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Crypto-Crash
2022-12-23

A crash in the cryptocurrency industry started this past spring, causing a significant number of cryptocurrency exchanges and related entities to seek bankruptcy protection, including the recent filing of one of the largest cryptocurrency exchanges, FTX. The volatility in the industry continues, with the subsequent filing of the cryptocurrency firm BlockFi and the crypto-mining company Core Scientific.

Crypto Basics

Filed under:
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Blockchain, Cryptocurrency, Non-fungible tokens, Google, FTX
Location:
USA
View Original Article
It’s A Wonderful Life’s Lessons Ring True in BlockFi Bankruptcy
2022-11-29

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?

During the run on the bank scene, George Bailey – played by James Stewart – explains the nature of banking to the small town depositors in Bedford Falls.

Filed under:
USA, Banking, Insolvency & Restructuring, Bitcoin, Cryptocurrency, Google, Federal Deposit Insurance Corporation (USA)
Location:
USA
View Original Article
Plan proposing unencumbered asset sale, free and clear of liens, cannot be confirmed under § 1129(b)(2)(a)(iii)
2011-07-06

RIVER ROAD HOTEL PARTNERS v. AMALGAMATED BANK (June 28, 2011)

Filed under:
USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Credit (finance), Debtor, Secured loan, Google, Seventh Circuit, Trustee
Location:
USA
Firm:
Kelley Drye & Warren LLP
View Original Article
5th Cir. Rejects Borrower’s Texas Foreclosure Statute of Limitations Challenge
2019-12-26

The U.S. Court of Appeals for the Fifth Circuit recently affirmed judgment against a borrower for quiet title claims brought against the owner and servicer of her mortgage loan, and entered judgment of foreclosure in the loan owner and servicer’s favor on their counterclaims for foreclosure against the borrower.

Filed under:
USA, Texas, Insolvency & Restructuring, Litigation, Real Estate, Maurice Wutscher LLP, Debtor, Mortgage loan, Title 11 of the US Code, Google
Location:
USA
Firm:
Maurice Wutscher LLP
View Original Article
SCOTUS Adopts ‘Objectively Reasonable’ Standard for Violations of Bankruptcy Discharge Orders
2019-07-22

In determining the legal standard for holding a creditor in civil contempt for attempting to collect a debt in violation of a bankruptcy discharge order, the Supreme Court of the United States adopted an “objectively reasonable” standard, and held that a court may hold a creditor in civil contempt if there is “no fair ground of doubt” as to whether the order barred the creditor’s conduct.

Accordingly, the Supreme Court reversed the Ninth Circuit’s ruling, which had applied a subjective standard for civil contempt.

Filed under:
USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Debtor, Title 11 of the US Code, Google, SCOTUS
Location:
USA
Firm:
Maurice Wutscher LLP
View Original Article
Bankruptcy Court Addresses Standard For Recovery Of An Alleged Fraudulent Transfer From A Subsequent Transferee
2019-10-30

The Bankruptcy Code gives a trustee powers to avoid certain pre-bankruptcy transfers of the debtor’s property to other entities. For example, a trustee can avoid transfers made with the intent to impair the ability of creditors to collect on their debts. 11 U.S.C. § 548(a)(1)(A). The Code gives the trustee the power to recover the transferred property from the initial recipient, and also from subsequent recipients, “to the extent the transfer is avoided.” 11 U.S.C. § 550(a).

Filed under:
USA, Florida, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Debtor, Title 11 of the US Code, Google
Authors:
Daniel A. Lowenthal , Jonah Wacholder
Location:
USA
Firm:
Patterson Belknap Webb & Tyler LLP
View Original Article
Banking and financial services litigation: 2021 in review
2022-01-27

A number of key decisions from the English courts in 2021 illustrate the litigation trends that are likely to have implications for the financial services industry in 2022 and beyond (see below “Cases to watch in 2022”).

Market misconduct and mis-selling

In the first of a series of claims issued by ECU Group Plc in relation to alleged wrongdoing in the foreign exchange markets by a number of banks, the High Court held that:

Filed under:
European Union, United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, White Collar Crime, Freshfields Bruckhaus Deringer LLP, Libor, Personal data, Coronavirus, GDPR, Financial Services and Markets Act 2000 (UK), Financial Conduct Authority (UK), Barclays, Google, Serious Fraud Office (UK), House of Lords, HSBC, Carillion, Court of Justice of the European Union, UK Supreme Court
Location:
European Union, United Kingdom
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
Decision in Qimonda bankruptcy looks at whether a conversion claim is entitled to administrative priority
2010-08-15

Introduction

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Contractual term, Bankruptcy, Debtor, Google, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
Authors:
L. Jason Cornell
Location:
USA
Firm:
Fox Rothschild LLP
View Original Article
Seventh Circuit Agrees With Mayer Brown Amicus Brief That $3 Million Punitive Damages Award Was Unconstitutionally Excessive
2020-02-11

Last summer, my colleague C.J. Summers and I posted a report about Saccameno v. U.S. Bank National Association, a Seventh Circuit case in which we had filed an amicus brief on behalf of the Chamber of Commerce of the United States.

Filed under:
USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Google
Location:
USA
Firm:
Mayer Brown
View Original Article
Somebody Call 9011: Counsel and Decedent’s Estate Benchslapped Under Rule 9011 for Repeated Attempts to Circumvent the Bankruptcy Code’s Eligibility Requirements
2022-06-23

The Bankruptcy Protector

Filed under:
USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy, Power of attorney, US Securities and Exchange Commission, Google
Location:
USA
Firm:
Nelson Mullins Riley & Scarborough LLP
View Original Article

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