International Bankruptcy, Restructuring, True Crime and Appeals - Court Audio Recording Podcast

official court audio from oral argument in 22-1107, 22-1110Irving Picard v Sage Associatesre net equity treatment, last statement treatment etc

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Source: Oral Argument for In re: Voyager Digital Holdings, Inc. – CourtListener.com

The ruling starts approximately 01:40 minutes into the recording, and the ruling cuts off towards the end of the recording. Probably a party will advise the court there's a technical issue and there will be an attempt to fix.

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ARTICLE II. THE DEBTORS’ CORPORATE HISTORY, STRUCTURE, AND BUSINESS OVERVIEWA. The Debtors’ Corporate HistoryOn November 5, 2021, Bread [Financial Holdings, Inc.], a Delaware corporation then known as Alliance Data Systems Corporation (“ADS”), completed a corporate spinoff (the “Spinoff Transaction”) of its loyalty programs business line, which included (i) the AIR MILES Reward Program, Canada’s most recognized coalition loyalty program, and (ii) its Netherlands-based BrandLoyalty business (“BrandLoyalty”). As a result of the Spinoff Transaction, LVI, a newly formed independent, publicly-traded company, became the ultimate parent of the entities that own and operate the AIR MILES and BrandLoyalty businesses.Pursuant to the Spinoff Transaction, 81% of the outstanding shares of LVI were distributed pro rata to the holders of ADS common stock based on the outstanding shares of ADS common stock at the close of business on the record date of October 27, 2021 and ADS retained 19% of the outstanding shares of LVI.* In addition, and as described in more detail below, as part of the Spinoff Transaction, ADS caused LVI and subsidiaries comprising the spun business to make cash distributions totaling $750 million to ADS on November 3, 2021. 4 On November 8, 2021, “regular-way” trading of LVI common stock began on the Nasdaq Global Select Market under the symbol “LYLT”.B. The Company’s Business OperationsLVI’s non-Debtor indirect subsidiaries own and operate two business segments: AIR MILES and BrandLoyalty. Through the AIR MILES and BrandLoyalty businesses, the Company provides tech-enabled, datadriven customer loyalty solutions by way of reward programs with partnering businesses, including financial institutions, retailers, grocers and other consumer-facing enterprises. These solutions are focused on helping partnering businesses achieve their strategic and financial objectives, including increased consumer basket size, shopper traffic and frequency, digital reach and enhanced program reporting and analytics. The Company also helps its partners create and increase consumer loyalty across multiple touch points, from traditional to digital to mobile and emerging technologies. The Company looks to create value for its stakeholders through the continued development of loyalty platforms for the tech-forward business and consumer era.The Company is headquartered in Dallas, Texas. As of December 2022, the Company employed approximately 1204 individuals in 18 countries around the world and provided services to over 300 participating businesses (with over 10 million Canadians actively participating in the AIR MILES Reward Program) in 41 countries worldwide through the AIR MILES and BrandLoyalty businesses. As of the December 2022, the Company leased approximately 29 properties worldwide, which are used to carry out the Company’s operational, sales and administrative functions and include general office properties, warehouses, data centers, customer care centers, automobiles and equipment. The Company’s principal leased facilities are located in Canada and the Netherlands.* ADS stockholders of record that did not sell their rights to receive LVI stock before the close of business on November 5, 2021 received one share of LVI common stock for every two and one-half (2.5) shares of ADS common stock.(Excerpt from LOYALTY VENTURES INC., et al., Chapter 11 Case 23-90111 Document 127 Filed in TXSB [the United States Bankruptcy Court for the Southern District of Texas] on 03/21/23 COMBINED DISCLOSURE STATEMENT AND JOINT CHAPTER 11 PLAN OF LOYALTY VENTURES INC. AND ITS DEBTOR AFFILIATES PURSUANT TO CHAPTER 11 OF THE BANKRUPTCY CODE) 

ARTICLE II. THE DEBTORS’ CORPORATE HISTORY, STRUCTURE, AND BUSINESS OVERVIEWA. The Debtors’ Corporate HistoryOn November 5, 2021, Bread [Financial Holdings, Inc.], a Delaware corporation then known as Alliance Data Systems Corporation (“ADS”), completed a corporate spinoff (the “Spinoff Transaction”) of its loyalty programs business line, which included (i) the AIR MILES Reward Program, Canada’s most recognized coalition loyalty program, and (ii) its Netherlands-based BrandLoyalty business (“BrandLoyalty”). As a result of the Spinoff Transaction, LVI, a newly formed independent, publicly-traded company, became the ultimate parent of the entities that own and operate the AIR MILES and BrandLoyalty businesses.Pursuant to the Spinoff Transaction, 81% of the outstanding shares of LVI were distributed pro rata to the holders of ADS common stock based on the outstanding shares of ADS common stock at the close of business on the record date of October 27, 2021 and ADS retained 19% of the outstanding shares of LVI.* In addition, and as described in more detail below, as part of the Spinoff Transaction, ADS caused LVI and subsidiaries comprising the spun business to make cash distributions totaling $750 million to ADS on November 3, 2021. 4 On November 8, 2021, “regular-way” trading of LVI common stock began on the Nasdaq Global Select Market under the symbol “LYLT”.B. The Company’s Business OperationsLVI’s non-Debtor indirect subsidiaries own and operate two business segments: AIR MILES and BrandLoyalty. Through the AIR MILES and BrandLoyalty businesses, the Company provides tech-enabled, datadriven customer loyalty solutions by way of reward programs with partnering businesses, including financial institutions, retailers, grocers and other consumer-facing enterprises. These solutions are focused on helping partnering businesses achieve their strategic and financial objectives, including increased consumer basket size, shopper traffic and frequency, digital reach and enhanced program reporting and analytics. The Company also helps its partners create and increase consumer loyalty across multiple touch points, from traditional to digital to mobile and emerging technologies. The Company looks to create value for its stakeholders through the continued development of loyalty platforms for the tech-forward business and consumer era.The Company is headquartered in Dallas, Texas. As of December 2022, the Company employed approximately 1204 individuals in 18 countries around the world and provided services to over 300 participating businesses (with over 10 million Canadians actively participating in the AIR MILES Reward Program) in 41 countries worldwide through the AIR MILES and BrandLoyalty businesses. As of the December 2022, the Company leased approximately 29 properties worldwide, which are used to carry out the Company’s operational, sales and administrative functions and include general office properties, warehouses, data centers, customer care centers, automobiles and equipment. The Company’s principal leased facilities are located in Canada and the Netherlands.* ADS stockholders of record that did not sell their rights to receive LVI stock before the close of business on November 5, 2021 received one share of LVI common stock for every two and one-half (2.5) shares of ADS common stock.(Excerpt from LOYALTY VENTURES INC., et al., Chapter 11 Case 23-90111 Document 127 Filed in TXSB [the United States Bankruptcy Court for the Southern District of Texas] on 03/21/23 COMBINED DISCLOSURE STATEMENT AND JOINT CHAPTER 11 PLAN OF LOYALTY VENTURES INC. AND ITS DEBTOR AFFILIATES PURSUANT TO CHAPTER 11 OF THE BANKRUPTCY CODE) 

ARTICLE II. THE DEBTORS’ CORPORATE HISTORY, STRUCTURE, AND BUSINESS OVERVIEWA. The Debtors’ Corporate HistoryOn November 5, 2021, Bread [Financial Holdings, Inc.], a Delaware corporation then known as Alliance Data Systems Corporation (“ADS”), completed a corporate spinoff (the “Spinoff Transaction”) of its loyalty programs business line, which included (i) the AIR MILES Reward Program, Canada’s most recognized coalition loyalty program, and (ii) its Netherlands-based BrandLoyalty business (“BrandLoyalty”). As a result of the Spinoff Transaction, LVI, a newly formed independent, publicly-traded company, became the ultimate parent of the entities that own and operate the AIR MILES and BrandLoyalty businesses.Pursuant to the Spinoff Transaction, 81% of the outstanding shares of LVI were distributed pro rata to the holders of ADS common stock based on the outstanding shares of ADS common stock at the close of business on the record date of October 27, 2021 and ADS retained 19% of the outstanding shares of LVI.* In addition, and as described in more detail below, as part of the Spinoff Transaction, ADS caused LVI and subsidiaries comprising the spun business to make cash distributions totaling $750 million to ADS on November 3, 2021. 4 On November 8, 2021, “regular-way” trading of LVI common stock began on the Nasdaq Global Select Market under the symbol “LYLT”.B. The Company’s Business OperationsLVI’s non-Debtor indirect subsidiaries own and operate two business segments: AIR MILES and BrandLoyalty. Through the AIR MILES and BrandLoyalty businesses, the Company provides tech-enabled, datadriven customer loyalty solutions by way of reward programs with partnering businesses, including financial institutions, retailers, grocers and other consumer-facing enterprises. These solutions are focused on helping partnering businesses achieve their strategic and financial objectives, including increased consumer basket size, shopper traffic and frequency, digital reach and enhanced program reporting and analytics. The Company also helps its partners create and increase consumer loyalty across multiple touch points, from traditional to digital to mobile and emerging technologies. The Company looks to create value for its stakeholders through the continued development of loyalty platforms for the tech-forward business and consumer era.The Company is headquartered in Dallas, Texas. As of December 2022, the Company employed approximately 1204 individuals in 18 countries around the world and provided services to over 300 participating businesses (with over 10 million Canadians actively participating in the AIR MILES Reward Program) in 41 countries worldwide through the AIR MILES and BrandLoyalty businesses. As of the December 2022, the Company leased approximately 29 properties worldwide, which are used to carry out the Company’s operational, sales and administrative functions and include general office properties, warehouses, data centers, customer care centers, automobiles and equipment. The Company’s principal leased facilities are located in Canada and the Netherlands.* ADS stockholders of record that did not sell their rights to receive LVI stock before the close of business on November 5, 2021 received one share of LVI common stock for every two and one-half (2.5) shares of ADS common stock.(Excerpt from LOYALTY VENTURES INC., et al., Chapter 11 Case 23-90111 Document 127 Filed in TXSB [the United States Bankruptcy Court for the Southern District of Texas] on 03/21/23 COMBINED DISCLOSURE STATEMENT AND JOINT CHAPTER 11 PLAN OF LOYALTY VENTURES INC. AND ITS DEBTOR AFFILIATES PURSUANT TO CHAPTER 11 OF THE BANKRUPTCY CODE) 

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If having this audio recording available at the push of a button is of value to you please consider supporting my work with a BOOST or other donation.

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If having this audio recording available at the push of a button is of value to you please consider supporting my work with a BOOST or other donation.

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Official court audio of the first Virgin Orbit Holdings, Inc. bankruptcy court hearing in Delaware, USA. For more official court audio from this case, go to:Kroll Restructuring Administration and search the free docket for: audio. The PDF file that is Docket Number 73 includes an audio file attachment that can be opened using Adobe Acrobat software. There are instructions in the PDF file.If the content is of interest to you, please consider supporting my efforts to make it available via podcast with a BOOST.

After a break of a few weeks in the FTX/Alameda U.S. bankruptcy court hearings, a hearing was held on April 12, 2023.If the content is of interest to you, please consider supporting my efforts to make it available, and the work of my fellow Podcasting 2.0 Value 4 Value podcasters with a BOOST.

Audio of the hearing held on February 15, 2023 (following the trial in Episode 7 concerning whether to appoint an independent examiner held on February 6, 2023) in the FTX/Alameda et al. bankruptcy proceedings pending before the U.S. Bankruptcy Court for the District of Delaware under chapter 11 case number 22-11068.During this February 15 hearing the bankruptcy court hands down its ruling concerning whether to appoint an independent examiner. The bankruptcy court also addresses other matters including whether to appoint a professional sometimes referred to as a "fee examiner." A fee examiner is hired in some chapter 11 bankruptcy cases to review fee applications submitted by some of the professionals billing the bankruptcy estate. A fee examiner does not typically investigate events leading up to the bankruptcy filing. In other words, a fee examiner would not typically conduct an investigation as an independent examiner would in cases where an independent examiner is appointed.If the content is of interest to you, please consider supporting my efforts to make it available, and the work of my fellow Podcasting 2.0 Value 4 Value podcasters with a BOOST.

Audio of the trial concerning whether to appoint an independent examiner held on February 6, 2023 in the FTX/Alameda et al. bankruptcy proceedings pending before the U.S. Bankruptcy Court for the District of Delaware under chapter 11 case number 22-11068.If the content is of interest to you, please consider supporting my efforts to make it available, and the work of my fellow Podcasting 2.0 Value 4 Value podcasters with a BOOST.

Audio of the hearing on the bankruptcy court record held on January 20, 2023 in the FTX/Alameda et al. bankruptcy proceedings pending before the U.S. Bankruptcy Court for the District of Delaware under chapter 11 case number 22-11068.If the content is of interest to you, please consider supporting my efforts to make it available, and the work of my fellow Podcasting 2.0 Value 4 Value podcasters with a BOOST.

Audio of the hearing on the bankruptcy court record held on January 11, 2023 in the FTX/Alameda et al. bankruptcy proceedings pending before the U.S. Bankruptcy Court for the District of Delaware under chapter 11 case number 22-11068.If the content is of interest to you, please consider supporting my efforts to make it available, and the work of my fellow Podcasting 2.0 Value 4 Value podcasters with a BOOST.

Audio of the hearing on the bankruptcy court record held on January 4, 2023 in the FTX/Alameda et al. bankruptcy proceedings pending before the U.S. Bankruptcy Court for the District of Delaware under chapter 11 case number 22-11068.If the content is of interest to you, please consider supporting my efforts to make it available, and the work of my fellow Podcasting 2.0 Value 4 Value podcasters with a BOOST.

Audio of the hearing on the bankruptcy court record held on December 16, 2022 in the FTX/Alameda et al. bankruptcy proceedings pending before the U.S. Bankruptcy Court for the District of Delaware under chapter 11 case number 22-11068.If the content is of interest to you, please consider supporting my efforts to make it available, and the work of my fellow Podcasting 2.0 Value 4 Value podcasters with a BOOST.

Audio of the hearing on the bankruptcy court record held on December 14, 2022 in the FTX/Alameda et al. bankruptcy proceedings pending before the U.S. Bankruptcy Court for the District of Delaware under chapter 11 case number 22-11068.If the content is of interest to you, please consider supporting my efforts to make it available, and the work of my fellow Podcasting 2.0 Value 4 Value podcasters with a BOOST.

Audio of the first hearing on the bankruptcy court record held on November 22, 2022 (following a chambers conference) in the FTX/Alameda et al. bankruptcy proceedings pending before the U.S. Bankruptcy Court for the District of Delaware under chapter 11 case number 22-11068.If the content is of interest to you, please consider supporting my efforts to make it available, and the work of my fellow Podcasting 2.0 Value 4 Value podcasters with a BOOST.