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    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
    Delaware District Court: Using Contract Rights to Strategic Advantage Not Grounds for Equitable Subordination in Bankruptcy
    2022-12-05

    When lenders use an aggressive strategy to deal with a financially troubled borrower that ultimately files for bankruptcy protection, stakeholders in the case, including chapter 11 debtors, trustees, committees, and even individual creditors or shareholders, frequently pursue causes of action against the lenders in an effort to augment or create recoveries.

    Filed under:
    USA, Delaware, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, US Securities and Exchange Commission, US District Court for District of Delaware
    Authors:
    Oliver S. Zeltner , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Fifth Circuit Embraces Flexible Approach to Countryman Test of Executoriness in Bankruptcies Involving Multiparty Contracts
    2022-12-05

    Whether a contract is "executory" such that it can be assumed, rejected, or assigned in bankruptcy is a question infrequently addressed by the circuit courts of appeals. The U.S. Court of Appeals for the Fifth Circuit provided some rare appellate court-level guidance on the question in Matter of Falcon V, L.L.C., 44 F.4th 348 (5th Cir. 2022). The Fifth Circuit affirmed lower-court rulings determining that a surety contract was not executory because the surety had already posted irrevocable surety bonds and did not owe further performance to the debtors.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, National Labor Relations Board (USA), US Congress, Supreme Court of the United States, United States bankruptcy court, Fifth Circuit, Third Circuit
    Authors:
    Dan B. Prieto , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Unimpaired Unsecured Creditors in Solvent-Debtor Chapter 11 Case Entitled to Postpetition Interest, Presumably at Contract or Default Rate
    2022-12-06

    Perhaps given the relative rarity of solvent-debtor cases during the nearly 45 years since the Bankruptcy Code was enacted, a handful of recent high-profile court rulings have addressed whether a solvent chapter 11 debtor is obligated to pay postpetition, pre-effective date interest ("pendency interest") to unsecured creditors to render their claims "unimpaired" under a chapter 11 plan, and if so, at what rate. This question was recently addressed by two federal circuit courts of appeals. In In re PG&E Corp., 46 F.4th 1047 (9th Cir.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, Supreme Court of the United States, Ninth Circuit
    Authors:
    Daniel J. Merrett (Dan) , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day

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