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FTX Finds Assets and Is Looking for More

FTX filed its presentation to the Official Committee of Unsecured Creditors (UCC), reporting that FTX has located about $5.5 billion of cash and other liquid assets but less than $1.8 billion of digital assets identified with...more

Is There an Easter Egg in the Celsius Earn Accounts Opinion?

“Easter eggs are basically messages or particular references deliberately hidden throughout a movie that the usual movie-goer often fails to notice but they are always there.” Most articles about Chief United States...more

1/23/2023  /  Bankruptcy Code , Chapter 11 , Debtors , Liens

If You Missed It Live, You Can Replay the FTX Trading Ltd. Bankruptcy Hearing

Bankruptcy court hearings are often recorded and can be listened to at your convenience. The “first-day hearing” in the FTX Trading case occurred on November 22, 2022, was saved into two files with the first part available...more

Voyager Bankruptcy Exit Derailed by FTX’s Bankruptcy Entrance

Bankruptcy court hearings to confirm Chapter 11 plans, which set forth how the company seeks to exit bankruptcy, are frequently delayed. These hearings are infrequently canceled. But on November 15, 2022, Voyager canceled its...more

Voyager—The Auction to Come

Voyager Holdings filed a Notice of Auction with the bankruptcy court announcing an Auction* of its assets (or the assets Voyager believes it is entitled to sell). The Auction will start on September 13 in New York and...more

Celsius Bidding Procedures Create Possible Bidding Opportunities

The Celsius Network bankruptcy cases provide another opportunity for parties to acquire their assets and/or operations. As predicted in an earlier post, the bankruptcy court issued an order in the Celsius cases, approving...more

Voyager—Bankruptcy Timelines Begin to Slide

A host of reasons can cause bankruptcy timelines to slide—ongoing negotiations, buyers dealing with their lenders, holidays, court scheduling issues, perhaps a dearth of interested buyers, and more. These types of changes are...more

Big Move in Celsius – Will Parties Get a Deeper Look from an Examiner’s Review

Something big happened in the Celsius bankruptcy case last week. The filed by the Office of The United States Trustee (“UST”), a part of the US Department of Justice, has filed a motion asking the Court to appoint an examiner...more

Voyager Holdings—Disclosure Statement and Plan Leave Customers and Creditors Asking “Who’s on First?”

Voyager filed its Disclosure Statement and First Amended Plan (Plan) on Friday, August 12. A primary purpose of a Chapter 11 plan is to define how creditors’ and customers’ claims are proposed to be treated...more

Voyager Bankruptcy Shows a Smorgasbord of Digital Assets

As we’ve previously noted, customers and other creditors of Voyager Digital Holdings face a deadline to file official “proofs of claim” setting forth the amounts they assert that Voyager owes them...more

Some Voyager Creditors May Get Cash Back that is Held at Bank

The bankruptcy court in the Voyager case issued an order authorizing that funds held in two specific accounts (FBO accounts) at Metropolitan Commercial Bank, which are administered by Voyager, are held for the benefit of and...more

Voyager Creditors—Deadline Set for Filing Bankruptcy Proofs of Claim

Customers and creditors of Voyager Digital Holdings face a deadline to file official “proofs of claim” setting forth the amounts they assert that Voyager owes them. The deadline is 5:00 p.m. ET on October 3, 2022...more

Voyager, Celsius, and Possible Bidding Opportunities

The Voyager Digital Holdings bankruptcy cases, along with the Celsius Network cases, provide a unique opportunity for parties to acquire assets and/or operations of each company. The bankruptcy court approved bidding...more

Debtor’s Failure to Disclose No Longer Deadly in Eleventh Circuit

Employers and other defendants suffered a setback recently. Most large companies have been sued by an employee who failed to disclose the lawsuit or cause of action in their individual bankruptcy case. For many years, the...more

Third Circuit Decides Goods Are “Received” Upon Physical Possession in Bankruptcy Case

Many creditors that provide goods to a debtor before a bankruptcy case begins believe that their recovery will be mere cents on the dollar. While prepetition claims often receive small, if any, distributions, Section...more

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