Bankrupt FTX Estate to Sell Sequoia Stake to Abu Dhabi Firm for $45 Million - Bloomberg: Liquidators for defunct crypto exchange FTX asked a judge to approve the sale of its interest in venture capital firm Sequoia Capital to an Abu Dhabi state-backed investment firm, in a deal that values the stake at $45 million.
Wilson Sonsini Adds Erin Fay to Restructuring Practice in Delaware : Before joining Wilson Sonsini, Fay was a partner at Wilmington-based Bayard, P.A., where she was a member of that firm’s business restructuring and liquidations group.
Silvergate Bet Everything on Crypto, Then It All Evaporated - Bloomberg: Bombarded by short sellers, deserted by depositors and shunned by business partners, executives at the crypto-focused bank were face to face with US regulators at its La Jolla, California, headquarters.
Hedge Fund Bets Against Offices Using Tactics That Big Short’s Burry Made Famous - Bloomberg: A hedge fund manager who made a 119% return shorting debt linked to shopping malls is betting on fresh pain in the US commercial property market.
Air Miles Owner Loyalty Ventures Prepares Bankruptcy Filing : Loyalty Ventures Inc., which operates Canada’s Air Miles Reward Program, is preparing to file for bankruptcy protection in the coming days as the company grapples with the loss of customers, according to people familiar with the situation.
Getting crypto firms to do their work within the bounds of the law | Opinion: Author Gary Gensler is the chair of the U.S. Securities and Exchange Commission
Nevada Biodiesel Refinery Files for Bankruptcy After Taxpayer-Backed Loan Default: Ryze Renewables II filed for chapter 11 after running out of funds to rebuild a biofuels refinery following technology mishaps.
SVB Financial falls more than 50% as tech bank looks to raise more cash: Trading in the stock was halted for volatility multiple times during the session after SVB announced plans to raise more than $2 billion of new capital.
Silicon Valley Bank CEO Tells VC Clients to ‘Stay Calm’ — The Information: Silicon Valley Bank CEO Greg Becker on Thursday told top venture capitalists in Silicon Valley to “stay calm” amid concerns around a capital crunch that wiped nearly $10 billion off the bank’s market valuation.
Some VC firms are urging founders to pull money from troubled Silicon Valley Bank | Semafor: Some tech industry founders got emails from their venture-capital investors on Thursday urging them to move their money out of Silicon Valley Bank, according to people familiar with the matter, adding pressure to the already troubled firm.
New York Attorney General Alleges Ether Is a Security in KuCoin Lawsuit: New York State Attorney General Letitia James filed suit against KuCoin on Thursday, alleging thhe Seychelles-based crypto exchange is violating securities laws by offering tokens – including ether – that meet the definition of a security without registering with the attorney general’s office.
FTX Crash Exposed Insurance Black Hole That Risks Impeding Crypto Recovery - Bloomberg: The total value locked in DeFi insurance is just $300 million
U.S. DOJ Appeals New York Judge’s Decision to Approve Voyager’s Sale to Binance.US: The U.S. Department of Justice (DOJ) filed an appeal late Thursday evening challenging a New York bankruptcy judge’s decision to confirm bankrupt crypto lender Voyager Digital's proposed plan and allow Binance.US’s billion-dollar plan to acquire Voyager's assets.
