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Delaware Bankruptcy Court Approves DIP Financing of 700 Bitcoin
2023-06-09

On May 8, 2023, online cryptocurrency exchange platform Bittrex, Inc. and three of its affiliated entities (collectively “Bittrex”) filed for chapter 11 to wind down their U.S. and long-dormant Malta operations. The bankruptcy filing followed costly regulatory investigations and an April 17, 2023 SEC enforcement action alleging that Bittrex improperly sold crypto assets that were securities. Unlike other crypto bankruptcies, Bittrex did not risk, hypothecate, or loan cryptocurrencies needed to meet its contractual obligations to its customers.

Filed under:
USA, Delaware, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Bitcoin, Cryptocurrency, US Securities and Exchange Commission
Authors:
Kyle F. Arendsen
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Shopping for Distressed Crypto Assets or Troubled Crypto Businesses? Don’t Leave Home Without This Roadmap
2023-06-08

Investing in or acquiring distressed assets can be a lucrative investment strategy for those with a healthy risk appetite and a roadmap for sourcing and evaluating quality assets.

Following a steep run-up in crypto asset prices and valuations of crypto-adjacent businesses in the last two years, there has been a sharp increase in companies and assets in the space looking at deeply distressed valuations, liquidity crunches or formal insolvency or bankruptcy proceedings.

Filed under:
USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Mayer Brown, Blockchain, Due diligence, Cryptocurrency, Insolvency, US Securities and Exchange Commission
Authors:
Joaquin M. C De Baca
Location:
USA
Firm:
Mayer Brown
View Original Article
SEC Brings Suit against Independent Trustees, Adviser and Registered Fund Officers
2023-05-11

On May 5, 2023, the SEC filed a civil complaint in the U.S. District Court for the Northern District of New York against a mutual fund’s adviser for aiding and abetting violations of Rule 22e-4 (the “Liquidity Rule”) by the mutual fund it advised (the “Fund”) and whose Liquidity Risk Management Program (“LRMP”) it administered.

Filed under:
USA, Capital Markets, Insolvency & Restructuring, Ropes & Gray LLP, Liquidity risk, Internal Revenue Code (USA), Internal Revenue Service (USA), US Securities and Exchange Commission
Location:
USA
Firm:
Ropes & Gray LLP
View Original Article
Crypto Contagion - Managing Risk on Multiple Fronts
2023-04-04

Crypto firm bankruptcies and resulting disruption in the crypto ecosystem will continue to exacerbate liquidity and regulatory concerns in this space. Signs of contagion are evident as prices of almost every cryptocurrency type have halved in recent months. Since all participants supporting the crypto ecosystem are at risk, managing that risk is critical.

Fund managers should be prepared on multiple fronts, as the following examples illustrate:

Filed under:
USA, Capital Markets, Insolvency & Restructuring, IT & Data Protection, Proskauer Rose LLP, Bankruptcy, Venture capital, Cryptocurrency, Anti-money laundering, Non-fungible tokens, US Securities and Exchange Commission, Commodity Futures Trading Commission (USA)
Authors:
Margaret A Dale , Michael R Hackett , William C Komaroff , Timothy W Mungovan , Dorothy Murray , Joshua M Newville , Todd J. Ohlms , Seetha Ramachandran , Robert H. Sutton , John Verwey , Jonathan M. Weiss , Julia D. Alonzo , Julia M. Ansanelli , Charles Bishop , William D Dalsen , Adam L. Deming , MIchael Singh , Hena M. Vora
Location:
USA
Firm:
Proskauer Rose LLP
View Original Article
Portfolio Companies in Distress: Navigating the Risks from SVB and Other Threats to Liquidity and Solvency
2023-03-30

Everything, everywhere, all at once is our risk thesis for 2023, but one must not forget about concentration risk. This issue has rocketed up diligence agendas for LPs and GPs alike as the collapse of Silicon Valley Bank proved it really was the bank for venture capital.The entry of SVB into receivership on March 10, 2023 highlighted just how central it had become to U.S.

Filed under:
USA, Capital Markets, Insolvency & Restructuring, Proskauer Rose LLP, Private equity, Venture capital, US Securities and Exchange Commission, Federal Deposit Insurance Corporation (USA), Silicon Valley Bank
Authors:
Dorothy Murray
Location:
USA
Firm:
Proskauer Rose LLP
View Original Article
The US-Israel legal review 2022
2023-03-20

A GLOBAL LEGAL MEDIA & NISHLIS LEGAL MARKETING PUBLICATION THE US-ISRAEL LEGAL REVIEW 2022 IN ASSOCIATION WITH: Israel’s Unicorn Success Story SNNOVATION The US-Israel Legal Review 2022 1 Contents THE US-ISRAEL LEGAL REVIEW 2022 2 WELCOME FROM THE PUBLISHERS Global Legal Media and Nishlis Legal Marketing 4 ECONOMIC HEADWINDS, A HOT WAR AND A TRADE WAR: THE IMPACT ON ISRAEL’S COMPANIES With rising interest rates, rising inflation and reduced growth forecasts, how has that reality been faced by corporate clients and start-ups? Arnon, Tadmor-Levy provide some answers.

Filed under:
Global, Israel, USA, New York, Arbitration & ADR, Banking, Capital Markets, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Litigation, Patents, Tax, Trade & Customs, Foreign direct investment, Corporate governance, Blockchain, Private equity, Patent infringement, Big data, Venture capital, Mediation, Fintech, Due diligence, Artificial intelligence, Cryptocurrency, SIPP, ESG, Personal data, Gaming, Cybersecurity, SPAC, Health Insurance Portability and Accountability Act 1996 (USA), GDPR, Federal Arbitration Act 1926 (USA), California Consumer Privacy Act 2018 (USA), US Securities and Exchange Commission, NASDAQ, International Centre for Settlement of Investment Disputes, Committee on Foreign Investment in the United States, ChatGPT, Silicon Valley Bank
Location:
Global, Israel, USA
View Original Article
What We’re Reading This Week [October 21, 2022]
2022-10-21

On October 19th, the Wall Street Journal reported that the electric vehicle startup Mullen Automotive Inc., gained court approval to buy an Indiana manufacturing plant and assets from Electric Last Mile Solutions for $92 million. Such deal, which boosted Mullen’s share prices by 64%, includes Electric Last Mile Solutions’ manufacturing plant in Mishawaka, Indiana and its inventory and intellectual property.

Filed under:
USA, Insolvency & Restructuring, Mayer Brown, Electric vehicle, Coronavirus, US Securities and Exchange Commission
Authors:
Aaron Gavant , Sean T. Scott
Location:
USA
Firm:
Mayer Brown
View Original Article
What We’re Reading This Week [October 21, 2022]
2022-10-21

On October 19th, the Wall Street Journal reported that the electric vehicle startup Mullen Automotive Inc., gained court approval to buy an Indiana manufacturing plant and assets from Electric Last Mile Solutions for $92 million. Such deal, which boosted Mullen’s share prices by 64%, includes Electric Last Mile Solutions’ manufacturing plant in Mishawaka, Indiana and its inventory and intellectual property.

Filed under:
USA, Insolvency & Restructuring, Mayer Brown, Electric vehicle, Coronavirus, US Securities and Exchange Commission
Authors:
Aaron Gavant , Sean T. Scott
Location:
USA
Firm:
Mayer Brown
View Original Article
What We’re Reading This Week [October 21, 2022]
2022-10-21

On October 19th, the Wall Street Journal reported that the electric vehicle startup Mullen Automotive Inc., gained court approval to buy an Indiana manufacturing plant and assets from Electric Last Mile Solutions for $92 million. Such deal, which boosted Mullen’s share prices by 64%, includes Electric Last Mile Solutions’ manufacturing plant in Mishawaka, Indiana and its inventory and intellectual property.

Filed under:
USA, Insolvency & Restructuring, Mayer Brown, Electric vehicle, Coronavirus, US Securities and Exchange Commission
Authors:
Aaron Gavant , Sean T. Scott
Location:
USA
Firm:
Mayer Brown
View Original Article
What We’re Reading This Week [October 21, 2022]
2022-10-21

On October 19th, the Wall Street Journal reported that the electric vehicle startup Mullen Automotive Inc., gained court approval to buy an Indiana manufacturing plant and assets from Electric Last Mile Solutions for $92 million. Such deal, which boosted Mullen’s share prices by 64%, includes Electric Last Mile Solutions’ manufacturing plant in Mishawaka, Indiana and its inventory and intellectual property.

Filed under:
USA, Insolvency & Restructuring, Mayer Brown, Electric vehicle, Coronavirus, US Securities and Exchange Commission
Authors:
Aaron Gavant , Sean T. Scott
Location:
USA
Firm:
Mayer Brown
View Original Article

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