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    Bankruptcy Court Rejects Challenge to Pre-Bankruptcy Uptier Transactions
    2022-07-19

    There have been several so-called "uptier" transactions over the last several years, where lenders have provided "rescue financing" to a distressed company senior in priority to existing debt. While there has been significant commentary about whether such financings are contractually permitted, there have been few decisions analyzing challenges to such transactions.1 In Bayside Capital Inc. v. TPC Group Inc.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Cahill Gordon & Reindel LLP, Bankruptcy
    Authors:
    Joel H. Levitin , Richard A. Stieglitz Jr.
    Location:
    USA
    Firm:
    Cahill Gordon & Reindel LLP
    The Other Side of The Coin: Cryptocurrency Assets in Bankruptcy
    2022-07-15

    On July 5, 2022, cryptocurrency brokerage Voyager Digital filed for chapter 11 in the Southern District of New York Bankruptcy Court, citing a short-term “run on the bank” due to the “crypto winter” in the cryptocurrency industry generally and the default of a significant loan made to a third party as the reasons for its filing. At Voyager’s first day hearing on July 8, 2022, the Bankruptcy Court asked the critical question of whether the crypto assets on Voyager’s platform were property of the estate or its customers.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Proskauer Rose LLP, Blockchain, Cryptocurrency, Uniform Commercial Code (USA)
    Authors:
    Wai L Choy , Vincent Indelicato , Timothy Q Karcher , Steven O. Weise , Steve Ma
    Location:
    USA
    Firm:
    Proskauer Rose LLP
    What the DAO?: A Series on the Legal Issues Raised by the Latest Crypto Trend
    2022-07-18

    DAOs, or decentralized autonomous organizations, are the latest trend in crypto. DAOs have the potential to disrupt the traditional economic system, but, they also raise significant issues of securities, tax, bankruptcy corporate law. Over the last few months, our Fintech group has issued a series of client alerts exploring these issues. You can find our complete collection below.

     

     

    What the DAO? Why Everyone Is Talking About Decentralized Autonomous Organizations

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, O'Melveny & Myers LLP, Fintech
    Authors:
    William K. Pao , Scott Sugino , Wenting Yu , Luc Moritz , Bill Martin , Billy Abbott , Laura Smith , Emma Persson
    Location:
    USA
    Firm:
    O'Melveny & Myers LLP
    开曼群岛重组制度:近期普通法案例对无力偿债公司董事有何启示
    2022-07-14

    开曼群岛法例中的新设重组制度,大有可能受到一众审慎董事垂青 – 尤其鉴于许多公司正面对种种宏观经济状况及困难。且看康德明开曼群岛合伙人 Jonathon Milne、律师 Rowana-Kay Campbell 及香港合伙人林宛萱如何剖析其原因。

    开曼群岛《公司法》第 V 部将于今年修订,当中所订立的公司重组制度,可谓万众期待。

    新制度将赋予董事一项新增法定权力,董事可藉此在相关公司陷入财政困难并有意向债权人提出还款方案时,向开曼群岛法院提出呈请以委任具适合资格的重组主任。

    对于在责任上须要考虑债权人利益的董事而言,上述新增权力意义重大。

    本文将参照最新典据,探讨董事有何责任须考虑债权人利益,以及该等责任会因何种情况而触发。

    关于新制度下的其他生效变更,请见《新设重组主任制度概览》一文。

    Filed under:
    Cayman Islands, Hong Kong, Banking, Insolvency & Restructuring, Litigation, Conyers
    Authors:
    Jonathon Milne , Anna Lin
    Location:
    Cayman Islands, Hong Kong
    Firm:
    Conyers
    Orders under Section 11 of the Electricity Act - Implications on insolvency
    2022-07-15

    The Power Ministry has issued directions under Section 11 of the Electricity Act, 2003 (“Direction”), mandating all imported coal-based generating power- plants (“Gencos”) to operate and generate at their full capacity. The Direction also mandates that where the relevant Genco is undergoing corporate insolvency resolution process (“CIRP”), under IBC, the resolution professional shall take steps to make such plants functional.

    Filed under:
    India, Banking, Insolvency & Restructuring, Litigation, JSA, Electricity Act 2003 (India)
    Authors:
    Soumitra Majumdar
    Location:
    India
    Firm:
    JSA
    Court of Appeal summaries (July 11, 2022 - July 15, 2022)
    2022-07-15

    Good afternoon.

    Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 11, 2022. There were many interesting cases this week.

    In Humphrey v. Mene Inc., the Court allowed an appeal in part and reduced damages for wrongful dismissal from twelve months to seven as a result of the plaintiff’s failure to reasonably mitigate by accepting another comparable position seven months after she had been dismissed. The awards of aggravated and punitive damages were upheld.

    Filed under:
    Canada, Ontario, Banking, Capital Markets, Employment & Labor, Insolvency & Restructuring, Insurance, Litigation, Real Estate, Blaney McMurtry LLP, Bankruptcy, Power of attorney, Aon, Bank of Montreal Financial Group, Thomson Reuters, Bank of Nova Scotia, Court of Appeal for Ontario, British Columbia Supreme Court
    Authors:
    John Polyzogopoulos
    Location:
    Canada
    Firm:
    Blaney McMurtry LLP
    Crypto Winter Series: Can the Legal World Catch Up with the Rapid Development of Crypto Innovation? | Part 3 of 3
    2022-07-14

    Much discussion has been had recently about the fact that cryptocurrencies (tokens and coins) do not fit neatly into a generally accepted financial asset classification. The value of most cryptocurrencies is not pegged to any tangible commodity or fiat currency.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, IT & Data Protection, Litigation, Frost Brown Todd LLP, Bitcoin, Cryptocurrency, Internal Revenue Service (USA), US Securities and Exchange Commission, Commodity Futures Trading Commission (USA), US Department of the Treasury
    Authors:
    Jordan S. Blask , Jared M. Tully
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Crypto Winter Series: Bankruptcy, Insolvency, and Liquidation Principles for Crypto Investors | Part 2 of 3
    2022-07-13

    In bankruptcy parlance, the lookback period does not look good for the crypto industry. In the last 90 days, the cryptocurrency markets have suffered huge losses, and in the last 14 days, two major players have sought bankruptcy protection. During the prior 365 days, nearly three trillion dollars of value has been stripped from the digital wallets of cryptocurrency investors, and the industry has been forced to eliminate thousands of jobs.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Frost Brown Todd LLP, Blockchain, Bitcoin, Cryptocurrency
    Authors:
    Jordan S. Blask , Jared M. Tully
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Crossing the “The”: The Importance of Careful Drafting for Recorded Mortgages
    2022-07-11

    The Bankruptcy Protector

    In Enter. Bank v. The Ingros Fam. LLC, et al., 2022 WL 2283392 (Bankr. W.D. Pa. June 23, 2022), a lender faced a potentially costly decision when it mistakenly left the word “The” from a borrower’s name.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Court of Appeal summaries (July 4, 2022 - July 8, 2022)
    2022-07-08

    Good afternoon.

    Please find our summaries of the civil decision of the Court of Appeal for Ontario for the week of July 4, 2022.

    Filed under:
    Canada, Ontario, Banking, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Litigation, Real Estate, Blaney McMurtry LLP, Bankruptcy, Court of Appeal for Ontario
    Authors:
    John Polyzogopoulos
    Location:
    Canada
    Firm:
    Blaney McMurtry LLP

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