Liquidation

Texas Attorney in Massive Debt Transitions from Chapter 11 Bankruptcy to Liquidation

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AUSTIN, Texas — A prominent mass tort attorney has agreed to convert his Chapter 11 bankruptcy case to a Chapter 7 liquidation, a decision that raises alarms for investors and litigation funders owed substantial amounts of money. The attorney, who has not been named publicly, reportedly faces debt in the hundreds of millions of dollars. This abrupt shift in bankruptcy strategy signals an escalating concern over his financial dealings and the future of his legal practice, which had been growing rapidly before his financial troubles came to light. Chapter 11 bankruptcy allows businesses to reorganize … Read more

Texas Attorney’s Bankruptcy Drama Escalates: Shift from Chapter 11 to Liquidation Threatens Multi-Million Dollar Litigation Funding

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AUSTIN, Texas — A prominent mass tort attorney has agreed to convert his Chapter 11 bankruptcy filing into a Chapter 7 liquidation after reportedly owing hundreds of millions of dollars to litigation funders. This decision marks a significant development in a case that has garnered attention due to the attorney’s substantial financial obligations and the implications for ongoing litigation efforts. The attorney, who has made a name for himself in the mass tort industry, found himself in a precarious financial situation, leading to the original Chapter 11 filing. This move was intended to provide an … Read more

Texas Attorney’s Bankruptcy Saga Takes a Dramatic Turn: From Chapter 11 to Chapter 7 Liquidation

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AUSTIN, Texas — A prominent attorney specializing in mass torts has agreed to convert his Chapter 11 bankruptcy filing into a Chapter 7 liquidation, a move prompted by his reported debts amounting to hundreds of millions of dollars owed to litigation funders. This shift signals a significant change in the financial landscape for the attorney, whose bankruptcy proceedings have drawn considerable attention. The attorney’s decision came amid mounting pressure from creditors and an inability to reach a viable restructuring plan under Chapter 11. By opting for Chapter 7, he will initiate a process that allows … Read more

Tether Strikes Back, Labels Celsius’ Bitcoin Liquidation Lawsuit as “Baseless”

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New York — In a recent legal battle shaking the foundations of the cryptocurrency market, Tether has vehemently dismissed allegations from Celsius regarding the liquidation of massive Bitcoin holdings. The lawsuit filed by Celsius claims that its financial stability was compromised due to the premature sale of Bitcoin by Tether under a credit agreement. Tether has responded, labeling the lawsuit as entirely groundless and asserting that its actions were justified under the terms of the agreement. According to legal documents made available this week, Celsius argues that Tether’s decision to liquidate its Bitcoin assets in … Read more