law firm

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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U.S. Treasury gives green light to Russian default insurance payouts

WASHINGTON (Reuters) -The U.S. Treasury issued a special waiver on Friday to allow investors with insurance against a Russian default, known as Credit Default Swaps, to receive their payouts.

The normally straightforward process of CDS payouts was thrown into chaos in June when Washington said its sanctions on Russia represented a total ban on buying Moscow’s debt.

An investor who buys a CDS contract usually hands over the underlying bond to the bank or fund that sold them the CDS when a default happens. It traditionally involves an auction to determine the price, but under the sanctions that exchange effectively became illegal.

The license authorizes U.S. persons to purchase or receive Russian bonds starting two days before the announced date of the auction, and up to eight business days after the auction takes place.

The committee that sets the auction date has a scheduled meeting on Monday at 1300 GMT after having met three times this week.

“OFAC has issued two General Licenses (waivers) to help U.S. and other global investors more cleanly exit their exposures to Russia,” a Treasury spokesperson said, referring to the Office of Foreign Assets Control which enforces U.S. sanctions.

The move also authorizes financial

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Chris Pettit spent $250K in the 40 days after filing bankruptcy

Ex-San Antonio attorney Christopher “Chris” Pettit, accused of stealing his clients’ money, spent more than $250,000 in the 40 days after he filed for bankruptcy.

The spending is detailed in court exhibits that are part of the Chapter 11 trustee’s motion seeking an order directing Pettit to show why he should not be held in contempt for withdrawing $125,000 from his retirement account after filing for bankruptcy June 1.

Pettit, 55, transferred the retirement money into checking and savings accounts at Martha’s Vineyard Bank in Massachusetts. The court exhibits show he spent just shy of $252,000 from those accounts from June 2 through July 11.

“It may be consistent with his pre-bankruptcy lifestyle,” said San Antonio attorney Martin Seidler, who represents creditors in the case.

Pettit listed $27.8 million in assets and $115.2 million in debts in his personal bankruptcy, one of the largest ever filed in San Antonio. His law firm also filed.

The trustee — the court-appointed private attorney overseeing the assets — has said the retirement money should not be touched until the court rules it’s exempt from the bankruptcy estate.

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Banks shun U.S. law firm trying to represent Russian lender VTB

The logo of VTB bank is seen at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 3, 2021. REUTERS/Evgenia Novozhenina

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  • New York’s Brafman & Associates says it was already rejected by three banks and is asking others to facilitate client payments
  • The bank is fighting claims it helped send money to Russian separatists that allegedly shot down a plane in 2014

(Reuters) – Lawyers who have agreed to represent Russia’s sanctioned VTB Bank in U.S. litigation say a third bank has refused to work with them to handle legal fee payments, forcing them to request more time to enter the case.

Manhattan law firm Brafman & Associates has been trying since early June to formally sign on as defense counsel for VTB in a lawsuit claiming the bank facilitated payments connected with the 2014 downing of a Malaysia Airlines flight over eastern Ukraine.

International law firm Latham & Watkins said in April that it intended to withdraw from representing the sanctioned bank. The Brafman firm has said it cannot enter the case until it is paid.

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Murdaugh family saga: A timeline of death, alleged embezzlement and an insurance scam

But now, the family has been closely connected to a bloody tragedy, allegations of embezzlement and a bizarre murder-for-hire plot to score millions in life insurance.

The latest blow to the family’s name came this week as Alex Murdaugh was indicted on a charge of murder for the 2021 killings of his wife and son.

So what were the twists and turns that led to this point? Here’s a timeline of everything we know about the Murdaugh family saga:

Over three generations, a member of the Murdaugh family has served as the 14th Circuit Solicitor, which leads prosecutions for Allendale, Beaufort, Colleton, Hampton and Jasper counties in the southern part of South Carolina.

Randolph Murdaugh Sr. was elected to the 14th Circuit Solicitor’s Office in 1920 and served in the position until his death in 1940.

His son, Randolph Murdaugh Jr., then took over the position and served until his retirement in 1986.

Murdaugh Jr.’s son, Randolph Murdaugh III, was then elected to the role in 1987 and served through the end of 2005. Alex Murdaugh is his son.

In 2006, then-Gov. Mark Sanford appoints attorney Duffie Stone to serve as the 14th Circuit Solicitor, making him the first non-Murdaugh
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