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Lawyer fees mount in crypto bankruptcies
The financial commitment lender B Riley is so identified to persuade the troubled bitcoin miner Main Scientific to stay away from filing for individual bankruptcy that it has supplied as significantly as $72mn in clean financing to hold the business from trying to get a court docket-supervised Chapter 11 restructuring. “Bankruptcy is not the remedy and would be a disservice to the Company’s investors,” B Riley wrote in a letter from early December. “It will destroy benefit for the Company’s shareholders, cut down possible recoveries for the Company’s lenders, deplete its constrained assets and generate massive uncertainty for all its stakeholders.” Core Scientific submitted for bankruptcy in any case past…

