Insights

Recent letters filed in court from customers in the bankruptcy cases of cryptocurrency platforms Voyager Digital and Celsius Network reveal the extent of the potential financial ruin faced by customers after those companies halted withdrawals. Kobre & Kim’s Daniel Saval with Yahoo Finance discussed the challenges ahead for the customers-turned-creditors as they seek to recover their assets.

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Daniel Saval, Andrew Stafford KC, Evelyn Sheehan, Amanda Tuminelli and Timothy de Swardt wrote in Forkast about how recovering crypto assets from insolvent companies may be easier than one might think.

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Historically, federal antitrust enforcement has typically been considered through the lens of consumers, but that is beginning to change as antitrust regulators focus on labor dynamics as well. Kobre & Kim’s Benjamin Sirota, a former prosecutor at the U.S. Department of Justice’s (DOJ) antitrust division, commented to The Hollywood Reporter.

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Kobre & Kim’s Benjamin Sirota, a former U.S. Department of Justice (DOJ) antitrust prosecutor, explained the relevance of an August 2022 DOJ trial to block the proposed merger of Penguin Random House and Simon & Schuster to the National Law Journal.

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Many major Chinese enterprises have been issuing bonds in US dollars in the offshore bond market. While debtors are often able to discriminate against foreign bond holders, rising investor activism has increased the need for creative monetization strategies to generate value even from the most recalcitrant debtors. In a Chinese article, Kobre & Kim’s Shanghai-based Jason Kang, Jian Wu and Chang Liu write in collaboration with Chinese law firm JunHe about how these strategies have led to success on the ground.

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In a victory for creditors represented by Kobre & Kim, the Hong Kong High Court found Steven Zhang, president of Inter Milan and son of the founder of Chinese e-commerce retailer Suning, liable for US $255 million in a landmark verdict. Kobre & Kim’s Jason Kang, who argued the case with Francesca Ip, commented to South China Morning Post (SCMP) about the judgment.

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In the recent wave of cryptocurrency platform Chapter 11 bankruptcies, the question facing litigators, the platforms and their customers is who owns cryptocurrency held by bankrupt trading and investing platforms? Kobre & Kim’s Daniel Saval offered his insights to Law360.

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It is not clear yet what will happen in response to the several cryptocurrency firms that have filed for bankruptcy this month, an event that is unprecedented in the U.S. Kobre & Kim’s Daniel Saval sat down with CNBC.com to explain what may happen to users of these firms.

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The sudden bankruptcies of Celsius and Voyager, two large cryptocurrency platforms, left customers scrambling after the platforms claimed that the crypto deposits they held were corporate assets the firms can use to pay off larger creditors rather than belonging to the customers. Kobre & Kim’s Daniel Saval explained to Fortune why it may be difficult for customers to establish a property right to their assets.

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Although alternative fee arrangements are growing in popularity and sophistication, they still face institutional obstacles to wider adoption. Matching the fee to the work is seen as difficult, so many departments stick to the familiar billable hour. Kobre & Kim’s Alan Guy sat down with Legal Dive to explain why.

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Several crypto companies have been reported to be in distress over the past few weeks, including Celsius, Babel Finance and CoinFlex, with digital asset broker Voyager filing for bankruptcy this week. Kobre & Kim’s Daniel Saval, who focuses on the intersection of digital currency and insolvency, sat down with MarketWatch to explain what this means for customers.

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In a U.S. Securities and Exchange Commission (SEC) filing a few months ago, Coinbase warned that customers could lose their crypto assets if the exchange went bankrupt. Voyager’s bankruptcy filing this week will test the question raised by Coinbase’s warning: what will happen to customers’ crypto if the company holding it goes under? Kobre & Kim’s Daniel Saval provides his insight in a Protocol FinTech newsletter.

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For litigants and parties in Brazil, the broad scope of U.S. discovery may come as a surprise. Even though the U.S. Supreme Court recently foreclosed Section 1782 discovery when the sole foreign proceeding involved is a private international arbitration, there are still ways Brazilian litigants can leverage U.S. discovery opportunities, as Kobre & Kim’s Gabriela Ruiz, Martin De Luca and Scott Nielson explain in an article for Law360.

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Undeterred by the pandemic, the U.S. art market is still going strong, but market participants should not let their guard down. Art fraud continues to be an issue, and fresh headwinds caused by increased regulatory scrutiny – both in the U.S. and abroad – and by the rise of digital art and non-fungible tokens (NFTs) means continued vigilance is advised, Kobre & Kim’s Alexandria Swette and Lara Levinson explained when they sat down with Citywealth.

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The implementation of a poison pill by Twitter’s board of directors in response to Elon Musk’s acquisition may have increased the final offer accepted by the board by up to US $1 billion, demonstrating the effectiveness of this measure at empowering the board. As Kobre & Kim’s Greater China-based lawyers Jason Kang and Chang Liu – together with analyst Kairu Huang – wrote in Caijing, Chinese companies can gain much from poison pills in corporate disputes.

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