The Thick and Thin of Copyright Protection
Copyright lawyers love tell you that copyright law is all about encouraging creativity because that makes it seem that we’re performing some sort of socially useful activity. We love to point to paintings, novels, movies and music. Without the legal monopoly that copyright law confers on “creators,” these wonderful things wouldn’t be created. Or, at least, they wouldn’t be as good.
And—you know what?—sometimes this is even true! There are lots of cases about music and movies and even dancing!
But you know what else is protected by copyright law? A catalogue of dental procedures. Lists of collectable cards. Medical education brochures (e.g., Gastroesophageal Reflux Disease: Understanding Your Health.) Private placement memoranda.
What’s a private placement memorandum? So glad you asked. Before you can ask folks to give your enterprise money, you need to provide them with certain information so they can make an informed decision. If you’re providing this information because you’re offering to sell equity or debt, and the transaction is “private,” then you’ll be expected to provide a “private placement memorandum” (or “PPM”). PPMs are not “creative,” in the usual sense of the word. They are designed to inform. Much of the information…