BlockFi’s bankruptcy proceedings ‘golden standard’ compared to FTX: Lawyers
We’re nearing the conclusion of several crypto bankruptcies, including those of BlockFi and FTX. FTX will have a hearing early next month that could see its reorganization plan confirmed by the court.
Earlier this summer, the estate said that the plan received support from creditors, though it’s a bit controversial. Pending the outcome of the confirmation hearing, the bankruptcy could be wrapped up as soon as the end of this year.
And it’s not the only bankrupt firm that’s nearing the finish line. BlockFi is also getting closer to bringing its proceedings to a close. Read more: FTX’s bankruptcy isn’t the success you think it is Haynes and Boone partners Richard Kanowitz and Alexander Grishman told Blockworks that their client, BlockFi, is in the “final stages” after the plan was confirmed “a while ago.” The timing is still a bit in the air, but the estate is making “interim distributions and looking forward to making a final distribution,” Kanowitz added.
The firm’s international arm is still undergoing proceedings with Bermuda courts before it can fully wrap the proceedings. One of the biggest issues with FTX’s bankruptcy proceedings is the court’s ruling that distributions will be made in cash instead of in-kind.
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