Lawsuit Insurance

Posted on April 28, 2009

Description:

Shareholder Meg Scheminske is a painter working on a new project.

She is creating paintings based on maps from a well-known website* and is concerned that this website may find her use of the source material a violation of copyright law:

Restrictions on Use. Unless you have received prior written authorization from [said website] (or, as applicable, from the provider of particular Content), you must not: (b) copy, translate, modify, or make derivative works of the Content or any part thereof;

KmikeyM has been in discussions with Ms. Scheminske regarding an innovative legal insurance policy for her new works. In exchange for one painting KmikeyM agrees to become the intellectual property owner of all the paintings if said website initiates legal action and act accordingly.

This offer creates a dual win-condition for both parties regardless of the steps taken by the said website. If, as we deem is the most likely scenario, no legal action is taken, then Ms. Scheminske will have one painting on display in the home of a semi-prominent Portland couple which is likely to lead to a small amount of additional attention from a known art-buying audience. Additionally, Ms. Scheminske will be free of the worry of the legal juggernaut that is said website. The benefit to KmikeyM is the ownership of the art, an asset we estimate to be worth between $1,000.00 and $2,000.00 USD.

In the unlikely case of legal action KmikeyM becomes tied to this project in the press and gains an elevated artist profile. Additionally, the attention will likely increase the value of the paintings which is a financial gain for Ms. Scheminske (and potentially KmikeyM, as the owner of one piece).

Management is excited about the opportunity to begin a corporate art collection as well as the opportunity to work with shareholder Meg Scheminske, an artist we have admired for some time.

*The name of the website will not be mentioned here to avoid inciting legal action.