During the first few months of the COVID-19 lockdown, with virtually all major sporting events cancelled, sports betting and gambling companies turned their eyes toward the esports universe in search of a solution. While initially large scale esports events were also cancelled, professional gaming competitions soon began taking place online. As one of the only professional “sports” competitions being broadcasted with any consistency, esports competitions filled the gap for many sportsbook operators.…
This post originally appeared as an article in the July/August 2020 issue of the Journal of Corporate Renewal (JCR), the official publication of the Turnaround Management Association (TMA). The ability of companies to continue as going concerns has become more challenging than ever. As companies pivot and move forward with product production and sales, they must consider not only their financial viability but the financial viability of their customers, suppliers, and licensors.…
The International Civil Aviation Organization (ICAO) has determined that 2019, rather than 2020, will be used as the emissions baseline for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).  Here are six carbon financing impacts coming out of ICAO’s decision. Click here for the full article: CORSIA Baseline Emissions Decision Also, see part one and two of this series.…
The Supreme Court’s recent decision in Barr v. American Association of Political Consultants held the government-debt exception of the TCPA unconstitutional under the First Amendment’s Free Speech Clause.  This means that going forward, companies that make “debt-collection” calls on behalf of the federal government can only do so with the prior express written consent of the called individuals.…
On July 29, 2020, the Sixth Circuit joined the Second and the Ninth Circuits in expansively defining Automatic Telephone Dialing System (“ATDS”) under the Telephone Consumer Protection Act (“TCPA”).  In Allan v. Pa. Higher Educ. Assistance Agency, No. 19-2043 (6th Cir. July 29, 2020), the Sixth Circuit held that “devices that dial from a stored list of numbers”—i.e. “predictive dialers”—qualify as an ATDS under the TCPA.  The Third, Seventh, and Eleventh Circuits have applied a more stringent definition, requiring that an ATDS have the capacity to generate random or sequential telephone numbers and to dial them.  Now the Circuit Courts…
The Office of the Comptroller of the Currency (“OCC”) recently signaled its approval for banks to fully wade into the cryptocurrency custodian space.  On in a July 22, 2020 interpretive letter, the OCC concluded that a national bank may provide cryptocurrency custody services on behalf of its customers, including by holding the unique cryptographic keys associated with cryptocurrency, so long as the institution is able to effectively manage the risks and complies with applicable law.…
The Office of the Comptroller of the Currency (“OCC”) recently signaled its approval for banks to fully wade into the cryptocurrency custodian space.  On in a July 22, 2020 interpretive letter, the OCC concluded that a national bank may provide cryptocurrency custody services on behalf of its customers, including by holding the unique cryptographic keys associated with cryptocurrency, so long as the institution is able to effectively manage the risks and complies with applicable law.…
On June 29, 2020, Colorado adopted a statewide social equity program (SEP) for permitting cannabis operators.[1]  More specifically, House Bill 20-1424 (HB 20-1424) “defines social equity licensees, and modifies and expands the marijuana accelerator program to make it available for social equity licensees and retail marijuana stores.”[2]  The new law enables a social equity licensee to participate in the state’s accelerator program, which, as managed by the Colorado Office of Economic Development and International Trade, supports cannabis business development.[3]  Colorado’s accelerator licensing program, originally slated to go into effect July 1, 2020,[4] pairs…
This post originally appeared as an article in the July/August 2020 issue of the Journal of Corporate Renewal (JCR), the official publication of the Turnaround Management Association (TMA). The ability of companies to continue as going concerns has become more challenging than ever. As companies pivot and move forward with product production and sales, they must consider not only their financial viability but the financial viability of their customers, suppliers, and licensors.…
The EDPB has provided input about consent in its recent FAQs responding to the Schrems II invalidation of Privacy Shield. As we wrote about previously in this series, Schrems II impacted how companies transfer data from the EU to the U.S..  As background, under GDPR, consent from the individual can be relied on to transfer information from the EU to an entity outside of the EU’s borders if three conditions exist. The EDPB reminded companies of these three conditions in its FAQs, drawing on prior guidance about consent:…
In a July 21, 2020 American Hospital Association (AHA) Press Release, the AHA announced the results of a new analysis prepared by Kaufman, Hall & Associates, LLC that, “highlights the dire impact of the COVID-19 crisis on the financial health of hospitals and health systems.”  According to the Press Release, the analysis shows that, without further government support, margins could sink to -7% in the second half of 2020, with half of all hospitals operating in the red.  In this same Press Release, the AHA referenced its own studies that estimate a minimum of $323.1 billion in COVID-19 –…
California’s Proposition 13 prevents the assessed value of California real property from increasing by more than 2% per year, unless there is a change of ownership or completion of new construction.  On November 3, 2020, California voters will decide whether most commercial and industrial property should be removed from the protections of Proposition 13, with the result that such property would be subject to tax based on its fair market value.…
You got to know when to hold ‘em, Know when to fold ‘em, Know when to walk way, And know when to run. Such is the advice of the unnamed gambler from the late Kenny Rogers’ 1978 hit single, “The Gambler.”  While the eponymous hero of that song may have believed his advice to be sound, there remains the undeniable fact that regardless of whatever skill you may have “out of readin’ people’s faces,” there always will be an element of chance to whether you will win at the table.  You can never know when to hold ‘em or when…
On July 15, 2020, the Department of Justice (“DOJ”) charged Andrew Marnell with bank fraud in connection with $8.5 million worth of Paycheck Protection Program (“PPP”) loans he obtained for fake business expenses, that were then spent on gambling and stock market bets, incurring millions of dollars in losses.  See United States v. Marnell, No. 2:20-mj-03313-DUTY (C.D. Cal. Jul. 15, 2020).…
NIST recently released the final public draft of SP 800-172, Enhanced Security Requirements for Protecting Controlled Unclassified Information: A Supplement to NIST Special Publication 800-171 (formerly Draft NIST SP 800-171B). NIST is proposing additional security requirements for certain CUI in non-federal systems that is associated with critical programs or high value assets and is soliciting public comments through August 21, 2020.…