Official Committee of Equity Security Holders

Entwistle & Cappucci LLP Announces Settlement of Customer Property Dispute with the FTX Debtors

Retrieved on: 
Tuesday, October 17, 2023
Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Legal, Construction & Property, Government, FTX, Bankruptcy, Fraud, KYC, Unsecured creditor, Title 11 of the United States Code, UCC, Settlement, Digital marketing, Official Committee of Equity Security Holders, Ad Hoc Committee on the Palestinian Question, United States bankruptcy court, 2nd Central Executive Committee of the Chinese Communist Party, Release, United States Bankruptcy Court for the Eastern and Western Districts of Arkansas, Executive Committee, Justice, 2017–2018 Department of Justice metadata seizures, Cryptocurrency, Customer, Debtor, Entwistle

Entwistle & Cappucci LLP today announced the settlement of that portion of its Customer Class Action that raised Customer property claims against FTX Trading Ltd. (d.b.a.

Key Points: 
  • Entwistle & Cappucci LLP today announced the settlement of that portion of its Customer Class Action that raised Customer property claims against FTX Trading Ltd. (d.b.a.
  • FTX.com), and its affiliated debtors (together, the “FTX Debtors”), as part of the proposed settlement of Customer property disputes in the pending FTX chapter 11 cases (the “Customer Shortfall Settlement”).
  • The Customer Shortfall Settlement resolves, among other things, Customer property litigation filed against the FTX Debtors by Entwistle & Cappucci LLP as part of a broader adversary Customer Class Action filed in the Bankruptcy Court against the Debtors and various individual defendants, including Sam Bankman-Fried and other insiders.
  • The Customer Shortfall Settlement resolves the dispute by providing Customers a claim against the FTX Debtors that, although unsecured, has an equitable priority to certain property segregated at or taken from the exchanges.

Scilex Holding Company Provides Notice to All Lenders of Short Positions in the Restricted Dividend Shares of Scilex Holding Company

Retrieved on: 
Wednesday, October 4, 2023
ACT, ENTRY, AS, Chapter 11, Title 11, United States Code, Official Committee of Equity Security Holders, CASH, Equity, CALL, United States bankruptcy court, OF, WITH, PUT, Bankruptcy, PALO, OR, SHORT, NET, SMA, SELL, SALE, Creditor, BY, DEADLINE, Finance Secretary (India), ANY, OTC, COMMON, Chronic pain, Security (finance), Real estate, Debtor, Short

The Scilex Dividend Stock was primarily received by “record holders,” or brokers, dealers, banks and other nominees acting as agents for shareholders who are the true “beneficial owners” of the Scilex Dividend Stock.

Key Points: 
  • The Scilex Dividend Stock was primarily received by “record holders,” or brokers, dealers, banks and other nominees acting as agents for shareholders who are the true “beneficial owners” of the Scilex Dividend Stock.
  • “Naked short” sales or “naked short” positions in any Scilex common stock may constitute a violation of SEC Regulation SHO.
  • Before taking any further legal action against such Short Sellers, on October 3, 2023, Scilex provided a proposal to those Short Sellers who had not yet closed or covered their respective short positions in Scilex Dividend Stock (“Short Seller Proposal”).
  • Scilex is now making a similar offer to the lenders of the short positions in Scilex Dividend Stock held by the Short Sellers (“Lender”).

Scilex Holding Company Provides Notice to All Record Holders and Beneficial Owners of Restricted Shares of Scilex Holding Company

Retrieved on: 
Tuesday, October 3, 2023
Transfer, ACT, ENTRY, Proposal, AS, Chapter 11, Title 11, United States Code, Official Committee of Equity Security Holders, CASH, Equity, Continental, CALL, United States bankruptcy court, OF, WITH, PUT, Bankruptcy, PALO, RESPECT, OR, NET, SMA, SELL, SALE, BY, DEADLINE, Documentation, ANY, OTC, COMMON, Chronic pain, Security (finance), Real estate, Debtor, Short, Lock up

The Scilex Dividend Stock was primarily received by “record holders,” or brokers, dealers, banks and other nominees acting as agents for shareholders who are the true “beneficial owners” of the Scilex Dividend Stock.

Key Points: 
  • The Scilex Dividend Stock was primarily received by “record holders,” or brokers, dealers, banks and other nominees acting as agents for shareholders who are the true “beneficial owners” of the Scilex Dividend Stock.
  • “Naked short” sales or “naked short” positions in any Scilex common stock may constitute a violation of SEC Regulation SHO.
  • If a holder of a short-position already holds unrestricted shares of Scilex common stock, such holder may convert such shares into restricted shares subject to the Lockup via the same process outlined herein.
  • b. Scilex and the buyer will jointly instruct Continental Stock Transfer & Trust Company, Scilex’s transfer agent (“Continental”), to impose the Lockup on the shares.

Celsius Disclosure Statement Approved by Court

Retrieved on: 
Thursday, August 17, 2023
Professional Services, Other Professional Services, Blockchain, Technology, Cryptocurrency, Finance, Asset Management, Celsius Network, Centerview Partners, LLP, Interim, Bankruptcy, Stretto, Plan, Kirkland & Ellis, Chapter 11, Title 11, United States Code, Eastern Time Zone, Celsius, Standardized Natural Hazards Disclosure Statement, Committee, Official Committee of Equity Security Holders, Perella Weinberg Partners, White & Case, Wind, United States bankruptcy court, BRIC, Willkie Farr & Gallagher, Alvarez and Marsal, Court, Disclosure, Unsecured creditor, Security (finance), Fahrenheit, NewCo

Celsius Network LLC (“Celsius” or the “Company”) announced today that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York (“the Court”).

Key Points: 
  • Celsius Network LLC (“Celsius” or the “Company”) announced today that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York (“the Court”).
  • The Solicitation Package will include Celsius’ Disclosure Statement and Plan, detailed voting instructions, and additional important information.
  • Celsius encourages customers to read the Disclosure Statement in full to learn more about the Plan.
  • The full terms of the Plan and Disclosure Statement, as well as additional information about the Chapter 11 filing, including Court documents, can be found online free of charge at https://cases.stretto.com/celsius .

iMedia Brands Completes Successful Transaction for Asset Sale to IV Media, LLC

Retrieved on: 
Wednesday, August 16, 2023
Communications, Media, Sale, LLP, Bankruptcy, Partnership, Huron Consulting Group, IV, Hearing, Manufacturing execution system, PLLC, Communication, Official Committee of Equity Security Holders, Ropes & Gray, OTC, United States bankruptcy court, Unsecured creditor, Christopher & Banks

Global media company iMedia Brands, Inc. (the “Company” or “iMedia”) (OTC: IMBIQ) today announced that it has successfully closed its Asset and Equity Purchase Agreement (“AEPA”) with IV Media, LLC (“IV Media”), a subsidiary of Innovation Ventures, LLC, the producer and distributor of 5-hour ENERGY® shots.

Key Points: 
  • Global media company iMedia Brands, Inc. (the “Company” or “iMedia”) (OTC: IMBIQ) today announced that it has successfully closed its Asset and Equity Purchase Agreement (“AEPA”) with IV Media, LLC (“IV Media”), a subsidiary of Innovation Ventures, LLC, the producer and distributor of 5-hour ENERGY® shots.
  • Through the AEPA, IV Media has acquired substantially all assets of iMedia Brands on a going-concern basis, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W.
  • “On behalf of iMedia, I am pleased to announce the purchase of iMedia’s operating assets by IV Media,” said James Alt, Chief Transformation Officer, iMedia.
  • With IV Media’s partnership, iMedia will continue delivering customers the diverse range of brands they desire through captivating content.

BlockFi’s Disclosure Statement Conditionally Approved by Court

Retrieved on: 
Thursday, August 3, 2023
Blockchain, Cryptocurrency, Baby Boomers, Finance, Professional Services, Technology, Consumer, Digital Cash Management, Digital Assets, Moelis & Company, BIA, Bankruptcy, Plan, Haynes, Failure, Creditor, Kirkland & Ellis, FTX, BlockFi, Eastern Time Zone, BPC, Official Committee of Equity Security Holders, Wind, United States bankruptcy court, Title 11 of the United States Code, Kroll, Convenience, Standardized Natural Hazards Disclosure Statement, Unsecured creditor, Disclosure, Berkeley Research Group, Solicitation, Security (finance), Wallet

BlockFi Inc. and certain of its affiliates (“BlockFi” or “the Company”) today announce that its Disclosure Statement was conditionally approved by the United States Bankruptcy Court for the District of New Jersey (“the Court”) on August 2, 2023.

Key Points: 
  • BlockFi Inc. and certain of its affiliates (“BlockFi” or “the Company”) today announce that its Disclosure Statement was conditionally approved by the United States Bankruptcy Court for the District of New Jersey (“the Court”) on August 2, 2023.
  • BlockFi’s Chapter 11 Plan (“Plan”) maximizes recovery for clients and provides for the quickest possible distributions to clients.
  • BlockFi’s eligible creditors have the opportunity to vote in favor of the Plan and will receive BlockFi’s Disclosure Statement and Plan, detailed voting instructions, and additional important information.
  • Capitalized terms used that are not otherwise defined herein shall have the meanings given to them in the Plan and Disclosure Statement.

The Official Committee of Talc Claimants Applauds Decision to Dismiss LTL Management Second Bankruptcy Attempt

Retrieved on: 
Friday, July 28, 2023
Committee, J&J, Official Committee of Equity Security Holders, Texas two-step bankruptcy, Johnson & Johnson, TCC, The Honourable, LTL, United States bankruptcy court, Justice, Bankruptcy, State attorney general

NEW YORK, July 28, 2023 /PRNewswire/ -- The Official Committee of Talc Claimants (the "Committee"), which has been tirelessly pursuing justice for its constituency of talc victims injury by Johnson & Johnson's ("J&J's") talc products, is pleased with the court's decision to dismiss the second bankruptcy attempt.

Key Points: 
  • NEW YORK, July 28, 2023 /PRNewswire/ -- The Official Committee of Talc Claimants (the "Committee"), which has been tirelessly pursuing justice for its constituency of talc victims injury by Johnson & Johnson's ("J&J's") talc products, is pleased with the court's decision to dismiss the second bankruptcy attempt.
  • We believe the decision of the Honorable Chief Judge Kaplan was thoughtful, well-reasoned, and well-supported by the facts and law.
  • The Committee has consistently contended the tort system is the rightful place for these claims to be resolved.
  • Untold numbers  of cancer victims have died while Johnson & Johnson attempted to manipulate the bankruptcy system to limit its liabilities," added Molton.

The Official Committee of Talc Claimants Applauds Decision to Dismiss LTL Management Second Bankruptcy Attempt

Retrieved on: 
Friday, July 28, 2023
Committee, J&J, Official Committee of Equity Security Holders, Texas two-step bankruptcy, Johnson & Johnson, TCC, The Honourable, LTL, United States bankruptcy court, Justice, Bankruptcy, State attorney general

NEW YORK, July 28, 2023 /PRNewswire/ -- The Official Committee of Talc Claimants (the "Committee"), which has been tirelessly pursuing justice for its constituency of talc victims' injury by Johnson & Johnson's ("J&J's") talc products, is pleased with the court's decision to dismiss the second bankruptcy attempt.

Key Points: 
  • NEW YORK, July 28, 2023 /PRNewswire/ -- The Official Committee of Talc Claimants (the "Committee"), which has been tirelessly pursuing justice for its constituency of talc victims' injury by Johnson & Johnson's ("J&J's") talc products, is pleased with the court's decision to dismiss the second bankruptcy attempt.
  • We believe the decision of the Honorable Chief Judge Kaplan was thoughtful, well-reasoned, and well-supported by the facts and law.
  • The Committee has consistently contended the tort system is the rightful place for these claims to be resolved.
  • Untold numbers of cancer victims have died while Johnson & Johnson attempted to manipulate the bankruptcy system to limit its liabilities," added Molton.

Surgalign Successfully Completes Auction and Names Successful Bidders For Asset Sales

Retrieved on: 
Friday, July 28, 2023
LLP, Bankruptcy, Success, Marketing, Official Committee of Equity Security Holders, White & Case, United States bankruptcy court, Sale, Interest, Title 11 of the United States Code, Kroll, OTC, Unsecured creditor, Auction, Financial adviser

The Official Committee of Unsecured Creditors participated in the auction as a consultation party.

Key Points: 
  • The Official Committee of Unsecured Creditors participated in the auction as a consultation party.
  • In addition, Augmedics’s bid for the digital health assets consists of a cash purchase price of $900,000 and the assumption of certain liabilities, as set forth in the asset purchase agreement.
  • The Successful Bidders and the Company will work to close the transactions promptly following approval of the sales by the Bankruptcy Court.
  • Additional information about Surgalign’s chapter 11 proceedings is available through the Company’s claims agent Kroll Restructuring Administration LLC (“Kroll”).

Sorrento Announces Launch of Voluntary Offering to Dividend Short Holders with Deadline to Participate by July 27, 2023

Retrieved on: 
Friday, July 21, 2023
Bankruptcy, United States bankruptcy court, Therapy, FedEx, Official Committee of Equity Security Holders, Infection, Cancer, Equity, Electric Bond and Share Company v. Securities and Exchange Commission, Sale, Prospectus, Title 11 of the United States Code, SAN, Offering, Order, OTC, Form, Security (finance), Unsecured creditor

Dividend Short Holders may elect to participate in the Offering.

Key Points: 
  • Dividend Short Holders may elect to participate in the Offering.
  • Participants in the Offering may receive a release for any claims and causes of action that Sorrento or Scilex may have relating to naked or otherwise impermissible short-selling.
  • The deadline to participate in the Offering is July 27, 2023, subject to any extensions granted by Sorrento following consultation with the Equity Committee.
  • The Offering of the Restricted Scilex Stock by Sorrento would be made pursuant to a Registration Statement on Form S-1 (Registration No.