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    Non-Debtor Awarded Sanctions for an Improper Filing of an Involuntary Petition
    2022-12-15

    Section 303(i) of the Bankruptcy Code authorizes the court to award the debtor sanctions on account of an improper filing of an involuntary petition against it. But can a non-debtor third-party obtain such a relief? Yes, says the Bankruptcy Court In In re Vascular Access Centers, L.P., No. 19-17117 (AMC), 2022 WL 17366463 (Bankr. E.D. Pa. Dec. 1, 2022).

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trade & Customs, Dechert LLP, Pennsylvania Supreme Court
    Authors:
    Shmuel Vasser
    Location:
    USA
    Firm:
    Dechert LLP
    Another Appellate Court Vacates a Bankruptcy Court Contempt Judgement
    2022-12-12

    The Southern District of New York vacated a bankruptcy court’s judgment holding a debtor’s business competitor (C) “in contempt for violation of the [Bankruptcy Code’s] automatic stay…and assessing sanctions” of $19.2 million. In re Windstream Holdings, Inc., 2022 WL 5245633, *1 (2) (S.D.N.Y. Oct 6, 2022).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Another Block Falls: BlockFi Files for Chapter 11 Protection, Highlighting Need for Crypto Controls
    2022-12-12

    Just weeks after the “implosion” of cryptocurrency exchange FTX, credit services provider BlockFi filed for Chapter 11 protection with the United States Bankruptcy Court for the District of New Jersey, indicating that it is burdened with billions of dollars of estimated liabilities and more than 100,000 creditors.

    Filed under:
    USA, Insolvency & Restructuring, Dinsmore & Shohl LLP, Blockchain, Bitcoin, Due diligence, Cryptocurrency
    Authors:
    David A. Lopez-Kurtz , Alex J. Albers
    Location:
    USA
    Firm:
    Dinsmore & Shohl LLP
    Recent Challenges to Uptiering Transactions
    2022-12-12

    The unique circumstances of the last few years (and hard-charging investors) have forced many borrowers without adequate near-term liquidity to engage in more creative and aggressive liability-management transactions. These transactions have often taken the form of "uptiering" financings.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP
    Authors:
    Douglas S. Mintz , Ned S. Schodek , Peter J. Amend
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Cross Border Recognition, 25 years on: the view from each side of the Pond
    2022-12-13

    The recent decision in Re Astora Women’s Health LLC illustrates the importance of cross-border recognition of insolvency processes, highlighting the benefits of a joined-up global approach which recognises that modern business do not stop for international borders.

    With Astora hot off the presses and the twenty-fifth anniversary of the UNCITRAL Model Law on the horizon the team at SPB have taken stock of the cross-border recognition framework from the perspective of the UK and the US.

    Astora

    Filed under:
    European Union, Global, United Kingdom, USA, Insolvency & Restructuring, Litigation, Public, Squire Patton Boggs, Insolvency, UNCITRAL
    Authors:
    Helena Clarke , Michelle Saney
    Location:
    European Union, Global, United Kingdom, USA
    Firm:
    Squire Patton Boggs
    A Line in the Sand: Caymans Proceeding Ineligible for Chapter 15
    2022-12-09

    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.

    Filed under:
    Cayman Islands, USA, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, Crowell & Moring LLP, Corporate governance, Mediation, United States bankruptcy court
    Authors:
    Frederick (Rick) Hyman
    Location:
    Cayman Islands, USA
    Firm:
    Crowell & Moring LLP
    FTX Bankruptcy: Tax Implications of Vanishing Customer Deposits
    2022-12-09

    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.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Tax, O'Melveny & Myers LLP, Cryptocurrency, Internal Revenue Service (USA), US Congress, US Department of the Treasury
    Authors:
    Luc Moritz , Billy Abbott , William K. Pao , Scott Sugino
    Location:
    USA
    Firm:
    O'Melveny & Myers LLP
    Recent Developments in DIP Financing for International and Domestic Debtors
    2022-12-09

    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

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Global Restructuring Review, Private equity, Debtor in possession
    Location:
    USA
    Firm:
    Global Restructuring Review
    Implications of the Rule in Gibbs on the Effectiveness of Schemes of Arrangement to Compromise US Law-governed Debt
    2022-12-09

    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

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Global Restructuring Review
    Location:
    USA
    Firm:
    Global Restructuring Review
    Crypto Asset Considerations in Bankruptcy and Estate Planning
    2022-12-12

    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).

    Filed under:
    USA, Insolvency & Restructuring, Loeb & Loeb LLP, Bitcoin, Cryptocurrency, Insolvency, PayPal
    Authors:
    Noah Weingarten , Paul N. Frimmer
    Location:
    USA
    Firm:
    Loeb & Loeb LLP

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