COVID-19 has turned the world and U.S. economy upside down. As the number of bankruptcies in the United States increases due to impacts from the coronavirus pandemic, stakeholders in distressed industries facing bankruptcy have concerns about losing their investments. Unfortunately, many will. This article offers an alternative, and suggests that there are potential opportunities for those with the vision and staying power to participate in rebuilding a new economy using pre-existing mechanisms under the U.S. bankruptcy framework via an often overlooked procedure—the repurposing and reuse of distressed assets through Section 363 of the U.S. Bankruptcy Code (“Section 363”). The decisive player and early mover can use Section 363 to seize opportunity in distressed industries and combat the current economic skid. Here, we provide an overview, insights, and pro tips in the use of Section 363.* Read More
Nicola Tegoni, Partner
June 26, 2020
On June 20, 2020, President Trump pursuant to Immigration and Nationality Act (“INA”) sections 212(f) and 215(a) and 3 U.S.C. section 301 issued a Proclamation that suspends the entry of foreign nationals on certain employment-based nonimmigrant visas into the United States.
This Proclamation extends, effective immediately, Presidential Proclamation 10014 issued on April 22, 2020 which suspended the entry of certain immigrants into the United States. Read More
New York is now in Phase II of reopening after the COVID-19 shut-down. Still, many people remain concerned about what the new “normal” means when it’s still possible to contract the virus and perhaps face an untimely death. Having an updated estate plan can provide some relief from this anxiety, and you don’t have to leave home to accomplish it. Right now it is possible to execute a new or updated will using video technology without having to physically appear in your lawyer’s office. Read More
The $100M New York Forward Loan Fund (“NYFLF”) will provide working capital loans to eligible small businesses, nonprofits and small landlords that did not receive a Paycheck Protection Program (“PPP”) loan, or an Economic Injury Disaster Loan (“EIDL”) from the Small Business Administration (the “SBA”) for COVID-19 in 2020. NYFLF loans are not forgivable, and they must be paid back over a 5-year term with interest. The purpose of the program is to support businesses as they proceed to reopen after NYS on PAUSE, and have upfront expenses to comply with the New York Forward Plan guidelines, including regarding inventory, marketing, and refitting for new social distancing guidelines. Below, we outline program highlights.* Read More
The United States Patent and Trademark Office has launched a “USPTO COVID-19 Response Resource Center.” Information regarding patent and patent licensing resources, innovation incentives, trademark counterfeiting and consumer fraud, and international COVID-19 related updates – including regarding the World Intellectual Property Organization (WIPO) are available here. Read More
Donna Frosco, Partner
May 20, 2020
Multinational and foreign business and non-profit entities conducting business in the United States may find the layers of regulations inherent in the United States’ federal/state/local regulatory scheme rather complex in “normal” times. For that reason, Dunnington created a “Doing Business in the United States” brochure which you can find here.
However, during the COVID-19 pandemic, things have become even more complicated. To help foreign entities with U.S. operations identify issues states-side business units may face in these unprecedented times, we offer the following questions for consideration and provide information, examples and resources which may be helpful in assessing your particular circumstances. Read More
We hope you are healthy and safe. The COVID-19 crisis reminds us of the need to have a Health Care Proxy. This can be critical if you or your family have to deal with medical emergencies.
A Health Care Proxy enables you to appoint a person you trust to make medical decisions if you are unable to make them for yourself. When could this happen? Read More
Samuel A. Blaustein, Partner
May 5, 2020
Due to the COVID-19 crisis, New York State Courts are not currently accepting new filings of non-essential civil cases. Emergency regulations tolling the time to file lawsuits are in place. However, for policyholders to be certain to protect their rights, it is important to provide notice to insurers and to timely file business interruption claims. Thus, many insureds are seeking to understand whether their insurance policies cover losses attributable to COVID-19. Read More
On April 22, 2020, pursuant to Immigration and Nationality Act (“INA”) sections 212(f) and 215(a) and 3 U.S.C. section 301, President Donald J. Trump issued a Proclamation “pausing” immigration into the United States of America for foreign nationals who:
- Are outside the United States on April 23, 2020;
- Do not have a valid immigrant visa on April 23, 2020; and
- Do not have a valid official travel document (such as a transportation letter, boarding foil, or advance parole document) on the effective date of the Proclamation, or issued on any date thereafter that permits travel to the United States to seek entry or admission.
On April 16, 2020, New York Governor Andrew Cuomo extended “New York on PAUSE” to May 15, 2020. Given current circumstances, social distancing and remote work is expected to continue into the future to reduce the spread of COVID-19. Yet, despite the current and potential future constrictions, business must continue. To do so, documents—contracts, legal papers, and others—are required and they still require signatures. Electronic signatures provide an alternative to handwritten signatures. If you are not familiar with electronic signatures—now may be the time to become acquainted. Read More