Bankruptcy & Restructuring News Headlines for Friday Jul 22, 2022

Here's what we are reading this morning:

Crypto Miner And SPAC Cancel Plans For $294M Merger - Law360: In the latest canceled SPAC merger, cryptocurrency miner VCV Digital Technology and special purpose acquisition company Fortune Rise Acquisition Corp. have scrapped tie-up plans that would have taken VCV public valued at about $294 million, according to a regulatory filing Wednesday.

Seaport Trades Billions of Russian Bonds as Wall Street Retreats - Bloomberg: Investment bank and brokerage firm Seaport Group LLC has traded several billion dollars of Russian government bonds in recent weeks, becoming one of the main venues for clients to buy and sell securities that many of Wall Street’s biggest firms will no longer handle.

Crypto Exchange Is Laying Off 25% of Staff - WSJ: Other cryptocurrency companies have cut workers following turbulence in the digital-assets sector.

Juul Quarterly Revenue Falls 23% Amid US Crackdown on E-Cigarettes - Bloomberg: Juul Labs Inc. lost money in the first quarter after revenues dropped 23% from the prior year, according to people with knowledge of the matter.

National Office Market Suffers 7.8 Million SF of Negative Absorption in Q2: Negative absorption is the vacancy of previously occupied space; it's a key demand metric. The data thus far is comparable to that posted during the recession in 2001 and the Global Financial Crisis, between 2007 and 2009, when negative absorption was recorded for nine of 10 quarters and eight of nine quarters, respectively.

Bed Bath & Beyond downgraded by Moody's amid 'steep decline' in sales | Retail Dive: The agency updated the retailer’s coporate rating following the departure of its CEO and chief merchandising officer late last month.

Cannabis-Tied Business Bankruptcy Must Be Tossed, Trustee Says: Master Equity Group LLC’s connections to the medical and recreational cannabis industry should disqualify the company from using bankruptcy laws meant for small businesses, the Department of Justice’s bankruptcy watchdog told a Michigan bankruptcy court.

Liquidators for Three Arrows Crypto Hedge Fund Seize $40 Million - Bloomberg: Liquidators overseeing the winding down of Three Arrows Capital have so far gained control of assets worth at least $40 million, or just a tiny fraction of what the crypto hedge fund’s creditors say they’re owed.

Crypto Trading Platform Coinbase Blasts SEC Enforcement Efforts - WSJ: Coinbase Global, the largest U.S. crypto trading platform, criticized the Securities and Exchange Commission for its approach to policing digital assets.

MLB’s First Half Marred by Attendance Declines in 21 Markets: 70% of MLB clubs have experienced a decline this season and attendance at a league level is down 6%. “If MLB as a whole is down about 6% in tickets sold, that equates to roughly eight million less people going to games,” Lou DePaoli said.

Julia Pollak (ZipRecruiter): There are now 1.8 million more full-time workers than before the pandemic and 2.4 million fewer part-time workers: In a vibrant labor market, people have been getting the hours they want and moving into high-quality jobs.

The Crypto Securities Market is Waiting to be Unlocked. But First We Need Workable Rules. | by Coinbase | Jul, 2022 | The Coinbase Blog: Coinbase filed a petition asking the SEC to begin rulemaking on digital asset securities. The petition calls on the SEC to develop a workable regulatory framework for digital asset securities guided by formal procedures and a public notice-and-comment process

Fresh Start: Professor David Skeel Talks Bankruptcy Backlash: Professor David Skeel of the University of Pennsylvania Carey Law School discussed the current backlash against the bankruptcy system, and whether new regulations are needed, on the latest episode of Fresh Start.

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