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The same law firm represents Celsius, Voyager and Babel Finance
The court files of Voyager and Celsius perform the same leading lawyer and contain several identical paragraphs The insolvent crypto lovers may use chapter 11 as "delay tactics" The longer the Bärenmarkt of Krypto lasts, the more obvious the close connections between the largest actors in the industry are becoming more obvious. This co-dependency seems to refer to its legal effort recently. The insolvent crypto creditors Celsius, Voyager Digital and Babel Finance each registered bankruptcy according to Chapter 11 via Kirkland & Ellis. The three crypto loans selected Kirkland due to its earlier successes in Chapter 11, say legal experts, and Kirkland took over the ...
The same law firm represents Celsius, Voyager and Babel Finance
- The court files of Voyager and Celsius perform the same managerial lawyer and contain several identical paragraphs
- The insolvent crypto creditors may use chapter 11 as "delay tactics"
The longer the Bärenmarkt of Krypto continues, the more obvious the tight connections between the largest actors in the industry.
This co-dependency seems to refer to its legal effort recently.
The insolvent crypto loan Celsius, Voyager Digital and Babel Finance each registered bankruptcy according to Chapter 11 via Kirkland & Ellis.
The three crypto creditors selected Kirkland due to its earlier successes in Chapter 11, say legal experts, and Kirkland took over the three cases to a call as a leading company at the restructuring of cryptes Provide - apparently just started.
Kirkland has long been a leading bankruptcy company, so it is “sensible to choose the best for competitive crypto creditors,” said Jeffrey Blockinger, General Counsel at Quadrata. Kirkland led the two shortest restructuring according to Chapter 11 in history, both lasted less than 24 hours.
But in other cases, such as the ongoing representation of Toys R us, Kirkland has led years of negotiations on behalf of its customers. Celsius, Voyager and Babel Finance may hope that their cases will be at the last end of the spectrum.
"My guess is that you have chosen chapter 11 because you hope that the price of crypto will increase what you will get out of the situation in which you are in. It is like a delay tactic", Kimberly Houser, a clinical assistant professor for legal sciences at the University of North Texas, said block works.
If the three lenders each follow the same restructuring strategy of the wait, the choice of Kirkland should make the legal processes easier.
As a rule,law firms work in a certain field because this is "more efficient, since the lawyers often do not have to do double research," said Carol GoForth, legal professor at the University of Arkansas, in an email.
In the first court files by Voyager and Celsius, Joshua Sussberg is listed as a senior lawyer. The parts that explain the crypto terminology are identical. Large swaths of the overviews of the two companies about their submissions according to Chapter 11 are copied directly.
The explanations of the first day by the CEOs of Celsius and Voyager