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The company said on Friday it had filed for court-supervised reorganization in the United States Bankruptcy Court for the Southern District of New York to preserve value. Original Source
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Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court to preserve value.Announcing the news on March 17, SVB said that the funds of its venture capital arm SVB Capital and the broker-dealer SVB Securities, as well as
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A New York court denied the government’s request to halt the $1 billion deal, saying delay would harm customers. Source
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Christine Okike said BlockFi remains safe and looked to access significant cash held with Silicon Valley Bank yesterday. Despite the Silicon Bank exposure, a BlockFi bankruptcy lawyer maintains that the digital asset lender is safe and in no immediate danger. The lawyer, Christine Okike, stated that the embattled New Jersey-based company also
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United States Senators Elizabeth Warren and Ron Wyden asked the Public Company Accounting Oversight Board (PCAOB) to hold auditors accountable for failed crypto projects. The PCAOB — a non-profit overseeing the audits of public companies and other issuers — recently stated that proof-of-reserves (POR) are not equivalent to audits and are
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Zhu Su and Kyle Davies, the founders of bankrupt hedge fund Three Arrows Capital, last month teamed with the co-founders of troubled crypto exchange CoinFLEX to create Open Exchange, calling it the "world's first public market place for crypto claims trading and derivatives." Source
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A cursory look at just those two assets for FTX (which does not include FTX US) reveals something really beyond comprehension. The identified deficit between customer payables, which are customer balances, and total assets, which are assets the bankruptcy team has located plus the amount of customer balances owed to
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FTX’s bankruptcy proceeding has teams of lawyers, investment bankers, consultants, and financial advisers working on the case. Original Source
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The United States Securities Exchange Commission (SEC) won’t be allowed to fine executives involved in Voyager Digital should it end up issuing bankruptcy tokens to help repay impacted customers, bankruptcy judge Michael Wiles has said.The comments from Wiles came on Mar. 6, the third day of hearings regarding a plan
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SEC Senior Trial Attorney William Uptegrove said Friday that SEC staff believed Binance US may be operating an unregistered securities exchange in the U.S., an assertion that Binance US objected to. On Monday, U.S. Bankruptcy Judge Michael Wiles, of New York's Southern District Bankruptcy Court, asked SEC Senior Trial Attorney
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