DAOs and Bankruptcy

They are all the rage: People are forming decentralized autonomous organizations (DAOs) as vehicles to purchase or bid on a wide range of assets—NFL teams, golf courses, fossil-fuel companies, even a copy of the U.S. Constitution.

Filed under:
USA, Insolvency & Restructuring, O'Melveny & Myers LLP, Know your customer, Bankruptcy, Cryptocurrency
Authors:
Peter Friedman , Matthew Hinker , William K. Pao , Scott Sugino , Jennifer Taylor , Laura Smith , Emma Persson
Location:
USA
Firm:
O'Melveny & Myers LLP
The Sixth Circuit Shifts Some Power from the Bankruptcy Court Back to FERC in Determining Whether Rejection of Power Purchase Agreements is Appropriate

On December 12, 2019, the United States Court of Appeals for the Sixth Circuit (the “Sixth Circuit”) issued a long awaited decision in the dispute between FirstEnergy Solutions Corp. (“FirstEnergy”), the Federal Energy Regulatory Commission (“FERC”) and certain power purchase contract counterparties, including the Ohio Valley Electric Corporation (“OVEC”).1 The decision helps clarify a murky area of jurisprudence and has significant implications for restructurings in the electric power sector.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, O'Melveny & Myers LLP, Debtor, Sixth Circuit
Authors:
Nancy Mitchell , Hugh E. Hilliard , Matthew Hinker , Joseph A. Spina
Location:
USA
Firm:
O'Melveny & Myers LLP