equity committee

Lawyers for Celsius investors file motion to have interests represented in court

An international law firm representing groups of Celsius investors has filed a motion to appoint a committee to represent their interests in the crypto lending firm’s bankruptcy case.

In a Thursday filing with the U.S. Bankruptcy Court in the Southern District of New York, lawyers with the law firm Milbank requested the appointment of an “Official Preferred Equity Committee” to represent certain Celsius shareholders. According to the filing, the equity holders “urgently require their own fiduciary” for representation in court alongside Celsius debtors and an Unsecured Creditors Committee, or UCC.

“The need for a fiduciary to pursue the Equity Holders’ interests is particularly critical when one considers the practical realities of these cases: There are only two groups of real economic stakeholders — the retail customers and the Equity Holders,” said the court filing. “Not only is the UCC laser focused on maximizing value for the customers, without regard for the Equity Holders, but the Debtors also have made it abundantly clear that the UCC is their partner, and these cases are ‘all about the customer.’”

The legal team added:

“An estate fiduciary is needed to take the other side of this dispute before a plan of reorganization is

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Revlon Stock: Fasten Your Seatbelts, It’s Going To Be A Bumpy Bankruptcy (NYSE:REV)

Justin Sullivan

Trading in bankrupt Revlon (NYSE:REV) stock has had a bumpy ride over the last few weeks and I expect that their entire Ch.11 bankruptcy process is going to have an extremely bumpy ride because of the complexities of this case. Of course, actual Revlon future operating results are critical for stakeholders, but there are some future judicial decisions that could have dramatic impact on investors holding Revlon’s debt and stock. This article is an update to my prior Revlon bankruptcy article.

Official Equity Committee

As expected, some shareholders filed a request with the U.S. Trustee for an appointment of an official equity committee. (Seeking Alpha broke this story on July 13.) I have reached out to the Office of the U.S. Trustee, but I have not received any official response, but since a committee has not been appointed yet, I am assuming that it was denied at this point. The next step would be for these equity holders to file a request with the bankruptcy court requesting Judge Jones to instruct the U.S. Trustee to appoint an official equity committee. Since he is a very new judge, he has no history on this issue.

Official equity

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