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Securities and Exchange Commission (SEC) Commercial Bankruptcy

HaystackID

23andMe’s Court-Supervised Restructuring: Navigating Turbulent Financial Waters

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On March 23, 2025, 23andMe, a pioneer in the field of genetic testing and consumer healthcare, announced it had filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Missouri. The objective...more

BCLP

Perk Redux - Yet Another Company Stumbles Over SEC Executive Compensation Rules

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On December 17, 2024, the SEC announced settled charges against Express, Inc. for failing to disclose perks paid to its then CEO, including personal use of airplanes. Without admitting or denying the SEC’s findings,...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - October 2024 Updates

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates the stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

BCLP

SEC Penalizes Company for "Unsupported Hype"

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The SEC announced settled charges against Zymergen Inc. in connection with its IPO based on misleading statements about its market potential, revenue prospects and customer pipeline. After raising $530 million in the 2021...more

Proskauer Rose LLP

Third Circuit Follows Fifth and Ninth Circuits on Treatment of Make-Whole Claims in Bankruptcy

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In a much-anticipated decision, the United States Court of Appeals for the Third Circuit recently held that unsecured noteholders’ claims against a debtor for certain “Applicable Premiums” were the “economic equivalent” to...more

Seward & Kissel LLP

Solar Flare, Security Breach, and Therapeutic Treatment

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Residential Solar Firm Lumio Files Bankruptcy, Plans to Sell | Bloomberg - Privately owned provider of residential solar panels Lumio filed for Chapter 11 bankruptcy on Tuesday in Delaware with plans to sell its company to...more

Dorsey & Whitney LLP

The Supreme Court Update - June 27, 2024

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The Supreme Court of the United States issued four decisions today: Moyle v. United States; Idaho v. United States, Nos. 23-726, 23-727: After granting certioriari to decide whether the Emergency Medical Treatment and...more

Seward & Kissel LLP

Put Me in Coach, Token Settlement, Insurance Policy, and Parting Seas

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Bus Carrier Coach USA Goes Bankrupt After Ridership Drops | Bloomberg - Bus carrier and owner of the Megabus brand and commuter bus lines connecting New York and New Jersey, Coach USA filed for Chapter 11 bankruptcy in...more

Holland & Knight LLP

Watts What You Say? SEC Brings a Battery of Charges Against EV Startup Company

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The SEC on Feb. 29, 2024, announced settled charges against Lordstown Motors Corp. (Lordstown) for allegedly misleading investors about sales prospects for the Endurance, Lordstown's flagship pickup truck for the electric...more

Herbert Smith Freehills Kramer

Getting Public Information in Chapter 11

Companies in Chapter 11 must publicly report substantial financial information — indeed, more information should be reported or available publicly in Chapter 11 than outside of Chapter 11. This paper analyzes what information...more

Clark Hill PLC

The Learned Concierge - November 2023, Vol. 2

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The Learned Concierge Welcome to your monthly legal insights on the trends impacting the Retail, Hospitality, and Food & Beverage Industries....more

Venable LLP

Are Loans Securities? The United States Court of Appeals for the Second Circuit Responds in Kirschner v. JP Morgan Chase Bank,...

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On August 24, 2023, the United States Court of Appeals for the Second Circuit (the "Court") upheld the District Court's ruling in Kirschner v. JPMorgan Chase Bank, N.A. that notes issued as part of a refinancing transaction...more

Ballard Spahr LLP

Second Circuit Affirms Syndicated Loans Are Not Securities

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Summary - The United States Court of Appeals for the Second Circuit upheld on August 24, 2023, a decision from the District Court to dismiss a securities fraud case brought by a Chapter 11 bankruptcy trustee, on the...more

UB Greensfelder LLP

Chasing the Crypto: Why a Ruling in the Madoff Case May Significantly Expand the Universe of FTX Clawback Defendants

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While there are still many unknowns in FTX’s bankruptcy including what, exactly, happened to billions of dollars of customer deposits on the former crypto trading platform, one thing is almost certain: there will be an...more

Farrell Fritz, P.C.

FTX, Sam Bankman-Fried and the Risk of Unchecked Founder Control

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“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here”.  Such was the lament of John Ray, the legendary restructuring...more

The Volkov Law Group

The Fall of FTX: The Legal Ramifications of the Collapse of Sam Bankman-Fried’s Cryptocurrency Empire (I of IV)

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The cryptocurrency world is in shock watching the events unfold around the stunning collapse of FTX, one of the largest crypto exchanges in the world.  The exchange seemed untouchable just days before everything fell apart. ...more

Wilson Sonsini Goodrich & Rosati

SEC Disclosure Considerations Arising from Recent Developments in Crypto Asset Markets

The staff of the Division of Corporation Finance at the U.S. Securities and Exchange Commission (SEC) recently provided guidance for public companies regarding disclosures pertaining to recent developments in crypto asset...more

Mayer Brown Free Writings + Perspectives

Sample Letter to Companies Regarding Recent Developments in Crypto Asset Markets

Last week, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission posted a sample comment letter (see the sample letter) in order to provide guidance to reporting companies regarding the...more

WilmerHale

FTX Bankruptcy - What Could Be Next for the Industry?

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One of the world’s largest cryptocurrency exchanges - FTX Trading Ltd. - and many of its affiliates filed for bankruptcy earlier this month. While the full impact of the FTX bankruptcy is not yet clear, various responses from...more

Patterson Belknap Webb & Tyler LLP

Crypto Company FTX Files Massive Bankruptcy in Delaware

Another domino has fallen.  Earlier this year, we wrote about the challenges facing the crypto industry that resulted in the bankruptcy filings of Three Arrows Capital, Celsius Network, and Voyager Digital. We noted that...more

BakerHostetler

CBDC Report Published; Crypto and NFT Initiatives Launch; OFAC Redesignates Tornado Cash; SEC and CFTC Target Crypto Fraud; FTX...

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CBDC Report Published, Blockchain Settlement and Payment Initiatives Launch - This week the New York branch of the U.S. central bank published a report on the Phase I results of Project Cedar, “a multiphase research effort...more

Nelson Mullins Riley & Scarborough LLP

Unchartered Waters: Crypto Exchange Assets in Bankruptcy

A Securities Exchange Commission disclosure filed by popular cryptocurrency exchange Coinbase has shed light on the question of what would happen if Coinbase or a similar cryptocurrency exchange ever filed for bankruptcy...more

Holland & Knight LLP

Holland & Knight's China Practice Newsletter: November-December 2021

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Holland & Knight invites you to read our China Practice Newsletter, in which our authors discuss pertinent Sino-American topics - HIGHLIGHTS: Preference Claims Clawbacks in Bankruptcy Can Disrupt a Construction...more

Goodwin

FHFA Eliminates Adverse Market Refinance Fee

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In This Issue. The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will no longer charge lenders the Adverse Market Refinance Fee; the Federal Deposit Insurance Corporation (FDIC) is seeking...more

Robins Kaplan LLP

Financial Daily Dose 3.3.2021 | Top Story: Rare Merck-J&J Partnership to Boost U.S. Vaccine Production

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In a move we hinted at here recently, drug giant Merck is partnering with rival Johnson & Johnson to help produce production of J&J’s single-shot coronavirus vaccine. This unprecedented “Coke & Pepsi of the pharma world”...more

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