Court Hearings and Interviews Podcast

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THIRD AMENDED NOTICE OF AGENDA FOR STATUS CONFERENCE SCHEDULED FOR JANUARY 24, 2024 AT 2:00 P.M. (ET), BEFORE THE HONORABLE JOHN T. DORSEY AT THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE, LOCATED AT 824 NORTH MARKET STREET, 5TH FLOOR, COURTROOM NO. 5, WILMINGTON, DELAWARE 19801MATTERS GOING FORWARD:1. Motion of the United States Trustee for Entry of an Order Directing the Appointment of an Examiner [D.I. 176, filed on December 1, 2022]Status: This matter is going forward as a status conference.2. Complaint for Avoidance and Recovery of Transfers and Obligations Pursuant to 11 U.S.C. §§ 105, 547, 548, and 550, Breach of Fiduciary Duty Pursuant to Antiguan Common Law and the Antigua International Business Corporations Act, and for Disallowance of Claims Pursuant to 11 U.S.C. § 502(d) [FTX Trading Ltd. et al. v. Lorem Ipsum UG et al., Adv. Pro. No. 23-50437 (JTD) – Adv. D.I. 1, filed on July 12, 2023]Status: This matter is going forward as a status conference.Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

NOTICE OF AGENDA FOR HEARING SCHEDULED FOR JANUARY 17, 2024 AT 3:00 P.M. (ET), BEFORE THE HONORABLE JOHN T. DORSEY AT THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE, LOCATED AT 824 NORTH MARKET STREET, 5TH FLOOR, COURTROOM NO. 5, WILMINGTON, DELAWARE 19801 This hearing will be conducted by Zoom only. Parties may observe the hearing remotely by registering no later than January 16, 2024 at 4:00 p.m. To attend this hearing remotely, please register using the eCourt Appearances tool on the Court’s website at www.deb.uscourts.gov. MATTER GOING FORWARD: Pretrial Conference Regarding the Estimation of Claims Filed by the United States Department of the Treasury – Internal Revenue ServiceCenter of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

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Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Per a recent Coindesk article: https://www.coindesk.com/policy/2023/09/13/surprisingly-few-us-customers-want-their-bittrex-money-back/:Surprisingly Few U.S. Customers Want Their Bittrex Money Back The U.S. Secret Service kept millions on the exchange, company lawyers told a bankruptcy court – but other creditors have been strangely reluctant to ask for their funds back....Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Thank you for reading Center of Main Interests. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Per a recent Coindesk article: https://www.coindesk.com/policy/2023/09/13/surprisingly-few-us-customers-want-their-bittrex-money-back/:Surprisingly Few U.S. Customers Want Their Bittrex Money Back The U.S. Secret Service kept millions on the exchange, company lawyers told a bankruptcy court – but other creditors have been strangely reluctant to ask for their funds back....Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Thank you for reading Center of Main Interests. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Per a recent Coindesk article: https://www.coindesk.com/policy/2023/09/13/surprisingly-few-us-customers-want-their-bittrex-money-back/:Surprisingly Few U.S. Customers Want Their Bittrex Money Back The U.S. Secret Service kept millions on the exchange, company lawyers told a bankruptcy court – but other creditors have been strangely reluctant to ask for their funds back....Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Thank you for reading Center of Main Interests. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

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For news about this oral argument to the US Court of Appeals for the Third Circuit, see https://reorg.com/ftx-examiner-appointment-appeal/. Third Circuit Hears Argument in FTX Examiner Appointment Appeal; Parties Spar Over Whether Statute Is Mandatory, Sullivan & Cromwell Potential Conflicts of Interest Wed 11/08/2023 18:48 PM A three-judge panel of the U.S. Court of Appeals for the Third Circuit heard oral argument today in the appeal in the FTX Group cases by the Office of the U.S. Trustee of a bankruptcy court order denying its motion for the appointment of an examiner. The panel, consisting of Judges Luis Felipe Restrepo, Stephanos Bibas and Anthony Joseph Scirica, took the appeal under advisement without indicating the timing of their decision. The FTX Group debtors are seeking to confirm a plan in June 2024 and targeting a July 2024 effective date. The appeal was certified by U.S. District Judge Colm Connolly in the absence of controlling precedent regarding whether the appointment of an examiner is mandatory if the debt threshold in section 1104(c)(2) of the Bankruptcy Code is met. The statute provides that a bankruptcy court “shall” appoint an examiner to investigate the debtor “as is appropriate” if the UST or a party makes such a request and the debtors’ fixed, liquidated, general unsecured debts exceed $5 million. The UST’s mandatory interpretation of the statute is challenged by the FTX group debtors and the official committee of unsecured creditors, which argue that the appointment of an examiner is discretionary. Bankruptcy Judge John Dorsey found that he had discretion to deny the UST’s request for an examiner, citing to the “as is appropriate” phrase in the statute as the operative language. He decided that appointing an examiner would result in substantial costs and duplicate the parallel FTX investigations by the debtors, the UCC, federal prosecutors, regulators and Congress and thus denied the request... [for more see https://reorg.com/ftx-examiner-appointment-appeal/]Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

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Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

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Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

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Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

Per a recent Coindesk article: https://www.coindesk.com/policy/2023/09/13/surprisingly-few-us-customers-want-their-bittrex-money-back/:Surprisingly Few U.S. Customers Want Their Bittrex Money Back The U.S. Secret Service kept millions on the exchange, company lawyers told a bankruptcy court – but other creditors have been strangely reluctant to ask for their funds back....Unofficial Computer-Autogenerated Transcript for the convenience of the hearing impaired, convenience, etc.:00:00:00Mr. Mosco, welcome. It's good to see you.00:00:11Good to see you too, Your Honor.00:00:14Mr. Shepard Carter, I like the tie. Is that black and orange?00:00:19This is black. No, it's not black and orange. It's dark, dark blue and orange, which are the colors of your alma mater.00:00:26The colors of my alma mater are black and orange. Oh, then it's black and orange.00:00:30Your instincts are excellent. You may proceed. Mr. Mosco, good morning again. Good to see you.00:00:35I should have known that since they were the Tigers. They are the Tigers.00:00:37We are the Tigers.00:00:39Good morning, Your Honor. We sent over to chambers a PowerPoint presentation. I can hand up an extra copy if you'd like.00:00:48I have it. Thank you.00:00:49And thanks for the Court's time today. It may seem like a bit of navel gazing going on here because there's not a controversy,00:00:58but we did want to update the Court from our last presentation, from where we are. All the work is being done behind the scenes that you haven't seen.00:01:07I appreciate that, and certainly no apology is necessary. I'm always happy to take a status report.00:01:14As you just mentioned, I really have limited visibility into most of the cases that I have, and often then it just turns into a very ugly surprise when everything blows up all at once.00:01:25So I'm hoping that's not going to happen here, but I certainly do appreciate the guidance that you're offering.00:01:31Correct, Your Honor. Just to level set and for the record, Patty Tomasko, Quinn Emanuel on behalf of the Dutters, and I'm joined by my colleague, Ken Ennis from the Young Conaway Firm.00:01:43We just wanted to go through where we were. The last presentation that we gave you, we had very low engagement from the customers that we had asked to withdraw their crypto.00:01:54As you know, the Court entered an order allowing the customers to begin withdrawing cryptocurrency and fiat currency as of June 15th is when we reopened the platform after the May 8th petition date.00:02:07So we wanted to go through that. I also want to introduce the Court to, we have a couple of the legal staff from Bittrex, Caleb Barker and David Maria.00:02:21David Maria is the General Counsel of Bittrex and Caleb Barker is the Assistant General Counsel of Bittrex.00:02:29Very good. Welcome, gentlemen.00:02:31Morning, Your Honor. If I get something wrong, which I frequently do, they will correct me and I've invited them to be live so that as we go through this, if I get something wrong, they can say, or if the Court has any questions about what we've done and all of the efforts that have gone into this and where we are with the status of the withdrawals.00:02:50I'm not going to bore the Court with the history, but as you know, we filed the bankruptcy petition on May 8th. The Court entered the customer withdrawal order on June 13th. We reopened the platform on June 15th.00:03:06This is consistent with the main goal of the case, which was to set up a process by which Bittrex USA operations could be wound down, along with the sister company Bittrex Malta, which is a Maltese organization that has been roughly out of operation since late 2018.00:03:30So to that end, if you turn to slide six, you can see our Chapter 11 timeline to where we are today.00:03:38Of course, we have a disclosure statement hearing coming up on the 27th.00:03:44Right.00:03:45And this is sort of to get everybody, you know, oriented correctly as we face that.00:03:51So far, I will say we have gotten only informal comments and nothing momentous with respect to the disclosure statement or the plan. We're getting language, incorporating it. All of that's going to plan.00:04:05Turning to slide eight, as I mentioned, we still have to comply as we're doing customer withdrawals with the various regulatory requirements for the payment.00:04:20KYC and KML stuff.00:04:22The main that I call them, Finson and OFAC.00:04:25Finson is concerned with financial crimes.00:04:29They want to have all the KYC information from the customer.00:04:32So are you really who you say you are?00:04:35And they also want to know that, you know, you're not engaging in some kind of money laundering.00:04:42So that's that's really what they're about.00:04:45OFAC is concerned with persons in foreign countries engaging in financial transactions in the U.S.00:04:54So those two regulatory requirements are built into the algorithms of the platform.00:05:00OK.00:05:03So we also wanted them to update, accept t

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Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

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For more information, see press release - MCDERMOTT ANNOUNCES TRANSACTION SUPPORT AGREEMENT WITH KEY FINANCIAL STAKEHOLDERS.... Reaches Transaction Support Agreement with More Than 75% of Secured Letter of Credit Facility Providers, Funded Debt Creditors and Equity Holders Receives $250 Million in New Capital The Agreement Extends Company's Loans and Letter of Credit Facilities Three Years, Until Mid-2027 Company to Continue All Operations No Impairment to Vendors, Projects, or Customers To Implement the TSA and to Discharge Legal Claims Related to Prior Projects, Intends to Commence Parallel In-Court Proceedings in the Netherlands and UK for Select Non-U.S. McDermott Entities HOUSTON, Sept. 8, 2023 /PRNewswire/ -- McDermott International, Ltd ("McDermott" or the "Company") today announced that it has entered into a transaction support agreement ("TSA" or the "Agreement") with more than 75%, in aggregate, of its secured letter of credit ("LC") providers, funded debt creditors and equity holders to initiate a financial restructuring process to strengthen its capital structure, enhance its liquidity position, and further position the Company for long-term success. Additionally, the Company has received $250 million in new capital from a group of its existing equity holders, which will support its ability to operate its business, deliver on existing projects and expand backlog with new client projects. Under the terms of the Agreement, McDermott will amend and extend its term loans and LC facilities for three years, through mid-2027 with no change in pricing, increase the company's liquidity, and discharge certain legacy legal liabilities. To implement the Agreement, McDermott International Holdings B.V. and Lealand Finance Company B.V. will initiate procedures in the Netherlands under the Dutch Act on Confirmation of Extrajudicial Plans (Wet Homologatie Onderhands Akkoord or "WHOA"). CB&I UK Limited will initiate a Restructuring Plan under Part 26A of the Companies Act 2006 (UK) in England. McDermott International Holdings B.V., Lealand Finance Company B.V., and CB&I UK Limited are the only McDermott entities named in these proceedings. Following the completion of the Netherlands and UK processes, McDermott will make a voluntary filing in the United States to secure legal recognition of the international court decisions. The Company expects to continue all current customer agreements, projects, and vendor commitments throughout these processes. McDermott currently expects to complete the processes no later than early 2024. "Over the past 24 months, our executive leadership has made transformative progress in resetting and implementing our business strategy by leveraging the strength of our operating business and tailoring our approach to our core clients," said Michael McKelvy, President & CEO of McDermott. "We are pleased to have reached this agreement with our key stakeholders, which demonstrates their confidence in the long-term strength and sustainability of our business. These proactive steps ensure that McDermott is strongly positioned to deliver on our growing number of client projects as we continue our important work of accelerating the energy transition in our industry." The Company has also completed actions to strengthen its world-leading storage business, CB&I Storage Solutions. CB&I Storage Solutions will have dedicated working capital and an independent LC facility separate from the McDermott LC facilities.... For more see: https://finance.yahoo.com/news/mcdermott-announces-transaction-support-agreement-152000100.htmlCenter of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

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For more information about the bankruptcy proceedings see https://restructuring.ra.kroll.com/RiteAid/Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

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Per https://www.scotusblog.com/case-files/cases/acheson-hotels-llc-v-laufer/: Issue [is]: Whether a self-appointed Americans with Disabilities Act “tester” has Article III standing to challenge a place of public accommodation’s failure to provide disability accessibility information on its website, even if she lacks any intention of visiting that place of public accommodation.Center of Main Interests is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Center of Main Interests at tallymindywiener.substack.com/subscribe

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