Showstoppers: the effect of bankruptcy on intellectual property licenses
The entertainment and publishing industries are built upon various intellectual property rights — principally copyright and trademark, but also the rights of privacy and publicity. Taken together, features of intellectual property tend to confound the process of marshalling assets in bankruptcy since licensed intellectual property can be viewed as an asset of both the licensor and the licensee.
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US copyright and trademark law is now much closer to that of Europe, but key differences remain.
The treatment of intellectual property licenses under US bankruptcy law