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SCOTUS Lets Stand Security Interest in Proceeds of Bankruptcy Transfer of FCC License

by Cherie R. Kiser
Cahill Gordon & Reindel LLP - Washington Office

Joel H. Levitin
Cahill Gordon & Reindel LLP - New York Office

Richard A. Stieglitz
Cahill Gordon & Reindel LLP - New York Office

June 12, 2013

Previously published on June 2013

On May 13, 2013, the Supreme Court declined to review the ruling of the United States Court of Appeals for the Tenth Circuit that had held that a security interest may extend to the “proceeds” of the future transfer of a license holder’s interest in its Federal Communications Commission (“FCC”) broadcast license and that, under applicable state law, the security interest attached upon execution of the security agreement, despite the fact that the parties did not contemplate a transfer of the license at that time. The Supreme Court’s ruling means that the Court of Appeals’ decision remains good law.


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