customers

SmileDirectClub Shuts Down, Months After Filing for Bankruptcy

SmileDirectClub, a telehealth company that sold teeth-straightening devices through the mail and faced criticism from medical groups, said on Friday that it had shut down.

The company, founded in 2014, sold teeth aligners online and in its shops for $1,850. It marketed them as a faster, cheaper alternative to braces. SmileDirectClub’s initial public offering in 2019 valued it at $8.9 billion.

SmileDirectClub served more than two million customers over nearly a decade. But the company was not profitable and filed for Chapter 11 bankruptcy in September with nearly $900 million of debt, court filings and financial statements show. And this year, it settled a lawsuit from the District of Columbia attorney general’s office that had accused the company of using confidentiality clauses to stifle consumer criticism.

On Friday, SmileDirectClub smiledirectclub.com/” title=””said on its website that it was shutting down its global operations immediately. It apologized to customers for the inconvenience, and urged them to consult a doctor or dentist about future treatment.

Outstanding orders have been canceled, the company said. Customers on a monthly installment payment plan are expected to continue making all of their payments. Those who have completed treatment will no longer qualify for

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December 11, 2023 by ATTORNEY

Unclaimed Funds Pose Profit Potential For Bittrex’s Bankruptcy

(MENAFN- CoinXposure) Bittrex, which filed for bankruptcy in May, may still be profitable because consumers are not claiming their funds .

The U.S. Secret Service was a significant patron, with millions in the cryptocurrency exchange.

Most crypto bankruptcies are tales of anguish and loss: Anguished ex-customers of FTX or Celssign up and hope to recover a portion of their holdings one day.

Not so for Bittrex’s U.S. subsidiary, which is having trouble convincing over a million creditors to shut up and accept their money, potentially resulting in a profitable Chapter 11 bankruptcy estate.

Since May, and now that the deadline for filing a claim has passed, just under 36,000 customers have withdrawn approximately $143 million worth of cryptocurrency , the company’s attorney told a Delaware court Wednesday.

After the company’s U.S. and Maltese branches filed for bankruptcy in May, emails were sent to a small portion of its 1.6 million customers, imploring them to withdraw.

“One of the questions we wanted to answer was why our participation rates are so low,” Tomasaid, adding that some customers may have been reluctant to provide the additional personal information required for anti-money laundering checks to claim a relatively modest amount.

They are

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September 21, 2023 by ATTORNEY

Vantage files for bankruptcy, Singapore travel company to purchase its assets

“Vantage has sought customary relief from the court to preserve the status quo pending completion of the sale,” said the statement released by the law firm Casner & Edwards LLP.

“Vantage has sought approval to complete the sale promptly, subject to any higher and better offers that may be submitted through the court supervised sale process,” the statement said.

Vantage, founded by Hank Lewis, has been a travel mainstay in Boston for 40 years. In recent years, it has come under fierce and sustained criticism from customers for years-long delays in refunds for canceled trips, some dating back to the beginning of the pandemic.

In April, Vantage customers began publicly complaining about last-minute cancellations of long-planned — and paid for — trips.

Last week, the company laid off an unspecified number of employees, weeks after the company said it was negotiating a sale, according to interviews with multiple laid-off employees and a copy of an internal e-mail.

The statement did not address what the bankruptcy filing and sale of its assets would mean for customers who are owed refunds for canceled trips, and company officials did not immediately respond to a request for comments.

Vantage could owe customers

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July 5, 2023 by ATTORNEY

Celsius Network chooses NovaWulf bid for bankruptcy exit

Feb 15 (Reuters) – Crypto lender Celsius Network will seek to exit bankruptcy under the guidance of asset manager NovaWulf Digital Management, which will take over the operations of a new company that will be owned by Celsius customers, the company said at a court hearing in Manhattan on Wednesday.

The proposed deal with NovaWulf should allow Celsius to exit Chapter 11 and begin returning crypto assets to customers in June, Celsius attorney Ross Kwasteniet said at Wednesday’s hearing.

Celsius selected NovaWulf’s bid out of more than 130 proposals received, saying that NovaWulf was the only finalist that intended to maintain long-term control over Celsius’ harder-to-liquidate assets, like its loan portfolio and bitcoin mining business.

Those assets would be owned by Celsius creditors and managed by NovaWulf under a profit-sharing agreement if U.S. Bankruptcy Judge Martin Glenn, who is overseeing Celsius’ Chapter 11 process, and creditors sign off on the deal.

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Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing customers with the promise of high interest rates on their cryptocurrency deposits and the ability to borrow against their crypto assets. But many companies in the highly interconnected sector went bankrupt

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February 19, 2023 by ATTORNEY

Revealing FTX Customer Names Would Hurt ‘Potential Reboot’, Bankruptcy Lawyer Says

Releasing the names of bankrupt crypto exchange FTX’s 9 million customers could harm a “potential reboot” of the company, attorneys for the creditors committee argued on Wednesday.

It’s the latest development in an ongoing dispute over whether the names of FTX’s creditors ought to be made available to the public. Beyond privacy concerns, lawyers for the creditors committee are now arguing that revealing those names could further harm the value of the company, and therefore harm creditors.

“There were an awful lot of retail investors here and so there is inherent value within those lists and that’s uncontroverted—I think everyone agrees with that,” Paul Hastings partner Kris Hansen, an attorney representing the creditors committee, said during a court hearing in Delaware.

“So in balancing that, we looked at it and said we’ve got two major tasks here,” said Hansen. “One is to assess the value associated with these assets from a sale perspective and to assess the value associated with these assets for a potential reboot is how we’ve been referring to it on our side. The reboot is complicated,” he said.

Hastings’s referral to the “value” of the list has to do with one of the arguments being

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January 21, 2023 by ATTORNEY
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