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“It’s like déjà vu all over again.” — Yogi Berra
I’m a creature of habit, to be sure. It wouldn’t be the holidays without talking about a classic holiday movie: Frank Capra’s 1946 classic It’s a Wonderful Life. It’s the story of George Bailey, who inherits the Bailey Building & Loan Association founded by his father in the 1940s, and who forgoes his dreams of traveling the world to instead help the multicultural residents of fictional Bedford Falls, N.Y., realize the dream of home ownership.
Part One of this two-part article reviewed custodially held crypto assets as part of the bankruptcy estate. This installment discusses intrinsic value as a proper valuation method for crypto assets held in exchange custody, factors to consider when calculating the intrinsic value of custodially held crypto assets, and risk-mitigation approaches to preserve asset value.
As we enter the final days of 2022, we are pleased to step back and highlight the work performed by the Young and New Members Committee over the past year. We have loved working with our committee leaders and are truly grateful for their time and commitment to ABI.
Chapter 7 panel trustees play an integral role in the bankruptcy system and perform a number of duties to effectively liquidate an estate for a debtor’s discharge. One of the trustee’s most important duties is to “collect and reduce to money the property of the estate ... and close such estate as expeditiously as is compatible with the best interests of parties in interest.” [1] Chapter 7 trustees must also investigate the financial affairs of the debtor and evaluate any potential assets. [2]
The Small Business Reorganization Act of 2019 (SBRA), Pub. L. No. 116-54 § 3(a), is probably the largest wholesale change to the Bankruptcy Code since BAPCA in 2005. Enacted in February 2020, the SBRA essentially created subchapter V of chapter 11 and made it easier for small business owners to keep their equity without having to liquidate and sell the remainder of their assets. However, in addition to creating subchapter V and making it easier for small businesses to reorganize, the SBRA also revised § 547(b) of the Bankruptcy Code with little fanfare associated with the change.
In August 2001, after two state trial court clerkships, a short stay at a small, matrimonial law firm, and then a position as a staff attorney with a committee of our state supreme court, I declined an offer to work for Legal Services (the goal that had been the sole purpose of my entering law school in 1989) and accepted a one-year position as a shared (“swing) law clerk with the U.S. Bankruptcy Court for the District of New Jersey.
Popular cryptocurrency exchange Coinbase surprised many in its first 2022 quarterly report when it informed customers that “custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy,...
