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For the uninitiated, “crowdfunding” is a form of fundraising in which many relatively small contributions are sourced from a “crowd” of “backers” to support a prospective goal, product or company. Crowdfunding transactions can be structured as donations, pre-orders, loans or even equity investments. With the rise of internet platforms such as Kickstarter, crowdfunding has become an easy way for early-stage companies to obtain financing, test the market and bring attention to their products.

Elvis Presley once said, “Truth is like the sun. You can shut it out for a time but it ain’t going away.” As we all know, the legal system in the U.S. is predicated upon truth — the decisions of the fact-finder are based on the veracity of the evidence presented. In Ehrenberg v. Roussos (In re Roussos),[1] the bankruptcy court examined allegations of fraud on the court in connection with a chapter 7 trustee’s efforts to vacate a two-decade-old

It has now been almost two years since Bankruptcy Judge Steven W. Rhodes (ret.) confirmed an adjustment plan for the city of Detroit, the largest chapter 9 case ever filed. According to ABI’s statistics, 11 “municipalities” have filed for chapter 9 protection since Jan.

While the Federal Rules of Bankruptcy Procedure (FRBP) mirror the Federal Rules of Civil Procedure, the two rule sets contain enough significant differences to require a lawyer appearing in bankruptcy court to do a little homework beforehand.