FTX Proposes Joint Plan to Offer Early Liquidity to Voyager Digital's Customers in Bankruptcy Proceeding: Under the joint proposal, customers of Voyager would have the opportunity to start a new account with FTX with an opening cash balance funded by an early distribution on a portion of their bankruptcy claims. Customers would be able to withdraw their cash immediately, or use it to purchase digital assets on the FTX platform. No customer is required to participate, and participation in the joint proposal is fully voluntary.
Paradise, the Wildfire-Ravaged California Town, Warns of Municipal Bond Default - WSJ: Paradise, the town destroyed by the 2018 Camp Fire, says it is near a debt default, heightening municipal bond investors’ concerns over how a warming planet is adding risk to their $4 trillion market.
Nexo, Crypto Lender on Prowl for Ailing Rivals, Faces Declining Deposits | CoinDesk: "Data posted on the website of an accounting firm contracted by Nexo to provide regular attestations on customer balances shows that the lender may have suffered from withdrawals similar to those that led to troubles at rivals."
New 11th Circuit Court of Appeals Opinion: This case presents an issue of first impression for this Court: whether post-petition transfers made under a 11 U.S.C. § 503(b)(9) request will reduce the creditor’s new value defense. We hold that, for purposes of § 547(c)(4)(B), “otherwise unavoidable transfers” made after the debtor has filed for bankruptcy do not affect a creditor’s new value defense.
FTX Makes Bid for Bankrupt Voyager With Eye on Customers: Crypto billionaire Sam Bankman-Fried is proposing a restructuring deal to Voyager Digital LLC with the goal of attracting customers from the bankrupt digital-asset platform.
Singapore's Three Arrows Founders, En Route to Dubai, Describe ‘LTCM Moment’ - Bloomberg: After five weeks in hiding, the disgraced founders of Three Arrows Capital spoke extensively about the spectacular implosion of their once high-flying hedge fund, saying their bungled crypto speculation unleashed cascading margin calls on loans that should never have been made.
Voyager Response to July 22, 2022, Press Release by Alameda and FTX: On July 22, Alameda Ventures Ltd. and FTX Trading Ltd. issued a press release attaching a proposal e-mailed to Voyager
China Evergrande C.E.O. Resigns After Loans Come Under Scrutiny - The New York Times: The resignation was the latest setback for the embattled Chinese property developer, which is expected to announce a plan to restructure its debt of more than $300 billion.
