In In re Rehabilitation of Scottish Re (U.S.), Inc., C.A. No. 2019-0175-JTL (Del. Ch. Apr.18, 2022), the Delaware Court of Chancery ruled, as a matter of first impression, that in a delinquency proceeding for an insurance company under Delaware law, there is no per se requirement that a rehabilitation plan meet a “liquidation standard” to obtain court approval. Under the “liquidation standard,” a rehabilitation plan must provide claimants at least “liquidation value,” or the value they would have received in a liquidation proceeding.
I’m on a curiosity-quest to find the first-ever U.S. Supreme Court opinion on the subject of bankruptcy.
Excitement arises, for a moment, upon discovering Gibbs v. Gibbs, 1 U.S. 371 (1788). After all, Gibbs v. Gibbs:
Three scholars published a new analysis of Chapter 7 and Chapter 11 consumer bankruptcy filings that is likely both the broadest and the most targeted study of consumer bankruptcy filing since Teresa A. Sullivan, Elizabeth Warren and Jay Lawrence Westbrook published The Fragile Middle Class: Americans in Debt. The new study by Professors Pamela Foohey, Robert M. Lawless and Deborah Thorne is titled
The major cryptocurrencies have experienced significant declines in 2022; with the crypto market shedding $2 trillion of its peak $3 trillion market capitalization in November 2021. Amid this “crypto winter,” Terra Luna and its algorithmic stablecoin collapsed, triggering a domino effect of losses and illiquidity throughout the crypto industry. The hedge fund Three Arrows Capital was the first big domino to fall, defaulting on $1 billion in loans including $650 million owed to Voyager Digital (“Voyager”).
On August 15, the Federal Reserve Board (Fed) issued final guidelines, outlining the tiered approach it will use when evaluating the growing requests from fintech firms and cryptocurrency companies for access to master accounts.
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Insurance Fights Can Complicate The Bankruptcy Labyrinth
By Shane Dilworth
SUMMARY
The owners of an ambitious Hawaiian golf project in the Makaha Valley of Oahu said Aloha (hello) to new owners, and Aloha (goodbye) to old debt obligations.
The International Risk Management Institute defines a Third-Party Administrator (TPA) as a firm that handles various types of administrative responsibilities, on a fee-for-services basis.1 These responsibilities are generally executed for insurance carriers and typically include claims administration, loss control, risk management information systems, and risk management consulting.
There is much to report since our last update on Voyager Digital’s bankruptcy case discussed here.