In this photo illustration, the BlockFi logo seen displayed on a smartphone.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
BlockFi plans to reopen withdrawals as part of an effort to “maximize client recoveries,” the crypto lender’s lawyers said at a court hearing Tuesday, a day after the firm filed for Chapter 11 bankruptcy protection.
BlockFi’s lawyers at that hearing expressed optimism that the firm is in good position to restructure and salvage the business through the bankruptcy process.
related investing news
“We want to make sure we get people back as much of their value as quick as we can,” said Josh Sussberg, a partner at BlockFi’s legal firm Kirkland & Ellis.
BlockFi’s collapse was precipitated by exposure to Three Arrows Capital — which filed for bankruptcy protection in July — and to Alameda Research, the FTX trading arm that borrowed hundreds of millions of dollars from BlockFi. FTX had arranged a rescue plan for BlockFi, but that fell apart when FTX faced its own liquidity crisis earlier this month and rapidly sank into bankruptcy.
BlockFi loaned $671 million
NEWTOWN — Just days after a Texas jury decided Alex Jones should pay $49.2 million in defamation damages to parents of a slain Sandy Hook boy, a new trial for other families Jones defamed will begin in Waterbury on Thursday with jury selection.
News that jury selection will begin in a trial that will determine how much Jones should pay eight Sandy Hook families and an FBI agent he defamed comes one day after a federal judge in Bridgeport stripped Jones of protection he was seeking when he put the parent company of his conspiracy merchandising platform Infowars into bankruptcy.… Read the rest
NEWTOWN — In the first Connecticut court appearance since Alex Jones was sprung from bankruptcy protection to face a damages award trial for a defamation case he lost to Sandy Hook families, his New Haven-based attorneys asked to be dropped from the case.
“We are in an untenable position — our communication with our client has broken down,” said Cameron Atkinson, a lawyer who works with high-profile New Haven attorney Norm Pattis. “We have not had direct communication with our client in over a month.”… Read the rest