination of intercompany guaranties.
On appeal, the bankruptcy team argued that the express terms of the Bally debtors’ plan provided for the continuation of the guaranty post-bankruptcy, and in the alternative that there was a genuine issue of material fact as to whether the guaranty was required to be maintained, notwithstanding the plan’s consolidation provisions. By a two-to-one margin, the North Carolina Court of Appeals held that the trial court erred in granting summary judgment, and remanded for further consideration of the effect of the plan’s consolidation provisions and whether the guaranty was required to be maintained under the plan. Notably, the dissenting judge would have remanded with instructions to grant summary judgment in favor of our client, reading the plan’s consolidation provisions not to have any substantive effect and that Bally Holding’s guaranty was not discharged by the Bally debtors’ plan.
Publication
Artificial intelligence (AI) raises many intellectual property (IP) issues.
Publication
The UK remains a world leader in offshore wind, accounting for roughly 20 percent of global offshore wind capacity, with 11.3 GW operational. It is forecast that installed capacity will rise to 19.5 GW by mid 2020s.
Publication
On 21 May 2024, the European Council (or Council) adopted the so-called ‘Hydrogen and decarbonised gas market package’ (the Gas Package). The package contains a recast of the 715/2009 gas regulation (Gas Regulation) and a recast of the 2009/73 gas directive (Gas Directive) aimed at reforming the existing EU regulatory framework to support the deployment of renewable and low-carbon gases, in particular hydrogen. As such, it represents a major development in the EU gas market.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023