Notwithstanding that cryptocurrency is generally in the cloud, crypto purists will say that cryptocurrency is as valuable as dollar bills. However, the recent bankruptcy filings of five major crypto companies, including Celcius Network LLC (a lender) and FTX Trading Ltd. (an exchange), may bring to light the real nature of cryptocurrency; whether it’s an investment, […]
Read MoreIn re Ultra Petroleum Corporation is one case that has caused the Fifth Circuit Court of Appeals to revisit the permissibility of Make-Whole provisions, at least three times, over several years. Earlier discussions of the case have been the subject of prior CRR articles. See Fifth Circuit Holds that Chapter 11 Plan Does not “Impair” […]
Read MoreIntro The ability of a chapter 11 going-concern debtor to be discharged from its prepetition liabilities is common place and not controversial. 11 U.S.C. § 1141(d). However, the ability of a debtor to release third-party non-debtors from their own liabilities has sparked much debate, because, among other things, the Bankruptcy Code does not clearly or […]
Read MoreIntro Justice Breyer of the Supreme Court previously recognized that a chapter 11 bankruptcy case can generally lead to the following results: reorganization through a confirmed chapter 11 plan, where a deal with creditors can be achieved; conversion of the the case to chapter 7, where no deal with creditors can be achieved; and dismissal […]
Read MoreIntro Everyone is likely familiar with the chapter 11 bankruptcy of The Weinstein Company (“”TWC“), an former film and production studio that previously produced and distributed featured films and premium television content internationally. On March 19, 2018 (the “Petition Date“), TWC was forced to file bankruptcy following numerous claims of private misconduct against its co-founder, […]
Read MoreThere is more than one way that a creditor of a bankrupt entity (or debtor) can directly prosecute its claims in bankruptcy. If the creditor is involved in prepetition litigation with the debtor, it could request relief from the automatic stay to continue liquidating its claim against the debtor in a non-bankruptcy forum, pursuant to […]
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