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Tech Bankruptcy
May 05, 2007
  Why We License
Rap artist JT Money transferred copyrights in sound recordings to Luke Records in exchange for a recording contract that required Luke Records to pay JT Money royalties. Luke Records later became a chapter 11 debtor. Luke Records rejected the recording contract and transferred the copyrights to a buyer, Lil' Joe Records, Inc.

In Thompkins v. Lil' Joe Records, Inc., 2007 WL 316302 (11th Cir. 2007), the Court of Appeals for the 11th Circuit held the recording contract was properly rejected and JT Money was not, as a result of the rejection, entitled to a return of the copyrights. A rejection of a contract is not a rescission. JT Money's remedy was limited to a general unsecured claim for damages against the Luke Records bankruptcy estate.

Because he transferred his copyrights instead of licensing them, JT Money was out of the money.

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Warren E. Agin is a partner in Swiggart & Agin, LLC, a boutique law firm in Boston, Massachusetts focusing on the needs of technology companies. Mr. Agin heads its bankruptcy department. The author of the book Bankruptcy and Secured Lending in Cyberspace (3rd Ed. West 2005), Mr. Agin also chaired the ABA's E-commerce and Insolvency Subcommittee from 1999 to 2005, co-chaired the Boston Bar Association's Internet and Computer Law Committee (2003-2005), and served on the American Bar Association's Standing Committee on Technology and Information Services (2008-2011). Mr. Agin currently co-chairs the Editorial Board of Business Law Today. A contributing editor to Norton Bankruptcy Law and Practice, 3d, and co-author of its chapter on intellectual property for the past fifteen years, he is author of numerous legal articles and addresses on topics of technology, internet and bankruptcy law.

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