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ANAND LAW PC > Blog List with Right Sidebar (Page 2)

The Chapter 11 SINGLE ASSET REAL ESTATE DEBTOR

[vc_row triangle_shape="no"][vc_column][vc_column_text]The Bankruptcy Reform Act of 1994 added sections to the Bankruptcy Code specifically affecting single asset real estate (“SARE”) cases. The definition of SARE was revised by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) and is now defined as “real property constituting a single property or project, other than residential real property with fewer than 4 residential units, which generates substantially all of the gross income of a debtor who is not a family farmer and on which no substantial business is being conducted by a debtor other than the business of operating the real...

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RESTAURANT AND BAR INSOLVENCY & REORGANIZATION

[vc_row triangle_shape="no"][vc_column][vc_column_text]One in four restaurants won’t reopen after the coronavirus pandemic, according to OpenTable’s CEO.[1] Indeed, businesses within the hospitality industry such as restaurants and bars are especially vulnerable in the current economic crisis caused by COVID-19. Even in times of fairer weather, opening and maintaining a successful restaurant or bar is no easy feat. Chapter 11 protections allow struggling businesses to take a step back and reorganize. By filing for Chapter 11 protections a struggling business may take advantage of the following benefits.   [1] https://www.marketwatch.com/story/1-in-4-restaurants-wont-reopen-after-the-coronavirus-pandemic-opentable-ceo-warns-2020-05-15?mod=article_inline[/vc_column_text][vc_empty_space][vc_column_text] The Business May Operate Normally During Proceedings [/vc_column_text][vc_empty_space][vc_column_text] An “automatic stay” goes into effect as soon as a...

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THE “SEVEN YEAR RULE” : CA LABOR CODE §2855 & THE ENTERTAINMENT INDUSTRY

[vc_row triangle_shape="no"][vc_column][vc_column_text]California, home to Hollywood, remains the epicenter of the entertainment industry. It is no surprise that an extensive number of contracts in the industry are governed by California law. For an industry that is based on the services of actors, actresses, musicians, and other artists, any change in the State’s labor laws are pivotal. Over the years, one such law has been of great concern to the industry: California Labor Code Section 2855 (the “Seven Year Rule”), which limits the length of time for a personal service employment contract to seven years.[/vc_column_text][vc_empty_space][vc_column_text] What is Section 2855 of the California Labor...

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A BRIEF OVERVIEW : TRADEMARK COEXISTENCE AGREEMENTS

[vc_row triangle_shape="no"][vc_column][vc_column_text]One of the primary purposes of having trademark protection is to avoid consumer confusion. Trademarks, including names, logos, and other branding, are the reason one can distinguish a Nike shoe from a Puma shoe. However, some brands have similar branding, and still manage to protect their goodwill while coexisting in the market.  To “coexist” in the market, companies with trademarks that may be confused by consumers sometimes enter into trademark coexistence agreements.[/vc_column_text][vc_empty_space][vc_column_text] What exactly is a Trademark Coexistence Agreement? [/vc_column_text][vc_empty_space][vc_column_text] The International Trademark Association defines a coexistence agreement as "an agreement by two or more persons that similar marks can coexist without...

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Can Cooperatives Save the Gig Economy? USING COOPERATIVE ASSOCIATIONS TO SAVE THE RESTAURANT DELIVERY BUSINESS

[vc_row triangle_shape="no"][vc_column][vc_column_text] CALIFORNIA JUDGE ORDERS UBER AND LYFT TO RECLASSIFY WORKER STATUS [/vc_column_text][vc_empty_space][vc_column_text]Recently, a California judge ordered Uber and Lyft to reclassify their workers from independent contractors to employees with benefits. Lyft planned to discontinue services in California as soon as this order was put into effect. Although it remains to be seen whether or not this decision will survive the appeals process, the decision has highlighted major problems within the modern gig economy. Workers under these ride hailing companies, as well as workers within similar food-delivery services, do not receive the benefits generally associated with employment such as health insurance, workers’...

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MANAGERS, AGENTS, AND PROCURING EMPLOYMENT – THE CALIFORNIA TALENT AGENCY ACT

[vc_row triangle_shape="no"][vc_column][vc_column_text] MANAGERS, AGENTS, AND PROCURING EMPLOYMENT [/vc_column_text][vc_empty_space][vc_column_text]California’s Talent Agency Act (“Act”) requires a person or entity to have a license to act as an agent for talent (e.g., artists, signers, musicians).  The Act defines an agent as “a person or corporation who engages in the occupation of procuring, offering, promising, or attempting to procure employment or engagements for an artist or artists.” http://www.dir.ca.gov/dlse/talent_agency_license.html The question is, what exactly is “procuring employment”? And, does this mean that managers cannot book shows for talent?  The answer to the second question is yes: the Act effectively prohibits artist managers from booking shows, and it is...

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JUDICIAL VS. NON-JUDICIAL FORECLOSURE IN CALIFORNIA

[vc_row triangle_shape="no"][vc_column][vc_column_text]In California, there are both “Judicial Foreclosures” and “Non-judicial Foreclosures”.  A judicial Foreclosure offers some advantages to lenders, but it requires them to file a lawsuit in court and obtain court approval before selling your home.  In contrast, a Non-Judicial Foreclosure allows a lender to sell the home without ever going to court.  The process is completed entirely without the supervision of any Court or any other government agency. In California, the lender can choose to do either a Judicial or non-Judicial foreclosure.  The borrower has no say in what type of foreclosure the lender chooses.   Because non-judicial foreclosure allows...

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THE FORECLOSURE PROCESS IN CALIFORNIA

[vc_row triangle_shape="no"][vc_column][vc_column_text]In California, a lender can choose to do either a Judicial or non-Judicial foreclosure.  Since a non-judicial foreclosure allows the lender to sell your property without any government oversight, almost all foreclosures in California are Non-Judicial.[/vc_column_text][vc_empty_space][vc_column_text] NOTICE OF DEFAULT [/vc_column_text][vc_empty_space][vc_column_text]The Non-Judicial Foreclosure Process Starts with the filing of a Notice of Default, also called an NOD. This document is “recorded” with the County where the property is located.  It is recorded by the “Foreclosure Trustee” who works for the lender.  The document states that you are in default under the terms of your loan agreement, and that the lender is going...

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REDUCING PRINCIPAL BALANCE & REMOVING MORTGAGES (FIRST AND JUNIOR) IN BANKRUPTCY

[vc_row triangle_shape="no"][vc_column][vc_column_text] CRAM DOWNS & LIEN STRIPPING (REMOVAL) [/vc_column_text][vc_empty_space][vc_column_text]‘Cramming down’ refers to reducing the amount of the lien to the market value — in other words, if a mortgage balance is greater than the market value of a property, the balance can be reduced down to the market value amount.  Cramming down of liens can be done through Chapter 11 on properties that are not a primary residence.  Liens that may be crammed down include mortgage, HELOC (home equity line of credit), HOA (Homeowners’ Association), and judgment. In a Chapter 11 bankruptcy, you can also remove fully unsecured liens from your rental properties (i.e....

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FACING FORECLOSURE? WHAT CAN A LENDER DO AFTER DEFAULT?

[vc_row triangle_shape="no"][vc_column][vc_column_text]In the event that a trustor (or borrower) defaults on the payments owed under the note, a beneficiary (or creditor) holding a deed of trust generally has three legal options to enforce his rights. The beneficiary can: (i) sue to enforce the note obligation by bringing an action to collect on the debt; (ii) seek judicial foreclosure of the property securing the debt; or (iii) have the trustee exercise its power of sale, if such power is expressly granted in the deed of trust. The timeframe in which a beneficiary can exercise these options (the “statute of limitations”) differs.[/vc_column_text][vc_empty_space][vc_column_text] SUIT...

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