Genova Burns Celebrates Recent Success for Client As Covered In Law360 Article “BlockFi's Ch. 11 Plan Confirmed With Opt-Out Releases Intact”
September 27, 2023
Genova Burns is pleased to announce a recent triumph for the creditor’s committee of BlockFi, Inc., a firm client, which has been covered in a Law360 article entitled, “BlockFi's Ch. 11 Plan Confirmed With Opt-Out Releases Intact”. Firm Partner Daniel M. Stolz, Esq. commented, “We are extremely pleased that the hard work of the creditor’s committee resulted in a successful conclusion of this case much more expeditiously than any of the other pending crypto cases.”
Genova Burns Bankruptcy Practice Chair Daniel S. Stolz, Esq. led a team consisting of Partner Donald W. Clarke, Esq., Counsel Gregory S. Kinoian, Esq. and Associate Sydney M. Shubert, Esq., who have been working diligently on this matter since January 2023 when Genova Burns LLC was chosen by the Official Committee of Unsecured Creditors of BlockFi, Inc. to serve as Local Counsel in the Chapter 11 Bankruptcy proceedings in Trenton. Genova Burns paired on this engagement with the national bankruptcy and cryptocurrency groups at Brown Rudnick, LLP, primary counsel to the Creditor’s Committee. As of March 2022, BlockFi’s business volume was 23 billion dollars and it had approximately 15 billion dollars of deployable assets.
The article notes that, “A New Jersey bankruptcy judge approved the Chapter 11 plan of cryptocurrency platform BlockFi Inc. on Tuesday, overruling opposition from the Office of the United States Trustee to the releases being granted by third parties because they had the opportunity to opt out of the release provisions.”… “During a hearing in Trenton, U.S. Bankruptcy Judge Michael B. Kaplan said the releases of non-debtors by third parties included in the plan had been put out on notice to all creditors, and they all had the chance to opt out of granting such releases while still voting in favor of the plan itself.”
Subscribers of Law360 can access the full article here.