Genova Burns has been selected to serve as local counsel for the Chapter 11 bankruptcy proceedings in Trenton involving BlockFi, the Jersey City-based cryptocurrency loan and borrow platform that filed for bankruptcy protection in November, following the collapse of FTX.
Genova Burns was selected by the Official Committee of Unsecured Creditors of BlockFi, and will be working with the national bankruptcy and cryptocurrency groups of New York City-based Brown Rudnick, the primary counsel to the Creditor’s Committee.
The selection is latest example of how Genova Burns’ bankruptcy and restructuring practice — which was started in January 2021 — has been recognized as an industry leader in the state and around the country. (The firm also was selected to be local counsel in a controversial case involving Johnson & Johnson.)
Daniel Stolz, chair of the firm’s Bankruptcy, Reorganization & Creditors’ Rights practice, said the team is eager to join.
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“We are honored to be retained by the Creditor’s Committee in this landmark Chapter 11 case. Our team is looking forward to working diligently to provide creditors of BlockFi with the largest possible recovery.”
BlockFi serves both retail and institutional clients relating to digital assets through web and mobile applications and provides hedge funds, market makers, proprietary trading firms, trading desks, cryptocurrency miners and exchanges with financing, trading and treasury solutions.
As of March 2022, BlockFi’s business volume was $23 billion and it had approximately $15 billion of deployable assets.
Genova Burns Managing Partner James Burns noted the significance of the announcement.
“This is another step towards firmly establishing Genova Burns as a key player in the bankruptcy and restructuring space, and as an emerging player in the world of cryptocurrency disputes,” he said.