Bankruptcy filling – Bankruptcy Basics http://bankruptcy-basics.org/ Wed, 03 Aug 2022 00:01:13 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bankruptcy-basics.org/wp-content/uploads/2022/02/icon-160x141.png Bankruptcy filling – Bankruptcy Basics http://bankruptcy-basics.org/ 32 32 Bankruptcy and liquidation mark the end of an era for Altmeyer Home stores – Sourcing Journal https://bankruptcy-basics.org/bankruptcy-and-liquidation-mark-the-end-of-an-era-for-altmeyer-home-stores-sourcing-journal/ Tue, 02 Aug 2022 22:18:17 +0000 https://bankruptcy-basics.org/bankruptcy-and-liquidation-mark-the-end-of-an-era-for-altmeyer-home-stores-sourcing-journal/ An 81-year-old family-owned regional homeware chain filed for bankruptcy last month. On July 11, Altmeyer Home Stores voluntarily filed for Chapter 7 bankruptcy to wind down the company’s operations. The Delmont, Pa.-based bed and bath retailer listed $2.0 million in assets with liabilities of $791,791.50. The petition filed in a bankruptcy court for the Western […]]]>

An 81-year-old family-owned regional homeware chain filed for bankruptcy last month.

On July 11, Altmeyer Home Stores voluntarily filed for Chapter 7 bankruptcy to wind down the company’s operations. The Delmont, Pa.-based bed and bath retailer listed $2.0 million in assets with liabilities of $791,791.50.

The petition filed in a bankruptcy court for the Western District of Pennsylvania says Altemeyer’s gross revenue for the fiscal year ended December 21, 2020 was $6.0 million and $5.5 million in 2019.

Instead of documenting Altemeyer’s top 20 unsecured creditors, the filing included a list of creditors submitted last week. However, the unsecured claims total $296,980, although the court document says there will be nothing left to pay these creditors after administrative expenses are paid.

Among the commercial creditors were a number of factoring companies, including CIT Commercial Services Inc., Milberg Factors, Mohawk Factoring LLC and Rosenthal & Rosenthal. CIT was listed as a factor for Lintex Linens Inc. (ahead $1,669.50), COBRA Trading ($9,436.50), Stylemaster ($18,432.60), and Kassatex ($32.00). Milberg was listed as a postman for Arlee ($783.00), Garland Carpet & Rug ($795.00), and Lichtenburg ($411.60). Mohawk Factoring LLC supplier accounts were not listed, but the amount owed was $3,928.29. Telebrands, which owed $2,220, was the only factored account listed for Rosenthal.

The court document also listed six operating stores throughout Pennsylvania. Other listed creditors include certain sellers, owners and service providers.

Robert C. Altmeyer, chairman, is the fourth generation to run the bankrupt chain, which has made a name for itself selling household items such as bedding, window treatments, rugs and kitchen accessories. On Tuesday, the company’s bedbathhome.com website was down for maintenance, with a message that read, “We are aware of the technical issues on our site and are working to resolve them as quickly as possible.”

The filing gave no reason for bankruptcy, but many smaller retailers struggled to recover from Covid-19, which triggered higher supply chain costs and delivery disruptions. Altmeyer’s bankruptcy filing follows ABC Carpet & Home’s Chapter 11 filing in the home sector in September last year, although the New York company’s problems began before the pandemic hit. Two months later, ABC was acquired by a consortium of investors including Paulette Cole, fourth-generation owner of the door-to-door retailer. Bed Bath & Beyond, meanwhile, is hoping a change of guard can get the homewares giant back on track after a much-lauded turnaround effort so far hasn’t quite come to fruition.

Industry watchers expect bankruptcies to pile up in the second half of the year as rising distressed debt coupled with soaring inflation and bloated inventories paint a ugly board for retail.

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Warrior Disposal informs its customers that it is filing for bankruptcy; garbage collection to stop immediately https://bankruptcy-basics.org/warrior-disposal-informs-its-customers-that-it-is-filing-for-bankruptcy-garbage-collection-to-stop-immediately/ Tue, 02 Aug 2022 02:51:59 +0000 https://bankruptcy-basics.org/warrior-disposal-informs-its-customers-that-it-is-filing-for-bankruptcy-garbage-collection-to-stop-immediately/ West Bexar County – Three days after KSAT reported a short-staffed waste hauler’s week-long backlog on pickups, owners told customers they were filing for bankruptcy and their already-delayed pickups would never happen . In a Monday morning email, the owners of Warrior Disposal told their customers, “There are things out of our control and we […]]]>

West Bexar County – Three days after KSAT reported a short-staffed waste hauler’s week-long backlog on pickups, owners told customers they were filing for bankruptcy and their already-delayed pickups would never happen .

In a Monday morning email, the owners of Warrior Disposal told their customers, “There are things out of our control and we have been battling these situations for years and it has impacted our family and our families. finance. One of the most critical things is finding people who are available, willing and willing to work.

“We have spoken to attorneys about our situation and we have no choice but to file for bankruptcy at this time,” they wrote further in the email. “We will not be able to continue picking up trash and it will take place immediately.”

A d

An online search of court records on Monday evening showed that no bankruptcy filings had yet been filed under the name of the company or the owners.

The company’s website has since been taken down, and text messages and phone calls to owners have not been returned at the time of publication.

READ MORE: Warrior Disposal customers are tired of the trash piling up

The email made no mention of refunds to customers or how to return their trash cans and recycling bins, beyond asking customers not to drop them off at addresses that “may have been posted on social media.” .

“We don’t own the yard where we parked and the house you keep vandalizing is not our place of residence,” the email states.

Warrior Disposal started in 2019 and marketed itself as “veteran-owned,” which customers told KSAT drew them to the company in the first place.

A d

Joseph Gonzalez, who owns the company with his Navy veteran wife, told KSAT Friday that Warrior has nearly 5,000 customers, but only three employees remain in the field, down from a peak of 16.

This meant that of the seven trucks his company had, only one was actually in service on Friday. Some customers told KSAT that they hadn’t had a garbage pickup for several weeks.

When KSAT was asked on Friday if he was concerned about the future of his business, given the number of customers upset about the delays, Gonzalez said, “I’m just concerned about the day-to-day right now. I mean, our creditors are great people — great people to work with. They have helped us immensely. The problem is getting people to work. That’s all. People just need to want to work, and we are there. I mean, apply. You know, show up and we’ll put you to work.

Copyright 2022 by KSAT – All rights reserved.

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Zipmex Bankruptcy Filing Highlights the Domino Effect on the Crypto Sector https://bankruptcy-basics.org/zipmex-bankruptcy-filing-highlights-the-domino-effect-on-the-crypto-sector/ Mon, 01 Aug 2022 01:40:00 +0000 https://bankruptcy-basics.org/zipmex-bankruptcy-filing-highlights-the-domino-effect-on-the-crypto-sector/ From Celsius to Three Arrows Capital, major industry players lost to the crypto crash of 2022. Although the market appears to be stabilizing now, the cascading effect of the LUNA/UST crash is still being felt on businesses today. today. Zipmex, the Singapore-based crypto exchange, was the latest victim after being forced to halt withdrawals earlier […]]]>

From Celsius to Three Arrows Capital, major industry players lost to the crypto crash of 2022. Although the market appears to be stabilizing now, the cascading effect of the LUNA/UST crash is still being felt on businesses today. today.

Zipmex, the Singapore-based crypto exchange, was the latest victim after being forced to halt withdrawals earlier this month.

Zipmex announced on July 20 that customers would not be able to withdraw their crypto holdings until further notice. The company cited reasons “outside its control” such as volatile market conditions and resulting difficulties for major trading partners.

While it is true that Zipmex could not have predicted market volatility, it certainly could have been better prepared for it. In reality, it would seem that the platform’s difficulties are the result of mismanagement of funds – a decision that Zipmex has always been in control of.

To understand this, let’s connect the dots between Zipmex and the LUNA/UST crash.

Key issue: overleveraged positions

At the start of the LUNA/UST crash, crypto lending firm Celsius was heavily exposed to a token called Lido Staked ETH (stETH), whose value was pegged to Ether (ETH).

The company accepted ETH deposits from its client and staked them in exchange for stETH. These deposits offered an interest rate of about four percent. Then, Celsius used stETH as collateral to borrow more ETH. Finally, ETH was staked in exchange for stETH, and the cycle would repeat itself.

To illustrate, let’s say you have 100 ETH, which you stake in exchange for 100 stETH. At this point, you can expect a return of 4 ETH per year.

Then you use the 100 stETH as collateral to borrow 70 ETH, and stake those as well. Now your return rises to 6.8 ETH per year. You also receive 70 stETH which you can use to repeat the process.

By doing it over and over again, you are taking a more and more leveraged position. This is how Celsius was able to offer high returns to its customers for their ETH deposits.

As you might expect, as leverage increases, so does risk.

Image credit: Bloomberg

Going back to the example, you currently have a loan of 70 ETH secured by 100 stETH. The loan originator argues that at any given time your loan cannot be worth more than 80% of your collateral.

So, if the value of 100 stETH were to fall below the value of 80 ETH, you would either have to complete your collateral or your position would be liquidated. If you were more in debt, it would become even more difficult to maintain your position, because you would be forced to reload a larger amount in the event of volatility.

Celsius’ position depended on the stability of the peg between ETH and stETH. The company has not hedged against a scenario where this peg is broken.

Turns out that’s exactly what happened. The panic resulting from the LUNA/UST crash caused the value of stETH to fall below that of ETH. If Celsius did not provide enough collateral, its entire position would be liquidated, meaning the company would lose a significant portion of its clients’ funds.

celsius chirp
Screenshot of a Celsius tweet from 2019

This forced Celsius to stop withdrawals. Since the platform was using its funds to maintain an over-leveraged position, it no longer had the cash to meet withdrawal requests from its customers.

On July 13, Celsius announced that it had filed for bankruptcy.

This example of over-leveraged trading is not a unique case, nor is it limited to ETH/stETH. This is the main reason for the cascading fall of crypto businesses, which we are witnessing today.

How does this relate to Zipmex?

Zipmex offered its users annual rewards of up to 10% on crypto deposits. The company generated these rewards by lending the crypto to other platforms.

At the time of LUNA/UST’s collapse, Zipmex had loaned $48 million to Babel Finance and $5 million to Celsius. Both companies were exposed to over-leveraged positions, which forced them to freeze withdrawals when the market crashed.

zipmex win
Zipmex screenshot

Zipmex, now unable to collect those loans, was also forced to freeze withdrawals. As it stands, the company has canceled its loan to Celsius, but is working with Babel Finance to recover customer losses.

The stock market crash has shed light on the interdependence between different companies in the crypto space. The collapse began with large corporations managing billions in funds, and now the consequences are rippling through the smaller companies that had invested with them.

How can retail investors avoid such risks?

By asking the right questions.

If a crypto exchange offers a 15% interest rate on a coin, where do those returns come from? It is important to realize that even though crypto box offer interesting investment opportunities, they do not generate money out of thin air.

With centralized exchanges – such as Zipmex – it’s not always clear how your holdings are used for other investments. As seen over the past month, this creates a risk of inaccessibility if the company faces liquidity problems.

zipmex
Zipmex website risk warning / Zipmex screenshot

To ensure that your funds are protected, it is best to use an exchange regulated by the Monetary Authority of Singapore (MAS). While many crypto exchanges are based in Singapore, many have not yet obtained a license and only operate under exemption.

Buying crypto through a licensed exchange ensures that you can seek legal redress if the company is mismanaging your funds.

Using decentralized wallets and personally managing your holdings is another option.

From a long-term industry perspective, most DeFi builders, advocates, and commentators actually believe that the breakdown of centralized platforms is a bull case for DeFi, where users want self-custody actives. As they say, ‘not your keys, not your assets’.

– Imran Mohamad, Marketing Manager, Kyber Network

Lending crypto and earning interest through DeFi protocols allows you to be fully aware of the risks you are taking and avoid losses resulting from mismanagement by third parties.

kyber exchange
KyberSwap is a DEX that offers a range of liquidity pools for users to deposit their crypto holdings / KyberSwap screenshot

Decentralized exchanges (DEX) allow users to earn returns by providing liquidity. For example, let’s say you deposit your ETH and USD Coin (USDC) holdings into a liquidity pool. Every time someone converts between the two cryptocurrencies using the DEX, you will earn a portion of the transaction fees charged to them. In this case, the source of your returns is very clear.

“They are organic, sustainable and not guaranteed,” says Mohamad. “You would see some of these pools with less than 1% APR and some with more than 100% APR, and these are happening due to market supply and demand, not backed by external funding.”

Featured image credit: Zipmex / Outlook India

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Alex Jones’ company files for bankruptcy https://bankruptcy-basics.org/alex-jones-company-files-for-bankruptcy/ Sun, 31 Jul 2022 10:47:46 +0000 https://bankruptcy-basics.org/alex-jones-company-files-for-bankruptcy/ AUSTIN, Texas — The host of Infowars, Alex Jones’ Free Speech Systems media company, filed for bankruptcy on Friday, but his attorney said he shouldn’t disrupt the libel damages lawsuit by court in Texas seeking to force Jones to pay $150 million or more to the family of one of the children killed in the […]]]>

AUSTIN, Texas — The host of Infowars, Alex Jones’ Free Speech Systems media company, filed for bankruptcy on Friday, but his attorney said he shouldn’t disrupt the libel damages lawsuit by court in Texas seeking to force Jones to pay $150 million or more to the family of one of the children killed in the 2012 Sandy Hook Elementary School attack.

The trial in Austin, where Jones lives and where Free Speech Systems is based, concluded its first week of testimony on Friday and is expected to wrap up this week. The bankruptcy filing was announced at the end of the day by Jones’ lawyer, Andino Reynal.

Reynal and the family attorneys prosecuting Jones told Judge Maya Guerra Gamble that filing for bankruptcy would not stop the lawsuit.

The company wants to “put this part of the odyssey behind us so that we have numbers” set for the damages, Reynal said.

Details of the bankruptcy filing were not immediately available.

This isn’t the first time a bankruptcy filing has been filed amid litigation against Jones by the Sandy Hook families. In April, Jones’ Infowars company and two other of its business entities filed for bankruptcy, resulting in a postponement of the trial.

Free Speech Systems is the parent company of Infowars.

Courts in Texas and Connecticut have already found Jones liable for defamation for his portrayal of the Sandy Hook massacre as a hoax involving actors aimed at increasing gun control. In both states, judges entered default judgments against Jones without a trial because he failed to respond to court orders and turn over documents.

Christopher Mattei, the Sandy Hook families’ attorney in the Connecticut case, released a statement late Friday lambasting the bankruptcy filing.

“Just two days before the start of jury selection in Connecticut, Mr. Jones once again fled like a coward to bankruptcy court in a transparent attempt to delay the confrontation with the families he has spent years hurting,” Mattei said. “These families have endless patience and remain committed to holding Mr. Jones accountable in a Connecticut court.”

Austin lawsuit aims to determine how much Jones should pay for defaming Neil Heslin and Scarlett Lewis, whose 6-year-old son Jesse Lewis was among 20 children and six educators who were killed in the nation’s deadliest shooting .

They and other Sandy Hook families suing Jones say they endured years of harassment and threats stemming from Jones’ repeated false claims that the shooting was a hoax or didn’t happen.

Jones claimed in court records last year that he had a negative net worth of $20 million, but attorneys for the Sandy Hook families painted a different financial picture.

Court records show Jones’ Infowars store, which sells nutritional supplements and survival gear, grossed more than $165 million between 2015 and 2018. Jones also urged listeners to his Infowars program to donate silver.

Information for this article was provided by Dave Collins of The Associated Press.

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Alex Jones’ media company files for bankruptcy amid lawsuit https://bankruptcy-basics.org/alex-jones-media-company-files-for-bankruptcy-amid-lawsuit/ Sat, 30 Jul 2022 15:58:00 +0000 https://bankruptcy-basics.org/alex-jones-media-company-files-for-bankruptcy-amid-lawsuit/ Conspiracy theorist Alex Jones’ media company, Free Speech Systems, filed for bankruptcy on Friday, but its attorney said it should not interfere with the ongoing Texas libel damages lawsuit that seeks to force Jones to pay $150 million or more to the family of one of the children. killed in the 2012 Sandy Hook Elementary […]]]>

Conspiracy theorist Alex Jones’ media company, Free Speech Systems, filed for bankruptcy on Friday, but its attorney said it should not interfere with the ongoing Texas libel damages lawsuit that seeks to force Jones to pay $150 million or more to the family of one of the children. killed in the 2012 Sandy Hook Elementary School attack.

The trial in Austin, where Jones lives and where Free Speech Systems is based, concluded its first week of testimony on Friday and is expected to wrap up next week.

The bankruptcy filing was announced by Jones’ lawyer, Andino Reynal, at the end of the day.

Reynal and the family attorneys prosecuting Jones told Judge Maya Guerra Gamble that filing for bankruptcy would not stop the lawsuit.

The company wants to “put this part of the odyssey behind us so that we have numbers” set for the damages, Reynal said.

Details of the bankruptcy filing were not immediately available.

This isn’t the first time a bankruptcy filing has been filed amid litigation against Jones by the Sandy Hook families. In April, Jones’ Infowars company and two other of its business entities filed for bankruptcy, resulting in a postponement of the trial. Free Speech Systems is the parent company of Infowars.

Courts in Texas and Connecticut have already found Jones liable for defamation for his portrayal of the Sandy Hook massacre as a hoax involving actors aimed at increasing gun control. In both states, judges entered default judgments against Jones without a trial because he failed to respond to court orders and turn over documents.

Christopher Mattei, the Sandy Hook families’ attorney in the Connecticut case, released a statement late Friday lambasting the bankruptcy filing.

“Just two days before the start of jury selection in Connecticut, Mr. Jones has once again fled like a coward to bankruptcy court in a transparent attempt to delay the confrontation with the families he has spent years hurting,” Mattei said. “These families have endless patience and remain committed to holding Mr. Jones accountable in a Connecticut court.”

Austin lawsuit aims to determine how much Jones should pay for defaming Neil Heslin and Scarlett Lewis, whose 6-year-old son Jesse Lewis was among 20 children and six educators who were killed in the nation’s deadliest shooting .

They and other Sandy Hook families suing Jones say they endured years of harassment and threats stemming from Jones’ repeated false claims that the shooting was a hoax or didn’t happen.

Jones claimed in court records last year that he had a negative net worth of $20 million, but attorneys for the Sandy Hook families painted a different financial picture.

Court records show Jones’ Infowars store, which sells nutritional supplements and survival gear, grossed more than $165 million between 2015 and 2018. Jones also urged listeners to his Infowars program to donate silver.

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Parent of conspiracy website InfoWars files for bankruptcy https://bankruptcy-basics.org/parent-of-conspiracy-website-infowars-files-for-bankruptcy/ Sat, 30 Jul 2022 00:54:00 +0000 https://bankruptcy-basics.org/parent-of-conspiracy-website-infowars-files-for-bankruptcy/ July 29 (Reuters) – The parent of far-right conspiracy website InfoWars filed for bankruptcy protection in the United States on Friday as the company and its founder Alex Jones face up to $150 million in damages -interest in a lawsuit for longstanding lies he perpetuated about Sandy Hook Elementary. killing at school. A bankruptcy filing […]]]>

July 29 (Reuters) – The parent of far-right conspiracy website InfoWars filed for bankruptcy protection in the United States on Friday as the company and its founder Alex Jones face up to $150 million in damages -interest in a lawsuit for longstanding lies he perpetuated about Sandy Hook Elementary. killing at school.

A bankruptcy filing by InfoWars’ parent company, Free Speech Systems LLC, would normally result in a halt to the lawsuit and related litigation. But Free Speech plans to ask a bankruptcy judge to allow the lawsuit currently underway in Texas to continue and is seeking an emergency hearing on Monday, according to a court filing.

Nevertheless, Jones and his company may later try to use the bankruptcy proceedings, started in another Texas court, to limit the amount of damages awarded by a jury.

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A bankruptcy filing by three other InfoWars entities in April offered $10 million to resolve the litigation, far less than the Sandy Hook families are seeking. The proposal contemplated legal releases protecting Jones and his company from lawsuits in exchange for payment.

Entities that had previously filed for bankruptcy — InfoW, IW Health and Prison Planet — voluntarily ended their lawsuits in June after the Sandy Hook families dropped them as defendants in the defamation litigation.

Jones was found liable last year in lawsuits brought by the Sandy Hook families after he falsely claimed the 2012 school massacre was a hoax. Read more

The unusual judgments came after Jones defied court orders to turn over documents in the litigation. The cases were then prepared for trials to determine damages, with the first currently pending in an Austin, Texas courtroom.

Jones claimed the shooting, in which 20 children and six school workers were shot dead at the school in Newtown, Connecticut, was fabricated by gun control advocates and the mainstream media. audience. Jones has since acknowledged that the shooting took place.

Free Speech Systems believes it is in its best interests to continue the ongoing damages lawsuit, as substantial resources have been expended on both sides, and the Sandy Hook plaintiffs would likely fight for the lawsuit to continue despite the filing for bankruptcy, W. Marc Schwartz, the company’s restructuring adviser, said in a court filing.

The Sandy Hook families had opposed the previous April’s bankruptcy filing as a “sinister” attempt by Jones to shield his assets from liability. Read more

Explaining the pending bankruptcy filing, Schwartz said the Sandy Hook litigation resulted in InfoWars being rejected by major financial institutions, the internet and social media. The company’s business has suffered, he said.

Mark Bankston, an attorney representing Sandy Hook families, said he looks forward to continuing to present his case to jurors, which is expected to include testimony from the parents of one of the children murdered at Sandy Hook Elementary on Monday.

“Our clients are pleased that despite bankruptcy, their trial is continuing and the jury is returning a verdict,” Bankston told Reuters in a text message. “Now InfoWars is heading straight for its long-awaited judgment.”

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Reporting by Mike Spector, Dietrich Knauth and Jack Queen; Editing by Chris Reese and Stephen Coates

Our standards: The Thomson Reuters Trust Principles.

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Crypto platform Zipmex files for bankruptcy protection in Singapore https://bankruptcy-basics.org/crypto-platform-zipmex-files-for-bankruptcy-protection-in-singapore/ Fri, 29 Jul 2022 03:35:00 +0000 https://bankruptcy-basics.org/crypto-platform-zipmex-files-for-bankruptcy-protection-in-singapore/ Representations of cryptocurrencies in this illustration taken January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Join now for FREE unlimited access to Reuters.com Register July 29 (Reuters) – Southeast Asia-focused cryptocurrency exchange Zipmex said it had filed for bankruptcy protection in Singapore, becoming the latest victim of the global slowdown in trading. digital currencies. Singapore-based Zipmex resumed […]]]>

Representations of cryptocurrencies in this illustration taken January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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July 29 (Reuters) – Southeast Asia-focused cryptocurrency exchange Zipmex said it had filed for bankruptcy protection in Singapore, becoming the latest victim of the global slowdown in trading. digital currencies.

Singapore-based Zipmex resumed withdrawals last week, a day after suspending them on July 20, and said it was working to address its $53 million exposure to crypto lenders Babel Finance and Celsius. .

Zipmex lawyers submitted five petitions on July 22 seeking moratoria to bar legal action against Zipmex for up to six months, the cryptocurrency exchange announced Wednesday.

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Under Singapore law, such a filing grants companies an automatic 30-day moratorium, or until a Singapore court issues a decision on the claim, whichever comes first.

Zipmex, which operates in Singapore, Thailand, Indonesia and Australia according to its website, is the latest in a string of crypto players around the world to struggle following a sharp sell-off in the markets that has started in May with the collapse of two paired tokens, Luna and TerraUSD.

Thailand’s Securities and Exchange Commission said Monday it was working with law enforcement to review potential losses among the public after Zipmex temporarily suspended withdrawals.

Singapore’s ambitious cryptocurrency sector, the largest in Asia Pacific in some ways, has also been shaken by the recent collapse of crypto fund Three Arrows Capital. Read more

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Reporting by Hazra Nivedita and Akriti Sharma in Bengaluru; Editing by Shounak Dasgupta

Our standards: The Thomson Reuters Trust Principles.

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Amber Heard files for bankruptcy: Does she wants to avoid paying Johnny Depp at all costs? https://bankruptcy-basics.org/amber-heard-files-for-bankruptcy-does-she-wants-to-avoid-paying-johnny-depp-at-all-costs/ Thu, 28 Jul 2022 03:15:00 +0000 https://bankruptcy-basics.org/amber-heard-files-for-bankruptcy-does-she-wants-to-avoid-paying-johnny-depp-at-all-costs/ Amber Heard‘s financial situation after the trial against her ex-husband Jonny Deep is not good at all, but now the actress surprised by declaring bankruptcy after being unable to pay the fine of the trial to the Pirates of the Caribbean star. In the weeks that the process lasted, social networks were filled with videos, […]]]>

Amber Heard‘s financial situation after the trial against her ex-husband Jonny Deep is not good at all, but now the actress surprised by declaring bankruptcy after being unable to pay the fine of the trial to the Pirates of the Caribbean star.

In the weeks that the process lasted, social networks were filled with videos, comments and even live streams of the testimonies delivered by both actors.

Johnny Depp shows video of Amber Heard cheating with Elon Musk and James Franco

How much does Heard have to pay Depp?

After the end of the trial, the jury ruled that Heard had to pay $10 million in damages to Johnny Depp. Depp would also have to pay $2 million have compensation.

As soon as the verdict was handed down by the judge, the Aquaman actress‘ legal team explained to the judge that the woman would not have enough money to pay off the debt.

Since then, Heard has been in a legal process to find options other than paying the $10 million. It is now known that she has appealed to the jury’s decision so that the fine will be lower.

In court, Amber Heard recounts alleged strangulation by Johnny Depp

Amber Heard’s statement

“We believe the court made errors that prevented a fair and First Amendment-compliant verdict. Therefore, we are appealing the verdict,” a spokesperson for the artist said in a statement.

Amber Heard filed for bankruptcy and on July 21 filed the appeal with the state of virginia. The 35-year-old woman would be seeking a nullity of the judgment because she does not have the resources to pay her debt.

Johnny Depp’s team’s response

“The verdict speaks for itself, and Mr. Depp believes this is a time for both parties to move on with their lives and get back on their feet. But if Ms. Heard is determined to continue the litigation by appealing the verdict, Mr. Depp will file a concurrent appeal to ensure that the Court of Appeals considers the full record and all relevant legal issues,” a source close to Johnny Depp explained to CNN.

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Crypto firm Celsius to tap ex-CFO to advise on bankruptcy proceedings https://bankruptcy-basics.org/crypto-firm-celsius-to-tap-ex-cfo-to-advise-on-bankruptcy-proceedings/ Wed, 27 Jul 2022 19:53:46 +0000 https://bankruptcy-basics.org/crypto-firm-celsius-to-tap-ex-cfo-to-advise-on-bankruptcy-proceedings/ Diving Brief: Struggling cryptocurrency company Celsius is looking to rely on the financial expertise of its former chief financial officer Rod Bolger as it progresses through bankruptcy restructuring. The company’s attorneys filed a petition in the U.S. Bankruptcy Court for the Southern District of New York on Monday to retain Bolger as counsel during the […]]]>

Diving Brief:

  • Struggling cryptocurrency company Celsius is looking to rely on the financial expertise of its former chief financial officer Rod Bolger as it progresses through bankruptcy restructuring. The company’s attorneys filed a petition in the U.S. Bankruptcy Court for the Southern District of New York on Monday to retain Bolger as counsel during the proceedings. The court will consider the motion at a hearing scheduled for August 8.
  • Bolger served as the company’s chief financial officer for just five months, telling Celsius of his departure on June 30, according to Monday’s motion. The company filed for Chapter 11 bankruptcy in the Southern District on July 13.
  • “The debtors recognize that they need the services and expertise of Mr. Bolger as they manage their transition to Chapter 11 and begin to negotiate a way forward,” Celsius attorneys wrote in the motion. . “His institutional knowledge and experience regarding the unique characteristics of cryptocurrency is invaluable.”

Overview of the dive:

Celsius is seeking to use Bolger as an adviser for six weeks, according to the filing, and the former chief financial officer will receive a retainer of approximately US$93,188 (C$120,000) per month for performing advisory duties.

The company’s attorneys cited the need for stability in their motion to bring in Bolger as bankruptcy counsel, noting that after “a tumultuous series of events,” including a crypto downturn and continued the war in Ukraine, “debtors are working earnestly to stabilize their affairs.”

Bolger previously served as Chief Financial Officer of Royal Bank of Canada (RBC) for five years from 2016 before joining Celsius, and held CFO positions for Bank of America and held several senior management positions for Citigroup. Celsius’ current chief financial officer is Chris Ferraro, a 17-year veteran of JPMorgan Chase banking, who took office on July 11.

The RBC alum joined Celsius in February 2022 after the ex-CFO was arrested Yaron Shalem suspected of money laundering, fraud and other crimes by the Israel Police National Fraud Investigation Unit, according to a November 2021 report by cryptocurrency publication CoinDesk. Celsius appeared to address the situation at the time of the arrest in a November 26 tweet. who said an unidentified employee had been suspended. He also said no assets were “misplaced or mishandled” at the time of the arrest.

According to a Financial Times report, Shalem was one of several cryptocurrency figures arrested in Tel Aviv following reports of potential fraud.

The company was one of several cryptocurrency firms that failed following a $2 trillion crash earlier this year, with fellow digital asset company Voyager also filing for chapter bankruptcy. 11 July 5. Celsius is also facing a liquidity crunch, with a gaping $1.2 billion hole on its balance sheet. A July 15 report from Business Insider shows the company has liabilities of $5.5 billion — owing $4.7 billion to its users — with total assets of $4.3 billion.

The company has 1.7 million registered users, according to its July 27 filing, including about 300,000 active users with account balances over $100. Cryptocurrency withdrawals, exchanges and transfers are all currently suspended, according to the Celsius website.

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Why RHOBH’s Erika Jayne Might Need to File for Bankruptcy https://bankruptcy-basics.org/why-rhobhs-erika-jayne-might-need-to-file-for-bankruptcy/ Wed, 27 Jul 2022 00:20:00 +0000 https://bankruptcy-basics.org/why-rhobhs-erika-jayne-might-need-to-file-for-bankruptcy/ Viewers of The Real Housewives of Beverly Hills are wondering if Erika Jayne is in financial trouble and will she have to file for bankruptcy. Erika Jayne The Real Housewives of Beverly Hills is raising eyebrows with her financial troubles, leading fans to wonder if she will have to file for bankruptcy. The “Pretty Mess” […]]]>

Viewers of The Real Housewives of Beverly Hills are wondering if Erika Jayne is in financial trouble and will she have to file for bankruptcy.

Erika Jayne The Real Housewives of Beverly Hills is raising eyebrows with her financial troubles, leading fans to wonder if she will have to file for bankruptcy. The “Pretty Mess” singer has been living a low-budget life since ex-husband Tom Girardi’s legal troubles began to shine in the public eye. Although Erika hasn’t given up on her glam team just yet, she’s making some changes when it comes to spending.

For two seasons, all eyes have been on Erika’s story on RHOBH, which consisted of a $25 million lawsuit. Viewers learned that Tom’s law firm was accused of funneling money to his LLC. The disgraced lawyer has also been accused of embezzling money from the families of the victims of Lion Air Flight 610 to fund his and Erika’s lavish lifestyle. For the past few months, Tom has spoken out from inside his memory care home, saying he finds it hard to believe Erika knew nothing about his business activities. Erika remained silent but started to open up a bit more to RHOBH cameras.

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Related: RHOBH: Opposition Lawyer Calls Out Erika for Verbally Assaulting His Wife

Tom’s law firm Girardi & Keese has already filed for bankruptcy, so RHOBH viewers wonder if Erika will have to do the same. Way of life Going through press reader recently shared an article questioning Erika’s finances. Erika’s financial struggles have long been a puzzle for viewers, and she recently claimed she can’t pay the $2.2 million tax debt she owes the state of California. Even though fans have seen her tone get worked up by reusing an outfit more than once, it’s evident that Erika is struggling to maintain her once ostentatious lifestyle. A source told the outlet that Erika hoped her Bravo salary would cover her costs, but “they don’t, and she’s too proud to ask the other housewives for a loan.”



ERIKA

The insider shared that Erika is doing her best to get back to the life she knew, but her bills keep piling up. According to the source, the debt has become so heavy that it is “talk about filing for bankruptcy.” Therefore, it does not appear that the RHOBH the stars’ money problems improve. A judge recently allowed a former client of Tom’s to sue Erika for $11 million. The singer has since had to make some lifestyle changes to stay afloat. As fans know, Erika has already moved out of her Pasadena mansion for a $9,500 rental, which is a significant downgrade to her home with Tom.


With all her legal and financial troubles, Erika started drinking more and making a fool of herself. She even questioned Crystal Kung Minkoff’s eating disorder at Diana Jenkin’s Christmas party. While Erika may have had the best intentions, fans were shocked at how she entertained such a touchy subject. Erika has had a great time this season, but some of the co-stars think she has an unhealthy relationship with alcohol, but at this point, Erika is just trying to stay above water.

Next: RHOBH: Why Fans Think Diana Jenkins Won’t Come To The Reunion

The Real Housewives of Beverly Hills airs Wednesdays at 8 p.m. EST on Bravo.


Source: press reader

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