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"Given the dearth of record-keeping, it may not be possible to fully reconstruct the intercompany Claim," the statement said. "If it were at all possible, it would be a time and cost intensive forensic accounting exercise that would likely require the engagement of a forensic accounting firm to manually reconstruct
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The bankruptcy filing, made Feb. 3, was not made in good faith; the company isn’t eligible, having no employees, no income and no business; and the case exists “solely” to advance the interests of Antiguan liquidators who’ve already gained over $1.7 million in fees, BlockFi said. Original Source
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Compute North filed for bankruptcy in September as it was unable to meet its debt obligations. The mining firm has closed 13 asset sales, four of them major, which have “satisfied” all of its secured debt, which was $250 million, said Compute North’s attorney at a Thursday hearing. Source
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Debtors for crypto lender Celsius Network have the authority to sell coupons for mining firm Bitmain coupons worth roughly $7.4 million following a ruling from a bankruptcy judge.In a Feb. 16 court filing, United States Bankruptcy Judge Martin Glenn said it was in the “best interests of the Debtors’ estates,
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Bankrupt crypto lender Celsius Network has chosen NovaWulf Digital Management as the sponsor for its proposed Chapter 11 restructuring plan which will see the investment advisory firm take over the operations of a new company, and most customers estimated to recover up to 70% of their funds.Celsius presented the plan
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The judge presiding over the FTX bankruptcy case has denied the U.S. Trustee’s request to appoint an independent examiner for the ongoing proceedings. The decision comes after judge John Dorsey postponed the ruling last week, citing concerns that the examiner could cost creditors tens of millions of dollars. The U.S. Trustee’s
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A bipartisan group of four U.S. senators sent a letter to the judge in January, calling for an independent examiner to be appointed. Juliet Sarkessian, a representative for the U.S. Trustee, a branch of the Department of Justice, later argued the decision was out of the hands of Judge John
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Representatives for FTX said whether assets belong in the Bahamian estate or in the U.S. estate remain open issues. Original Source
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Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware has denied a motion appointing an independent examiner for FTX.In a Feb. 15 hearing, Judge Dorsey said he had some discretion under the law to choose whether to appoint an examiner in the FTX bankruptcy case
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FTX had asked the court to greenlight the dismissal after Turkish authorities ordered the seizure of most of the crypto exchange's assets in the country. Source
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