John Wasty, John Riihiluoma, Lalita Vaswani and James Batten, Appleby
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
The market for crypto assets has recently experienced significant tumult as evidenced by the bankruptcy filings of several significant crypto players, including Three Arrows Capital, Voyager Digital, Celsius Networks, FTX and, most recently, BlockFi. These bankruptcy cases give rise to numerous issues for investors holding crypto assets, which can be mitigated with proper diligence and planning. In addition, there are several estate planning and trust-specific considerations that should be addressed when holding crypto assets (or determining whether to invest in crypto assets).
FTX sounded like the perfect American success story. A twentysomething philanthropic MIT graduate had managed in four years to create one of the largest and most trusted crypto exchange platforms.
Our Restructuring & Insolvency Team reflects on the year, the industry trends and significant matters of 2022. The Team also looks forward as to what the next 12 months may have in store.
Diego Sierra and Jessika Rocha, Von Wobeser y Sierra, SC
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Chapter 15 of the Bankruptcy Code provides a mechanism for United States cooperation and coordination with insolvency proceedings abroad, often affording foreign debtors wide-ranging relief and expansive rights through the United States Bankruptcy Court system. Not all proceedings in foreign jurisdictions are eligible — in order to be so, a proceeding must constitute a “foreign proceeding” under the Bankruptcy Code.
The massive FTX bankruptcy has rattled the crypto industry. While it may take some time for investors, investigators, and customers to learn what happened in the lead up to FTX’s demise, it seems already clear that many FTX customers will lose cryptocurrency and other digital assets (“Tokens”) they had deposited in FTX trading accounts. News reports suggest that those losses are the result of FTX’s related trading arm, Alameda Research, having borrowed FTX customer deposits using FTX’s proprietary token as collateral at an inflated valuation.
Richard J Cooper, Lisa M Schweitzer, Jessica A Metzger and Richard C Minott, Cleary Gottlieb Steen & Hamilton
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Peter Ferrer, Harneys
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Gregg Galardi, Daniel Anderson, Matthew Czyzyk, Janice Ng, Natalie Blanc and Emily Ma, Ropes & Gray
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary