The accelerating pace of bankruptcy is alarming to us all from a business point of view. However, from an intellectual property point of view, it raises a bigger and brighter red flag: In bankruptcy, who owns the licenses and the intellectual property controlled by the company going bankrupt? In virtually every bankruptcy situation today, the question of intellectual property — identifying, valuing, and securitizing it — has become of serious importance. In this article, Weston Anson provides an overview of how to identify intellectual property and intangible assets, and how to group those components into bundles of discreet value.