The sports business industry is one of the largest and fastest growing industries in the United States. In fact, the Sports Business Journal estimates the size of the sports business industry to be $213 billion in the United States alone. [1] Furthermore, sports business law is a dynamic field of law with new issues arising on an almost daily basis due to courts decisions, new legislation, and regulation. [2] One piece of new legislation, the Genetic Information Nondiscrimination Act (GINA), [3] will have a profound impact on employment decisions in professional sports. This article discusses the implications of GINA on professional sports: specifically, part II of the articles discusses GINA in detail, part III discusses GINA’s impact on professional sports, part IV discusses GINA’s economic impact on professional sports, and part V provides some concluding remarks. [More]

This article discusses certain judges’ reluctance in granting deficiency judgments on residential foreclosures. Particularly, the effects categorical refusals to grant such judgments are considered. Potential effects on the lending market and available residential loans are identified addressed. Ultimately, a lack of deficiency judgments may lead to fewer loan products being available to homeowners and/or an increase in interest rates on full-recourse loans. In addition, the need for further research in the area is highlighted, particularly as it relates to the current economic situation. [More]

The Lisbon Treaty is expected to be ratified by the end of 2009 and go into effect January 1, 2010. If the Treaty is ratified as expected, it is sure to affect the United States’ place on the global stage by strengthening Europe’s economic and political weight. The Obama administration is enthusiastic about this European integration effort, but many U.S. experts fear that a more unified EU could complicate efforts for European support in U.S. initiatives. This article discusses the current European Union government, how the EU government will change if the Treaty is ratified and the potential implications for the United States.

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For years the music industry commanded a virtual stranglehold on the dissemination of music to the consumer. The median which gave birth to the record industry, the gramophone record, was relatively difficult and expensive to duplicate. That stranglehold began to loosen as many consumer products that could record or copy audio recordings were introduced into the market. Following the landmark decision in the “Betamax case” the music industry became quite concerned about home recording undercutting their profits. The introduction of digital recording fueled these fears because digital copies, unlike their analog counterparts, do not from degradation. Eventually the Audio Home Recording Act (AHRA) was passed to address these fears and control this dissemination, while still protecting the privileges afforded under the “Betamax case.” However, recent technological advances have led the development of home recording methods beyond the Court decided scope of the AHRA. Coupled with the rise of the Internet these new methods represent a drastic change which creates a more hostile environment to consumers and the music industry alike. It is posited here that the scope of the AHRA should be reexamined in order to protect the competing interests of the music industry and the consumer alike. [More]

I. INTRODUCTION

While larger firms and corporations may handle rising health insurance premiums, small businesses seem to be crushed under the weight of rising health costs for their employees. [1] The inability to obtain affordable, quality health coverage falls more on the shoulders of individuals and small businesses, which may be the primary reason President Obama and Congress have focused their health care reform proposals on benefits for individuals and small businesses. Statistics indicate nearly 46 million Americans have no health insurance coverage at all while nearly 25 million are underinsured. [2] Also, in 2007 total cost for health care reached $2.4 trillion in the U.S. or the equivalent of $7,900 per person, and the U.S. spends 52% more than Norway, which follows the US as the next most costly nation in regard to health care spending per person. [3] This article provides an overview of the main goals of President Obama and Congress’ proposed health care reforms as it relates to small businesses. Small businesses with less than 20 employees made up 18% of private sector jobs in 2006 and accounted for 25% of employment growth for the period of 1992 to 2005. [4] Furthermore, this article provides analysis on the pros and cons of health care reform in relation to small businesses based on three aspects of the reform. The first is the public option government run health care plan, second is the Exchange a government-regulated marketplace of insurance plans, and finally, tax credits for small businesses to offset the cost of buying health insurance for their employees. [More]

“This is 99.8 THE BEAT, up next is the Top 9 at 9, where we play all of our top requests of the night.” Who knew that these “Top 9” artists/performers are not paid for their radio play? Unlike the copyright holders of the musical composition and lyrics of the song, who are paid every time the song is played, a parody is made, or a new artist performs that very song. However, the character/artist/image that has put this song into the limelight is not given a dime. There is new legislation in the Senate that will change the current situation; the Performance Right’s Act. The act has split the music community in two, with broadcasters on one side and artists on the other. Broadcasters claim that it is not fair for them to have to pay to play music on their stations because artists are receiving free promotion that record labels could not afford in the first place. While on the other hand, artists and the like, believe that they should receive equal credit and royalty compensation as other holders of copyrights to the same song they themselves have made popular. “Mr. Me Too” analyzes the arguments of both sides of the debate, while concluding with recommendations legislature should take into consideration when making such a drastic change to broadcast radio. [More]

This article seeks at determining whether there is a corporate duty to hedge? Are directors of a corporation, at the very least, obliged to consider hedging strategies to hedge the risk of a corporation? The article is divided into parts. Part two of the paper will be presented in a later edition. The paper highlights the difference between hedging and speculation concluding that the derivatives are not per se inherent looses when they are used for hedging strategies. As such, the duty to use derivatives is limited only to hedging and not speculation. The paper states that the duty to hedge is not absolute and should be limited in two dimensions. First, it should be circumscribed by the limits established by U.S. case law on the duty of care, and therefore, should be seen as a subcategory of the latter. Second, the duty to hedge should be dependent on directors’ level of information, sophistication and the level of risk a company faces. [More]

In the struggling economic climate, many corporations have sought bankruptcy relief. Numerous financial institutions such as the automobile industry and electronic corporations have become accustomed to seeking such restructuring aid and most recently, even the sports world is no longer immune. In October 2009, the Chicago Cubs organization became yet another victim in this economic downturn as the Tribune Company filed Chapter 11 bankruptcy for the baseball team. Although many companies have sought relief due to monetary struggles, “‘You don’t have to be insolvent to be in bankruptcy [. . .] All you need is a legitimate business reason.’” [1] The Chicago Cubs seek reprieve as a way to sell the organization in a tight credit market to an eager buyer, not willing to take on the debt of the parent corporation to its creditors. Through the sale of the Chicago Cubs, the organization can look forward to new ownership, ward off all creditors to the parent corporation, and possibly one day shed their “lovable loser” status. [2] [More]

The United States is founded on the premise of equal protection. Equal protection is the scheme of legislated equality which encompasses notions of fairness, goodness, fraternity and social justice. It’s about maintaining a social stratification system which encourages any person to achieve their fullest potential by preventing the worst forms of social distinctions to arise. For years, members of our society, our elected officials and governing bodies have fought vigorously to implement programs and laws that promote this idea. In just our recent history, we have seen the passage of the Fair Housing Act, Title VII and The American’s with Disabilities Act. However, little has been done to combat the social inequalities that our financial institutions have created by the painstaking road blocks they have constructed to gain access to mainstream financial services. These hurdles have prevented valuable members of our society from gaining admittance to a world driven by ecommerce. They have been disallowed from reaping the myriad benefits that savings accounts and electronic banking afford to more financially endowed individuals. That was, until the Financial Service Centers of America (FiSCA) and NetSpend Corporation took it upon themselves to collaborate and create The All-Access NetSpend National Savings Program.[1] [More]

More than 3.5 million sports-related concussions take place in the United States each year. Sports injuries are most prevalent in the high school setting, and injuries can be fatal. Perhaps the most shocking reality is that the majority of the legal cases which develop as a result of these sports injuries and fatalities will be dismissed in court. The reason being, that on every occasion a person voluntarily attends or participates in any sporting event, he or she is surrendering an individual right to sue for injury or death whether expressly agreed to or not. Courts recognize this principle as “primary assumption of risk.” Illinois courts have promulgated a more fine tuned law for contact sports because of their propensity to result in the most debilitating injuries. However, participants are not the only characters involved, spectators at sporting events also assume similar foreseeable risks. Although these key players are sacrificing the right to sue, many fear that increasing liability under the assumption of risk doctrine will eventually result in the elimination of the sports industry altogether. Sports competition by its very nature cannot divorce itself of the innate risk of injury, and if the attachment of liability to foreseeable conduct in unregulated and regulated sports activities were a reality, the potential for consequential high court costs, verdicts, and settlements would deprive America of its favorite pastime. [More]