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One of the major catalysts of the “Crypto Winter” that began in 2022 was the collapse of Terraform Labs’s native token LUNA (Luna), and its “stablecoin” TerraUSD (UST) in May 2022. Nearly two years and a dozen crypto-related bankruptcies later, Terraform Labs Pte. Ltd. (Terra) has filed for Chapter 11 protection on Jan. 30, 2024, as cryptocurrency markets continue a historic bull run to new all-time highs. Does this mean the “Crypto Winter” of 2022 is well behind us? Many certainly hope so.
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Delaware District Court Could Guide Supreme Court Purdue Pharma Decision
By Michael L. Cook
A bankruptcy court properly held that derivative claims based on “piercing the corporate veil theory of liability [were] released under” a confirmed reorganization plan, but that direct “claims for negligent undertaking” were not released and “could be asserted” in state court against the debtors’ equity sponsors.
Court Caps Landlord's Bankruptcy Claim Against Lease Guarantor
By Andrew C. Kassner and Joseph N. Argentina Jr.
A big issue in real estate and retail bankruptcies, among others, involves the disposition of commercial real estate leases, given the potential magnitude of landlord damage claims under state law resulting from a tenant’s default under a long-term lease.
Delaware Bankruptcy Court Rejects Equity Holder's Challenge to Revoke Confirmation Order
By Lawrence J. Kotler
The equity owner asserted that the confirmation order previously entered by the court should be revoked based on the equity owner’s claim that value was lost due to improper sale and marketing efforts by the debtors and its professionals both pre- and post-bankruptcy and, as such, they should have been “in the money” and entitled to a distribution under the confirmed plan.
Overview of New UAE Bankruptcy Law
By Dario Sabaghi
With the establishment of a specialized Bankruptcy Court and a dedicated Bankruptcy Unit, the introduction of preventive settlements, more flexible restructuring proceedings, and the expansion of potential liability, among other things, the new legislation is set to reshape the approach of law firms.
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