America’s bankruptcy laws have evolved over centuries to pick apart regular businesses. Now, on the fly, lawyers must work out how to apply them to crypto companies
from the crypto exchange for his own use .
The demand is an opening salvo in what will be a long, chaotic battle. . In Novemberfiled for bankruptcy under Chapter 11, which allows a bankrupt firm to re-organise rather than liquidate. The process usually plays out as a legally refereed tussle between a company and its creditors. The firm, told by a court what it owes, tries to convince lenders to accept stakes in the business rather than cash. If successful, it emerges with less borrowing and a shiny new growth plan.
The bankruptcy court’s first task is to find those owed money. Creditors are usually keen to come forward. Not in bankruptcies dealing with crypto. For many, the attraction of storing wealth this way is its facelessness. Lodging a claim requires ancheck, so creditors must decide quite how deep their desire for privacy runs. Investors, who include some of tech’s most illustrious funders, are also reluctant to fess up to their involvement.
At the same time, Mr Ray is scrambling to locate assets. This involves constructing corporate accounts from what he calls the worst record-keeping he has ever seen.did not even keep note of how much customers deposited. Billions of dollars were lost by Alameda, a sister trading firm. Until November 29th lawyers thought that at least there were very few external loans. Then BlockFi, another bankrupt exchange, demanded $500m in shares thathad put them up as collateral for borrowing.
So far, Mr Ray has pieced together just a few billion dollars of assets. And finding assets is only half the battle—getting at them is harder still. In an early fracas, American and Bahamian authorities spent months sniping at one another, before agreeing to bring tokens worth at least $3.5bn into American proceedings. Mr Ray is also hunting
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
S Club 7's lives since 2003 split – bankruptcy to racism row and botched surgeryAs rumours of a reunion tour to mark their 25th anniversary continue to gain traction, we take a look at the stars of 90's chart-toppers S Club 7 and ask where are they now?
Weiterlesen »
Live updates: Bed Bath & Beyond leaps in volatile trading after bankruptcy warning\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Weiterlesen »
Four US senators question Sullivan & Cromwell’s role in FTX bankruptcy\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Weiterlesen »
Sam & Max: The Devil's Playhouse Remastered is coming in 2023Sam & Max: The Devil's Playhouse, the third and regrettably final season of Telltale Games' episodic point-and-clic…
Weiterlesen »
Sam Owen: Recipes to inspire you this VeganuaryMouthwatering vegan recipes for you to try at home
Weiterlesen »
Sir Sam Mendes worried 'great era' of cinema is dying with streaming to blameSir Sam Mendes, the man behind some of Hollywood's biggest blockbusters. has said the 'great era' of cinema is dying before our eyes because of online streaming 🎬
Weiterlesen »