The Ninth Circuit BAP Revisits the First Semester of Law School Contracts
Agreement on the price and nothing else short of an enforceable contract.
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FTX’s LedgerX Up for Sale as Restructuring Process Picks Up
LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s crumbled FTX empire, is for sale and attracting interest from would-be buyers including crypto giants Blockchain.com and Gemini, Bloomberg News reported. The unit, which is registered with the US Commodity Futures Trading Commission as a derivatives exchange, was a cornerstone of Bankman-Fried’s efforts in Washington. It’s also considered one of the most valuable assets associated with FTX after more than 100 other entities filed for bankruptcy. New FTX Chief Executive Officer John J. Ray III and restructuring advisers have been poring over the company’s books in search of cash, cryptocurrency and assets that could be sold to help repay creditors. It’s unclear how much LedgerX, which had about $303 million in cash as of a Nov. 17 filing, may fetch in a sale. In addition to Blockchain.com and Gemini, crypto exchange Bitpanda and event contracts trading platform Kalshi, which is also registered with the CFTC and uses LedgerX to clear trades, have expressed interest. There are about half a dozen other potential buyers and more could be added.
2021 Asset Sale of the Year Awarded to In re Lighthouse Resources, Inc.
On April 29, 2022, the ABI Asset Sales Committee announced that the 2021 Asset Sale of the Year was awarded to In re Lighthouse Resources, Inc., et al. (Bankr. D. Del. Consol. Case No. 20-bk-13056- JTD), for the sale of its Wyoming real property assets. The Asset Sales Committee received many nominations and selected a winner based on the following criteria (dollar amount not being a factor):
Co-Chairs Corner
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The Bankruptcy Code Doesn’t Invalidate Transfer Restrictions in an Operating Agreement
The transfer restrictions in an LLC’s operating agreement are enforceable in a bankruptcy sale, the Tenth Circuit BAP says.
Chapter 7 Estate Takes Post-Petition Appreciation on Conversion from Chapter 13
Joining the ‘slight minority,’ Judge Fenimore rules that post-petition appreciation in the value of a homestead goes to the chapter 7 estate when the chapter 13 case converts.