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CFIUS Takes Notice of Crypto Company Bankruptcy Sale, Signaling Heightened CFIUS Attention to Bankruptcy-Related Transactions
2023-01-30

In a provocative demonstration that it scrutinizes all types of transactions, no matter their origin, the Committee on Foreign Investment in the United States (“CFIUS”) has reportedly been vetting the proposed $1 billion sale of bankrupt crypto lender Voyager Digital’s assets to Binance.US. Voyager Digital filed for Chapter 11 bankruptcy in July 2022, and, after an initial agreement to sell its assets to FTX crumbled, Binance.US provided Voyager Digital with the winning offer for its assets in December 2022. But, after the sale’s announcement on December 30, 2022, the U.S.

Filed under:
USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Vinson & Elkins LLP, Bankruptcy, Cryptocurrency, Anti-money laundering, US Department of Justice, Committee on Foreign Investment in the United States, FTX
Authors:
George R. Howard
Location:
USA
Firm:
Vinson & Elkins LLP
View Original Article
DOJ Releases Guidance for Discharging Federal Student Loan Debt in Bankruptcy
2023-01-23

The U.S. Department of Justice (DOJ) has released guidance to its attorneys regarding requests to discharge student loans in bankruptcy cases.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, US Department of Justice, Supreme Court of the United States
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
What should customers expect from the FTX bankruptcy? Lessons learned from MF Global and similar cases
2022-11-16

How did we get here?

The crypto markets were rocked again last week by the collapse and bankruptcy of FTX and Alameda Research. Within a few short days, Sam Bankman-Fried (SBF) and his companies went from a stabilizing force for markets and acting as an industry leader to causing one of the greatest disruptions in digital asset market history.

Filed under:
USA, Derivatives, Insolvency & Restructuring, DLA Piper, Bankruptcy, Cryptocurrency, US Department of Justice, Commodity Futures Trading Commission (USA)
Authors:
Noah Schottenstein , Rachel Ehrlich Albanese
Location:
USA
Firm:
DLA Piper
View Original Article
Commodities Bulletin, October 2022
2022-10-07

Welcome to the October 2022 edition of the HFW Commodities bulletin.

In this extended edition, a number of our partners from across the globe have taken time to reflect on the profound impact of the Russian invasion of Ukraine on the commodities sector. It includes contributions from our offices in Australia, Geneva, London and Singapore, with articles on energy and food security, sanctions, insolvency, regulation, the energy transition and force majeure.

On the back page, you will find details of the latest news and where you can meet the team next.

Filed under:
Australia, European Union, Global, Russia, Ukraine, United Kingdom, USA, Company & Commercial, Derivatives, Energy & Natural Resources, Insolvency & Restructuring, Product Regulation & Liability, Trade & Customs, Supply chain, Mediation, Due diligence, Force majeure, Sanctions, ESG, Coronavirus, Anti-bribery and corruption, Foreign Corrupt Practices Act 1977 (USA), European Commission, US Department of Justice, Office of Foreign Assets Control (USA), Commodity Futures Trading Commission (USA), Bank of England
Authors:
Justine Barthe-Dejean
Location:
Australia, European Union, Global, Russia, Ukraine, United Kingdom, USA
View Original Article
Cannabis and District Courts: Are Those Courthouse Doors Closed Too?
2022-01-31

We have written many times over the past few years about how the bankruptcy courts are off-limits to state-legalized cannabis businesses. This past year brought no new relief to the cannabis industry, and the doors to the bankruptcy courts remain shut. Are the other federal courts off-limits as well? A recent district court decision from the Southern District of California sheds some light on this issue, and indicates that the district courts are at least partially open to participants in legal cannabis businesses.

Factual Background

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, US Department of Justice
Authors:
Mark A. Salzberg
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
The year in bankruptcy 2013
2014-01-22

The eyes of the financial world were on the U.S. during 2013. The view was dismaying and encouraging in roughly equal parts. The U.S. rang in the new year with a post-last-minute deal to avoid the Fiscal Cliff that kicked negotiations over "sequestration"—$110 billion in across-the-board cuts to military and domestic spending—two months down the road, but raised income taxes (on the wealthiest Americans) for the first time in two decades. 

Filed under:
Global, USA, Insolvency & Restructuring, Litigation, Jones Day, Affordable Care Act 2010 (USA), US Department of Justice
Authors:
Charles M. Oellermann , Mark G. Douglas
Location:
Global, USA
Firm:
Jones Day
View Original Article
The U.S. trustee's new chapter 11 fee guidelines
2013-08-13

Following the culmination of two public comment periods spanning more than a year, the Office of the United States Trustee, a unit of the U.S. Department of Justice (the “DOJ”) assigned to oversee bankruptcy cases, issued new final guidelines on June 11 governing the payment of attorneys’ fees and expenses in large chapter 11 cases—cases with $50 million or more in assets and $50 million or more in liabilities.

Filed under:
USA, Insolvency & Restructuring, Litigation, Jones Day, US Department of Justice, United States bankruptcy court
Location:
USA
Firm:
Jones Day
View Original Article
Stanford, liquidations and the Serious Fraud Office
2011-05-01

In relation to insolvent liquidations under U.K. law, one of the primary objectives will be the implementation of an efficient process to preserve and recover assets for the benefit of the creditors. This is particularly so where there is a need to instigate costly litigation or cross-border recognition proceedings and where the liquidator will want increased assurances as to the likelihood that those steps will generate positive returns.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Jones Day, Injunction, Fraud, Money laundering, Liquidation, Liquidator (law), Prejudice, US Department of Justice, Serious Fraud Office (UK), Court of Appeal of England & Wales
Location:
United Kingdom
Firm:
Jones Day
View Original Article
First ruling: new Section 1104(e) may not be a ticking time bomb after all
2007-12-11

A fundamental premise of chapter 11 is that a debtor’s prebankruptcy management is presumed to provide the most capable and dedicated leadership for the company and should be allowed to continue operating the company’s business and managing its assets in bankruptcy while devising a viable business plan or other workable exit strategy. The chapter 11 “debtor-in-possession” (“DIP ”) is a concept rooted strongly in modern U.S. bankruptcy jurisprudence. Still, the presumption can be overcome.

Filed under:
USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Shareholder, Debtor, Security (finance), Fraud, Fiduciary, Misconduct, Consideration, Liability (financial accounting), Liquidation, US Department of Justice, United States bankruptcy court, Trustee
Location:
USA
Firm:
Jones Day
View Original Article
American Airlines/US Airways merger: back to square one?
2013-09-04

On 13th August 2013, the US Department of Justice (DOJ) and attorneys general from six US states and the District of Columbia filed suit in the US District Court for the District of Columbia to block the merger between US Airways and American Airlines. Days before, a group of American Airlines customers filed a claim that the merger would violate Section 7 of the Clayton Act.

Filed under:
USA, Aviation, Competition & Antitrust, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), US Department of Justice, American Airlines
Authors:
Robert Bell
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article

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