So-called “ultra-high-speed” delivery (UHSD) companies were a staple of the early pandemic metropolitan lifestyle. Apps and services like GoPuff and Instacart offered to have anything from diapers and detergent to cigarettes and beer sitting on your doorstep in 15 minutes or less. Even better, these delivery services minimized customers’ exposure to other risk vectors (read: people) and assisted with effective quarantining. Consequently, the demand for and value of these services exploded overnight. In 2021, InstaCart was valued at $39 billion.
“Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior. Surveys suggest that around 16 percent of adult Americans — approximately 40 million people — have invested in, traded, or used cryptocurrencies.” — White House Fact Sheet.
To be a good faith purchaser under Section 363(m), a purchaser must be given actual notice to those with an interest in the property. Constructive notice won’t suffice.
Film studio STX Entertainment expects to file for chapter 11 within weeks if it can’t close its sale to private-investment firm Najafi Cos., an STX lawyer said yesterday, WSJ Pro Bankruptcy reported. The movie business hopes to close its proposed $157 million sale, including debt, next week, but would need to seek bankruptcy “very soon thereafter” if the process stalls, STX lawyer Chad Husnick said in a hearing in the U.S. Bankruptcy Court in New Orleans. “We understand the path forward, we understand our obligations, and we understand the need to close this transaction with alacrity,” Mr. Husnick said. Burbank, Calif.-based STX has already used chapter 11 to protect its rights under a pair of film-distribution deals as it tries to close the sale to Najafi. In February, the company was at risk of losing its distribution rights for the forthcoming sequel to 2020 disaster thriller “Greenland” and elected to shift the contract rights to a corporate subsidiary, which then swiftly filed for bankruptcy. The chapter 11 filing shielded the distribution deal from termination, which was possible after STX failed to meet a contractual deadline to refinance a $150 million credit facility. Then last month, STX moved into bankruptcy its distribution rights to “The Contractor,” a new action film starring Chris Pine, Ben Foster and Kiefer Sutherland that made its debut in theaters last week.
