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    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
    FTX’s Collapse - What happened? A drama in four acts.
    2022-12-12

    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.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, MME Legal Tax Compliance, Fintech, Cryptocurrency
    Authors:
    Dr. Andreas Glarner , Anne-Lorinne Mognetti
    Location:
    USA
    Firm:
    MME Legal Tax Compliance
    Investment Fund Activity in US Debt Restructurings
    2022-12-09

    Elizabeth McColm, Brian Bolin and Grace Hotz, Paul Weiss Rifkind Wharton & Garrison

    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, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Global Restructuring Review, Collateral (finance), Private equity, Debtor in possession, Debt restructuring, Insolvency
    Location:
    USA
    Firm:
    Global Restructuring Review
    Fifth Circuit Rules on the "Solvent-Debtor Exception" and Make-Whole Premiums
    2022-12-06

    On October 14, 2022, the U.S. Court of Appeals for the Fifth Circuit issued a long-awaited ruling on whether Ultra Petroleum Corp.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, US Congress, United States bankruptcy court, Fifth Circuit, U.S. Court of Appeals
    Authors:
    Bruce Bennett , James O. Johnston , Heather Lennox , Joshua M. Mester , C. Lee Wilson , Nicholas C.E. Walter
    Location:
    USA
    Firm:
    Jones Day
    The Not-So-Automatic Stay for Foreign Assets and Creditors
    2022-12-07

    When a debtor files for bankruptcy, it’s axiomatic that all creditors, wherever located, must immediately cease their efforts to collect on debts owed to them by that debtor, right? Not necessarily so, says the United States Court of Appeals for the Seventh Circuit, insofar as those creditors and their collateral are located outside of the United States.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
    Authors:
    Mark Gensburg
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    A few additional thoughts… on the regulatory response in the wake of the FTX bankruptcy
    2022-12-07

    We recently had a chance to speak to The Independent and

    Filed under:
    USA, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, IT & Data Protection, Reed Smith LLP, Bitcoin, Cryptocurrency, US Securities and Exchange Commission, Consumer Financial Protection Bureau (USA), Commodity Futures Trading Commission (USA), US Congress
    Authors:
    J.H. Jennifer Lee , Mark E. Bini
    Location:
    USA
    Firm:
    Reed Smith LLP
    Quantifying Cryptocurrency Claims in Bankruptcy: Does the Dollar Still Reign Supreme?
    2022-12-07

    In the past six months, four major players in the crypto space have filed for chapter 11 bankruptcy protection: Celsius Network, Voyager Digital, FTX, and BlockFi, and more may be forthcoming. Together, the debtors in these four bankruptcy cases are beholden to hundreds of thousands of creditors. The bulk of the claims in these cases are customer claims related to cryptocurrency held on the debtors’ respective platforms. These customer claimants deposited or “stored” fiat currency and cryptocurrencies on the debtors’ platforms.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Cryptocurrency
    Authors:
    Ingrid Bagby , Michele C. Maman , Marc Veilleux , Anthony Greene
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Debtor Liability After Discharge Under Pre-Bankruptcy Guaranty? (Reinhart v. Schlundt)
    2022-12-08

    Every now and then we get a bankruptcy opinion declaring a rule with broad application that, (i) may make sense is specific situations, but (ii) is a terrible result for others.

    Here’s an Exhibit A opinion for such a proposition: Reinhart Foodservice LLC v. Schlundt, Case No. 21-cv-1027 in the U.S. District Court for Eastern Wisconsin, (Doc. 12, issued October 27, 2022).

    The Facts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Debtor Can Sell Assets Free and Clear of Successor Liability Claims Asserted by Union Pension Funds
    2022-12-05

    The ability of a bankruptcy trustee or chapter 11 debtor-in-possession to sell assets of the bankruptcy estate "free and clear" of "any interest in property" asserted by a non-debtor is an important tool designed to maximize the value of the estate for the benefit of all stakeholders. The U.S. Bankruptcy Court for the Southern District of Illinois recently examined whether such interests include "successor liability" claims that might otherwise be asserted against the purchaser of a debtor's assets. In In re Norrenberns Foods, Inc., 642 B.R. 825 (Bankr. S.D. Ill.

    Filed under:
    USA, Employee Benefits & Pensions, Employment & Labor, Insolvency & Restructuring, Litigation, Jones Day, Employee Retirement Income Security Act 1974 (USA), United States bankruptcy court
    Authors:
    T. Daniel Reynolds (Dan) , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Tenant security deposit or unsecured loan? State law disparity Leads to forfeiture
    2022-12-05

    Last month, Judge Caproni of the Southern District of New York issued a ruling stating that if a commercial lease does not require a landlord to hold a security deposit in trust and if there is no state statute generally requiring landlords to do so, the security deposit may not be recoverable by the tenant when the landlord files for bankruptcy. See 10FN Inc. v. Cerberus Business Finance LLC, 21-5996 (S.D.N.Y. Oct. 18, 2022).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, A&O Shearman, Bankruptcy, US District Court for the Southern District of New York
    Authors:
    Lisa M. Brill , Kris Ferranti , Jonathan Y. Newman
    Location:
    USA
    Firm:
    A&O Shearman

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