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| vol 17, num 1 | April 2021 |
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| 2020 Co-Chair Corner: Emerging Industries and Technology Committee Year in Review |
| Despite the challenges of the COVID-19 pandemic, 2020 was a successful year for the Emerging Industries and Technology Committee. Committee membership has steadily increased over the last year. In addition, most members have joined the committee’s LinkedIn group page, and all new members to our committee promptly receive an email from the co-chairs welcoming them
to our group. The committee continues to encourage additional growth and invites all ABI members to join.
Annually, the committee plans joint panels with other ABI committees at both national conferences: the Annual Spring Meeting in April and the Winter Leadership Conference in December. The committee extends its warmest thanks to Rebecca Redwine (Hendren Redwine & Malone PLLC; Raleigh, N.C.) for her tremendous efforts this past year as our new Education Director. At the Winter Leadership Conference, the committee teamed with the Secured Credit Committee to present “Navigating Distressed Investing, Sales and Technology: Protecting Your Sale Process, Your Investments and Your
Hide.” This panel was well received and included timely topics including issues related to remote work and cybersecurity. Shortly thereafter, the committee began the process of planning for the Annual Spring Meeting, where we will co-sponsor a panel with the International Committee.
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| First Major U.S.-Based Cryptocurrency Operation Confirms Liquidating Chapter 11 Plan |
| On March 11, 2021, Cred. Inc. and its affiliates confirmed a liquidating plan under chapter 11 of the U.S. Bankruptcy Code. Though many matters in the Cred bankruptcy cases remain unresolved — including potential criminal and civil claims against the company’s former management — confirmation of the liquidating plan is a key milestone in unwinding a complicated enterprise in an even more complicated industry. Notably too, these cases represent the first instance where a major U.S.-based cryptocurrency operation sought relief and eventually confirmed a plan under chapter 11. |
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| Brazos Electric Cooperative Inc., Largest Electric Cooperative in Texas, Files for Bankruptcy After Incurring Billions in Charges During February Blackouts |
| On March 1, 2021, Brazos Electric Power Cooperative, Inc. filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. In its first-day pleadings, Brazos cited the catastrophic weather events in Texas in February as the sole cause of the company’s insolvency. That unprecedented winter storm caused a statewide energy crisis that lasted for days, resulting in rolling blackouts that left millions without power. During the blackouts, state authorities in Texas dramatically increased the price of electricity, causing Brazos to incur more than $2 billion in charges in just one week. While Brazos is a particularly
egregious case, the effects of the price hikes during the blackouts are being felt throughout the entire Texas electricity sector, particularly among wind farms. |
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| Register for ASM Today! |
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| ABI is pleased to announce the return of the Annual Spring Meeting April 12-22 — this year in a cutting-edge virtual format. Employing the same innovative platform that made last fall’s Insolvency 2020 event such an astounding success, this conference — always one of the most significant annual gatherings of bankruptcy and insolvency professionals in the country — will introduce a number of new and improved online
networking features.
This year, the Emerging Industries and Technology Committee will be partnering with the International Committee to host a panel titled "Insolvencies of Cannabis Producers and Their Cross-Border Implications.”
This panel will explore the issues that arise where a company operating in the cannabis or hemp space encounters financial difficulties and is forced to liquidate or reorganize. The panelists will discuss the challenges presented by the different regulatory environment in Canada and the United States as well as some of the solutions that have been developed by practitioners on both sides of the border. The focus will be on providing attendees with tools that they can employ to maximize stakeholders recoveries while avoiding the potholes (pardon the pun) that exist in this high-regulated environment.
Speakers for this panel include:
- Patrick Shea - Gowlings - Ontario (moderator)
- Vanessa Allen - MNP LTD. Calgary, Alberta
- Gavin Finlayson - Miller Thomson - Toronto, ON
- Keri Riley - KutnerBrinen - Denver, CO
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