It didn’t take long for
The white-shoe law firm is guiding both
For Kirkland, the work will likely be as difficult as it is plentiful: billions of dollars of customer assets are tied up on the platforms and little existing case law speaks to how cryptocurrencies should be treated in bankruptcy. Lawyers will also need to recover as much money as possible from
“Kirkland & Ellis is considered the go-to firm for distressed borrowers and Chapter 11 debtors,” said
A representative for Kirkland & Ellis declined to comment on its recent crypto engagements.
Kirkland is well known in restructuring circles for representing high-profile, deeply troubled enterprises in need of rehabilitation. In 2020, when the Covid-19 pandemic spurred the
The firm is massive: it has more than 3,000 attorneys in its fold and consistently ranks as the world’s biggest law firmby revenue. Some restructuring partners charge more than $1,500 an hour for their time, according to bankruptcy court
Sussberg is, by his own admission, new to crypto. He’d heard about it from friends and family but “couldn’t wrap [his] head around it,” he told US Bankruptcy Judge
“If you think you’re new to cryptocurrency, you’re a seasoned veteran compared to me,” Wiles, who is overseeing Voyager’s Chapter 11 case, told him later in the hearing.
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