23 November 2001

The Convention on Cybercrime is signed in Budapest, Hungary.

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The Convention on Cybercrime, also known as the Budapest Convention on Cybercrime or the Budapest Convention, is the first international treaty seeking to address Internet and computer crime by harmonizing national laws, improving investigative techniques, and increasing cooperation among nations. It was drawn up by the Council of Europe in Strasbourg, France, with the active participation of the Council of Europe’s observer states Canada, Japan, South Africa and the United States.

The Convention and its Explanatory Report was adopted by the Committee of Ministers of the Council of Europe at its 109th Session on 8 November 2001. It was opened for signature in Budapest, on 23 November 2001 and it entered into force on 1 July 2004. As of December 2016, 52 states have ratified the convention, while a further four states had signed the convention but not ratified it.

Since it entered into force, important countries like Brazil and India have declined to adopt the Convention on the grounds that they did not participate in its drafting. Russia opposes the Convention, stating that adoption would violate Russian sovereignty, and has usually refused to cooperate in law enforcement investigations relating to cybercrime.

On 1 March 2006, the Additional Protocol to the Convention on Cybercrime came into force. Those States that have ratified the additional protocol are required to criminalize the dissemination of racist and xenophobic material through computer systems, as well as threats and insults motivated by racism or xenophobia.

11 October 2001

The Polaroid Corporation asks for federal bankruptcy protection.

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Polaroid Corp. filed for voluntary Chapter 11 bankruptcy protection in Delaware Friday, capping three days of speculation in which the instant photography company’s stock had not traded.

The company, which has been struggling with more than $900 million in debt, said it still is considering an outright sale of all or part of the company and that it plans to cut further staff, close facilities and sell non-core assets to reduce costs.

Filing Chapter 11 bankruptcy protects a company from creditors and keeps it operational until a restructuring plan can be formed to either lift it out of debt, sell, or liquidate assets.

The intent had been to pursue an out-of-court , pre-negotiated bankruptcy filing, but ultimately the company’s liquidity was just too tight and it just couldn’t hold out long enough to get a deal done,” said Brad Geer of Houlihan Lokey Howard and Zukin, the financial firm advising Polaroid’s bondholders.

Polaroid said it has obtained a commitment for $50 million in debtor-in-possession financing from a bank group led by J.P. Morgan Chase & Co. Upon court approval, which is expected shortly, $40 million will be available immediately on an interim basis to pay suppliers and help keep the company operational. The full $50 million commitment is subject to final court approval and other conditions.

Polaroid said it will continue to manufacture, market and distribute its core instant imaging products and to provide customer service and support. Employees will continue to be paid with full benefits.

11 September 2001

Two hijacked aircraft crash into the World Trade Center in New York City, while a third smashes into The Pentagon in Arlington County, Virginia, and a fourth into a field near Shanksville, Pennsylvania, in a series of coordinated suicide attacks by 19 members of al-Qaeda. In total 2,996 people are killed.

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