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It’s A Wonderful Life’s Lessons Ring True in BlockFi Bankruptcy

We are heading into the holiday season. It’s a Wonderful Life will be on television. And cryptocurrency bankruptcies will be in the news. Yesterday, BlockFi filed for bankruptcy. What does a seventy year old Frank Capra movie – about a bank run in a small town during the Great Depression – tell us about the latest crypto platform’s liquidity crisis? Will depositors get their money back? Is there any insurance for the creditors?

USA, Banking, Insolvency & Restructuring, Womble Bond Dickinson (US) LLP, Bitcoin, Cryptocurrency, Google, Federal Deposit Insurance Corporation (USA), Aon
Desperate Times Call for Desperate Measures: Delaware Bankruptcy Court Doesn’t Answer in Syntax-Brillian, Denying Motion to Remove Trustee

The Bankruptcy Code’s priority scheme provides that the shareholders generally cannot receive anything on account of their investment until all secured, priority and unsecured creditors are paid in full.

USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Backstage Rider Demands: 10 Bottles of Dom Perignon, M&Ms (Absolutely No Brown Ones!), Two Ice Cream Cakes, and a DIP Carve Out

While rockstars such as Iggy Pop and Nikki Sixx of Mötley Crüe were infamous for outlandish rider requests while on tour, perhaps nobody is more notorious for their demands of concert promoters than Van Halen.

USA, Insolvency & Restructuring, Litigation, Media & Entertainment, Weil Gotshal & Manges LLP, Debtor
50 Cent: You Love Him in a Bentley, But Would You Love Him on a Bus? 50’s Creditors Have 21 Questions, and They’re All About U.S. Bankruptcy Law

♫ “Girl, it’s easy to love me now.

Would you love me if I was down and out?

Would you still have love for me?” ♫

-50 Cent, 21 Questions

USA, Insolvency & Restructuring, Litigation, Media & Entertainment, Weil Gotshal & Manges LLP