Over the past few years, U.S. regulatory agencies have significantly increased their exertion of authority to regulate virtual currencies as well as their enforcement efforts over cryptocurrency transactions. This is not surprising given the potential for and actual abuse of the cryptocurrency markets, as well as the volatility of such markets.
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Bankruptcy Litigation Committee
Committees
Bitcoin’s rise in popularity has disrupted many areas of commercial law.
In the past several weeks, we have seen an uptick in crypto-related insolvencies; most recently Giga Watt, a Bitcoin-mining firm, filed for chapter 11 relief in the Eastern District of Washington. Often, the questions arising out of a crypto-related bankruptcy revolve around the value of Bitcoin or other cryptocurrency.
Value is everything in bankruptcy: finding (or creating) it, preserving it, maximizing it, and ultimately allocating it in accordance with statutory priorities among many (and often competing) constituencies.
The “bitcoin.org” domain name was registered on Aug. 18, 2008.[1] Two months later, on Oct.
On April 9, 2018, Hon. Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York approved third-party releases of nondebtor affiliate guarantors in a chapter 15 proceeding, even though not all of the parties bound by the releases had voted in favor of the releases.[1]
In the Second Circuit, § 109(a) of the Bankruptcy Code applies to cases brought under chapter 15, meaning that a foreign representative cannot seek recognition or any other type of relief under chapter 15 if the foreign debtor does not have a domicile, residence, place of business or property in the U.S.[1]
Recently, the U.S. Bankruptcy Court for the Southern District of New York was asked to decide whether an auditor was required to provide its work papers to a foreign representative who sought to compel such production pursuant to certain provisions of the Bankruptcy Code and the Bankruptcy Rules, including Bankruptcy Code § 1521.
The Ninth Circuit Court of Appeals recently joined the Seventh Circuit in adopting what it referred to as the “minority rule” in holding that a free-and-clear sale of property under § 363(f) of the Bankruptcy Code strips a tenant of its statutory right to remain in the premises notwithstanding rejection of the lease pursuant to § 365(h) of the Bankruptcy Code in In the Matter of Spanish Pea
On Feb. 21, 2018, the Delaware Bankruptcy Court in Stanley Jacobs Production Ltd. v.
Tue, 2017-05-30
The Unsecured Trade Creditors Committee's May Tips of the Trade call featured Neil Steinkamp of Stout Risius Ross, LLC, who discussed the ordinary course of business defense in the context of preference analysis.
Tue, 2017-05-30
This May edition of the ABI Bankruptcy Litigation Committee Newsletter focused on bankruptcy litigation issues in energy sector restructurings. The newsletter featured an article exploring assumption and rejection of oil and gas conveyances, and an article discussing CERCLA liabilities in energy-related cases. Following publication of this newsletter, both authors hosted a call to discuss the issues explored in their articles. Click here to review the articles.
Wed, 2017-02-08
The Bankruptcy Litigation Committee recently hosted a conference call discussing the latest articles in their newsletter (which primarily focus on electronic discovery issues). Authors of the Newsletter articles were available to discuss their articles and a wide range of topics, including the increasing role of metadata in bankruptcy and e-discovery obligations that may arise in connection with asset purchases.
Thu, 2016-07-28
Authors of the Bankruptcy Litigation Committee's most recent newsletter hosted a call to discuss their topic, mediation of bankruptcy disputes.
Mon, 2016-05-16
During this informative call, the Newsletter Editors for the Mediation and Bankruptcy Litigation committees briefly disucssed the results of their joint survey concerning views about mediation. Ed Dobbs then lead a substansive discussion on mediation ethics. Click here to view the results of the survey and the outline provided by Mr. Dobbs that were published in a recent newsletter.
Fri, 2016-04-15
War and Peace: Recent Trends and Developments in Bankruptcy Litigation and Mediation
Wed, 2016-02-10
The most recent committee call explored decisions that have clarified case law on recharacterization, including analyzing the Tenth Circuit’s Alternate Fuels decision and other rulings. Additionally, speakers discussed how practitioners can effectively use section 510(b) of the Bankruptcy Code, and how courts have reviewed contemporaneous business records to evaluate the parties’ intentions at the time of the transaction. Speakers from this call included authors of the most recent committee newsletter articles.
Wed, 2015-10-07
The ABI Bankruptcy Litigation Committee recently published a newsletter with articles focusing on IP matters in bankruptcy litigation. Following publication of the newsletter, authors invited members to dial in for further discussion of the topic and articles.
Wed, 2015-07-01
The ABI Commission Report proposes some significant changes to the Bankruptcy Code, and the preferential transfer statute in Section 547 is no exception.This webinar explores the rationale behind the recommendations, such as the good faith belief for filing a demand letter or preference complaint, the increase in the statutory minimum to bring a preference action, and more.
Fri, 2015-04-17
Trustee Selection in Commercial Bankruptcy Cases: Who Wins the Battle to Control the Estate?
Mr. Steven S. Flores
Co-Chair
Rhode Island Legal Services, Inc.
Providence, RI
(212) 594-5000
Co-Chair
Rhode Island Legal Services, Inc.
Providence, RI
(212) 594-5000
Ms. Ferve Emma Khan, Esq.
Co-Chair
BakerHostetler
New York, NY
(212) 589-4269
Co-Chair
BakerHostetler
New York, NY
(212) 589-4269
Mr. Jeremy R. Fischer
Education Director
Drummond Woodsum
Portland, ME
(207) 772-1941
Education Director
Drummond Woodsum
Portland, ME
(207) 772-1941
Mr. Peter J. Keane
Newsletter Editor
Pachulski Stang Ziehl & Jones LLP
Wilmington, DE
(302) 778-6462
Newsletter Editor
Pachulski Stang Ziehl & Jones LLP
Wilmington, DE
(302) 778-6462
Ms. Kesha Tanabe
Special Projects Leader
Tanabe Law
Minneapolis, MN
(612) 735-0188
Special Projects Leader
Tanabe Law
Minneapolis, MN
(612) 735-0188
Mr. Joseph C. Barsalona, II
Communications Manager
Morris, Nichols, Arsht & Tunnell LLP
Wilmington, DE
(302) 351-9118
Communications Manager
Morris, Nichols, Arsht & Tunnell LLP
Wilmington, DE
(302) 351-9118
Mr. James S. Green, Jr.
Membership Relations Director
Landis Rath & Cobb LLP
Wilmington, DE
(302) 467-4426
Membership Relations Director
Landis Rath & Cobb LLP
Wilmington, DE
(302) 467-4426