FTX filed its presentation to the Official Committee of Unsecured Creditors (UCC), reporting that FTX has located about $5.5 billion of cash and other liquid assets but less than $1.8 billion of digital assets identified with...more
1/27/2023
/ Bahamas ,
Blockchain ,
Chapter 11 ,
Cryptocurrency ,
Debtors ,
Digital Assets ,
Digital Currency ,
Financial Instruments ,
Illiquid Assets ,
Legislative Agendas ,
Liquidation ,
Regulatory Agenda ,
Settlement Agreements
“Easter eggs are basically messages or particular references deliberately hidden throughout a movie that the usual movie-goer often fails to notice but they are always there.”
Most articles about Chief United States...more
Bankruptcy court hearings are often recorded and can be listened to at your convenience. The “first-day hearing” in the FTX Trading case occurred on November 22, 2022, was saved into two files with the first part available...more
Bankruptcy court hearings to confirm Chapter 11 plans, which set forth how the company seeks to exit bankruptcy, are frequently delayed. These hearings are infrequently canceled. But on November 15, 2022, Voyager canceled its...more
Voyager Holdings filed a Notice of Auction with the bankruptcy court announcing an Auction* of its assets (or the assets Voyager believes it is entitled to sell). The Auction will start on September 13 in New York and...more
The Celsius Network bankruptcy cases provide another opportunity for parties to acquire their assets and/or operations. As predicted in an earlier post, the bankruptcy court issued an order in the Celsius cases, approving...more
A host of reasons can cause bankruptcy timelines to slide—ongoing negotiations, buyers dealing with their lenders, holidays, court scheduling issues, perhaps a dearth of interested buyers, and more. These types of changes are...more
Something big happened in the Celsius bankruptcy case last week. The filed by the Office of The United States Trustee (“UST”), a part of the US Department of Justice, has filed a motion asking the Court to appoint an examiner...more
Voyager filed its Disclosure Statement and First Amended Plan (Plan) on Friday, August 12. A primary purpose of a Chapter 11 plan is to define how creditors’ and customers’ claims are proposed to be treated...more
As we’ve previously noted, customers and other creditors of Voyager Digital Holdings face a deadline to file official “proofs of claim” setting forth the amounts they assert that Voyager owes them...more
The bankruptcy court in the Voyager case issued an order authorizing that funds held in two specific accounts (FBO accounts) at Metropolitan Commercial Bank, which are administered by Voyager, are held for the benefit of and...more
Customers and creditors of Voyager Digital Holdings face a deadline to file official “proofs of claim” setting forth the amounts they assert that Voyager owes them. The deadline is 5:00 p.m. ET on October 3, 2022...more
The Voyager Digital Holdings bankruptcy cases, along with the Celsius Network cases, provide a unique opportunity for parties to acquire assets and/or operations of each company. The bankruptcy court approved bidding...more
Employers and other defendants suffered a setback recently. Most large companies have been sued by an employee who failed to disclose the lawsuit or cause of action in their individual bankruptcy case. For many years, the...more
10/3/2017
/ Appeals ,
Bankruptcy Court ,
Concurrent Litigation ,
Consumer Bankruptcy ,
Creditors ,
Debtors ,
Failure To Disclose ,
Judicial Estoppel ,
Remand ,
Split of Authority ,
Summary Judgment ,
Totality of Circumstances Test ,
Trustees
Many creditors that provide goods to a debtor before a bankruptcy case begins believe that their recovery will be mere cents on the dollar. While prepetition claims often receive small, if any, distributions, Section...more