The Intersection of Technology Law and Insolvency – The Sexiest Block on the Insolvency Boulevard

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September 23, 2003
12:00 pm - 2:00 pm

Torys LLP
79 Wellington St. W, 30th Floor
Toronto, Ontario

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Torys partners Bill Gray (NY) and Gabe Takach (Toronto) will discuss and contrast the Canadian and United States treatment of licenses on the licensor’s bankruptcy or insolvency including:

  • The troublesome implications of the recent Playdium and Sears decisions and contrasting treatment under US bankruptcy laws
  • The treatment in bankruptcy of contractual provisions prohibiting assignment
  • The impact a licensor’s bankruptcy can have on the license, even where it has been fully paid-up
  • The dangers associated with relying on source code escrow agreements and whether they offer effective protection


William F. Gray, JR., Torys LLP (NY)

Bill Gray practices bankruptcy law and focuses on the representation of financial institutions, bankruptcy mergers and acquisitions, and complex restructuring. Bill spearheaded the effort for a group of foreign investors to form a DIP lending facility in a major telecommunications bankruptcy, which included the development of equity kicker provisions in the event a successful emergence from Chapter 11. He actively represents DIP lenders, as well as asset-based and other secured and unsecured lenders.

Bill regularly advises companies such as Altria Group, Inc. (formerly Phillip Morris) and Ticketmaster on debtor/creditor matters, including recently in the Consolidated Freight and K-Mart Chapter 11 cases.

Bill was admitted to the New York Bar in 1981.

Gabor G.S. Takach, Torys LLP (Toronto)

Gabe Takach is a partner at Torys in Toronto. He heads up the Torys Technology Contracting practice and spends most of his time in long term outsourcing contracts for IT and other services. Gabe is a regular contributor to publications on subjects dealing with practical commercial aspects of the commercialization of technology, including CIO magazine. Gabe is a frequent speaker to High Tech audiences on insolvency issues and has written extensively on the subject.