Bankruptcy & Restructuring News Headlines for Friday Oct 20, 2023

Here's what we are reading this morning:

Gemini, DCG Sued by NY for Defrauding Customers of $1.1 Billion - Bloomberg: Gemini Trust Co. and Barry Silbert’s Digital Currency Group were sued by New York’s top law-enforcement officer for allegedly defrauding customers of $1.1 billion, escalating legal woes for two companies hit hard by last year’s plunge in cryptocurrency markets.

Attorney General James Sues Cryptocurrency Companies Gemini, Genesis, and DCG for Defrauding Investors: New York Attorney General Letitia James today filed a sweeping lawsuit against cryptocurrency companies Gemini Trust Company (Gemini), Genesis Global Capital, LLC and its affiliates (Genesis), and Digital Currency Group, Inc. (DCG) for defrauding more than 230,000 investors, including at least 29,000 New Yorkers, of more than $1 billion. An investigation by the Office of the Attorney General (OAG) found that Gemini lied to investors about an investment program it ran with Genesis called Gemini Earn.

Alex Jones Bankruptcy Judge Backs $1 Billion Sandy Hook Debt: Right-wing conspiracy theorist Alex Jones must still face $1.1 billion in defamation judgments stemming from his false statements about the Sandy Hook Elementary School shooting—despite his bankruptcy, a judge ruled.

Air Methods Plans Bankruptcy Filing on Debt Load, Profit Hit: Air Methods Corp. is preparing to file for Chapter 11 bankruptcy protection, with first-lien lenders likely to take control of the air ambulance service, according to people with knowledge of the matter.

NEMA, one of SF’s biggest apartment buildings, loses half its value: The 754-unit apartment tower was valued at $543.6 million in 2018

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