A Florida federal bankruptcy judge on Tuesday approved Brazilian bank Banco Cruzeiro do Sul SA's petition for Chapter 15 bankruptcy, a decision that will provide the bank some protection in United States courts while it continues its primary insolvency proceedings in Brazil, Law360 reported. U.S. District Court Bankruptcy Judge Laurel M. Isicoff granted recognition to the bank's petition for Chapter 15 bankruptcy, which was filed on June 5, saying that the bank's foreign representative, Eduardo Felix Bianchini, is qualified and granting the bank protection in U.S. courts.
Mt. Gox Co., once the world’s largest bitcoin exchange, won approval of its U.S. bankruptcy filing, giving a boost to a Japanese investigation into the disappearance of 650,000 units of the digital currency, Bloomberg Businessweek reported. U.S. Bankruptcy Judge Stacey G. Jernigan said today in Dallas she has “ample legal authority” to accept the U.S. filing and recognize Mt. Gox’s Japanese bankruptcy as the foreign main proceeding. The ruling empowers the company’s Japanese trustee to examine witnesses, gather and review evidence, and oversee assets in the U.S., such as servers.
Veris Gold Corp., which owns Jerritt Canyon, filed for bankruptcy protection Monday in the U.S. and Canada after the Deutsche Bank AG, London Branch claimed the company was in default, the Elko Daily Free Press reported. These filings also follow Veris Gold laying off nearly 60 people at the Jerritt Canyon complex last week. Veris Gold said the Supreme Court of British Columbia issued an order Monday granting “the company’s application for creditor protection under the Companies’ Creditors Arrangement Act.” Veris Gold has its headquarters in Vancouver.
Bitcoin company CoinLab Inc. has thrown its support behind Japanese bitcoin exchange Mt. Gox's U.S. bankruptcy case, a change of course for CoinLab, which has sued Mt. Gox for $75 million, The Wall Street Journal reported. Lawyers for CoinLab said in court papers Friday that they wouldn't object to Mt. Gox's formal request for U.S. bankruptcy protection, despite earlier hints that they might challenge that request. Court documents offered no explanation for CoinLab's decision. Japanese insolvency expert Nobuaki Kobayashi, who is leading Mt.
Brazilian bank Banco Cruzeiro do Sul SA on Wednesday sought Chapter 15 relief in Miami, where a liquidator suspects some of its assets are located, after a Brazilian regulator took over its operations, Law360 reported. The bank’s liquidator and foreign representative, Eduardo Felix Bianchini, is asking a Florida bankruptcy judge to recognize the liquidation pending before the Central Bank of Brazil as the foreign main proceeding. The Central Bank seized Banco Cruzeiro’s and its affiliates’ assets in June 2012.
A U.S. bankruptcy judge signed off on the sale of some €15 billion ($20.6 billion) of soured loans on the books of what was once one of Ireland's largest banks as the country digs out from the wreckage of its collapsed property market, The Wall Street Journal reported. Judge Christopher Sontchi on Tuesday approved Irish Bank Resolution Corp.'s sale of the loan portfolios at a hearing in U.S. Bankruptcy Court in Wilmington, Del.
Mt. Gox customers with frozen bitcoin accounts are targeting Chief Executive Mark Karpeles, arguing in court papers he is unfit to lead the Japanese bitcoin exchange through its U.S. bankruptcy case, The Wall Street Journal reported. In papers filed Tuesday in U.S. Bankruptcy Court in Dallas, lawyers for several Mt. Gox customers pointed out Mr. Karpeles has been accused of fraud and said he should no longer have power over Mt. Gox's U.S. assets in his official role as Mt. Gox Co.'s foreign representative.
Among the various US property assets controlled by Irish Bank Resolution Corporation (IBRC), the zombie corpse of Anglo, there appears to be a circus, the Irish Times reported. Okay, that’s not quite true – it’s actually a shopping centre in Tampa, Florida called the Channelside Bay Mall – but the legal furore surrounding the bank’s efforts to offload it is turning into a circus. IBRC, which has Chapter 15 bankruptcy protection in the US, has been hit with a blizzard of lawsuits in recent weeks over Channelside.
Two months before Mt. Gox filed for bankruptcy it was sued by a customer seeking the return of funds in a case that highlights some of the red flags raised in the run-up to the collapse of what was once the world's biggest bitcoin exchange, Reuters reported. New York resident Marko Simovic filed a civil action at the Tokyo District Court on Dec. 24, seeking to recover $105,000 he had on deposit at Mt. Gox and about $14,000 in interest, court filings show. Simovic, who described himself as a software developer who previously managed the bitcoin operations for a hedge fund, said Mt.
A federal judge in Chicago froze the U.S. assets of the chief executive of Tokyo-based Mt. Gox as part of a customer lawsuit against the defunct bitcoin trading exchange, The Wall Street Journal reported. Separately, regulators took steps to gain greater control of the fledgling virtual currency and protect consumers from bitcoin scammers.