March 2023
Feature Article
-
Keys to Successful Crypto Company Turnarounds
Increased volatility, uncertainty, and the early signs of an uptick in restructuring activity were the headlines that closed out 2022. These characteristics have persisted into early 2023 and, while they apply to many industries, no industry has experienced as dramatic a change as the crypto economy. Cryptocurrencies, which began as a novelty with the publication […]
More from this Issue
-
Digital Assets: Passing Fad or New Frontier?
As a result of the collapse of Three Arrows Capital in May 2022 and the more recent FTX collapse, restructuring headlines have been featuring the cryptocurrency market. Despite all the media hoopla, bitcoin and ethereum returned approximately 30% in January 2023, while the S&P 500 only managed a meager 5% rally. Many view this rollercoaster […] -
Major Technology Upgrades Will Elevate Our Member Experience
We have grown in so many areas and continue to bring clarity around what it means to be part of TMA, to be more connected through TMA, and to have a world of opportunities that show how the one connection that is each of you creates the collective organization, bigger than many understood it to […] -
New International Symposium, Strategic Plan Execution Highlight TMA’s Agenda for 2023
The theme of this year’s Distressed Investing Conference, “You Are Part of Something Bigger,” could not have been more on point, literally and figuratively! In true TMA style, nearly 1,000 attendees celebrated being part of something bigger by coming together, reinforcing connections, educating one another, and networking. I was extremely proud of the conference and […] -
Keys to Successful Crypto Company Turnarounds
Increased volatility, uncertainty, and the early signs of an uptick in restructuring activity were the headlines that closed out 2022. These characteristics have persisted into early 2023 and, while they apply to many industries, no industry has experienced as dramatic a change as the crypto economy. Cryptocurrencies, which began as a novelty with the publication […] -
Bitcoin Miners Are Being Squeezed by Higher Costs, Lower Revenue
The dramatic rise in bitcoin prices from late 2020 through 2021 prompted significant growth in the bitcoin mining industry, with the number of public bitcoin mining companies growing from a handful at the beginning of 2021 to over 20 by the first quarter of 2022. During that time, bitcoin mining companies took on significant amounts […] -
Bankruptcy Fiduciaries Must Chart New Territory in Managing Cryptocurrency
As cryptocurrency has entered the U.S. economy as a widely held and circulated asset, its presence within the bankruptcy process is quickly evolving. For bankruptcy fiduciaries, cryptocurrency poses unprecedented legal and case administration challenges. One of the most pressing issues for fiduciaries is how to manage cryptocurrency as an asset compared to how they have […] -
Stablecoins Show Great Promise, But Search for the ’Holy Grail’ Continues
The implosion and ensuing bankruptcy of hedge fund Three Arrows Capital (3AC) in mid-2022 sent shockwaves through the crypto industry, causing severe price volatility and leaving industry prime brokers and institutional lenders with gaping holes in their balance sheets. Indeed, the recent bankruptcy of Genesis Trading and the distress of its parent, Digital Currency Group, […] -
Good Faith, Not Good Intentions, Required for Chapter 11 in the 3rd Circuit
On January 30, 2023, the 3rd U.S. Circuit Court of Appeals issued a precedential opinion reversing a decision by the U.S. Bankruptcy Court for the District of New Jersey and dismissing the Chapter 11 case filed by LTL Management LLC. LTL is the “Bad Co” Johnson & Johnson entity formed through a “Texas two-step” series […] -
Recent Retailer-Debtors Cite Supply Chain Crisis as Trigger for Bankruptcy Filings
In the aftermath of the decadelong “retail apocalypse” and onslaught of retail bankruptcy filings, 2022 saw a significant drop in retail Chapter 11 bankruptcy filings. As of November 2022, only seven large retailers had filed for bankruptcy protection1—a steep drop from the 52 retail bankruptcies filed in 2020 and the 21 filed in 2021. In […] -
Newcomers: March 2023
Arizona Ryan Bailey, FTI Consulting Andrew Feller Austin Singer Matthew Sturcken James L. Ugalde, Clark Hill PLC Mitch VanDeveer Gary A. Barnes, Baker Donelson Kennedy Bodnarek, Parker Hudson Rainer & Dobbs LLP Anthony C. Cianciotti, Baker Donelson Bearman Caldwell & Berkowitz PC David Fortner, ENGS Commercial Capital Christopher A. Gouskos Adriano O. Iqbal, Emory Law School Southern California Colin […]