Blockchain and the Law
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Timothy Q. Karcher

Partner

Timothy Karcher is a partner in the Business Solutions, Governance, Restructuring & Bankruptcy Group where he focuses his practice on bankruptcy, financial restructuring, insolvency, crisis management, financial reform, and the acquisition and sale of assets and troubled companies in and out of chapter 11.

He is currently serving as counsel to the Debtors in Murray Metallurgical Coal Holdings, LLC. He played a leading role in the representation of the Creditors Committee in the chapter 11 cases of Westinghouse Electric Company, one of the largest chapter 11 cases of 2017 with estimated liabilities of several billion dollars. He is also counsel to the Trustee in ITT Educational Services, Inc., the largest for-profit college bankruptcy, and has held significant roles in some of the most important restructuring cases of the past decade, including Pacific Exploration and Production Corp. (debtors’ counsel for $6 billion international oil and gas exploration restructuring), Rotech Healthcare, Inc. (debtors’ counsel in $800m restructuring), MF Global (committee counsel), Enron Corporation (debtors’ counsel), Ames Department Stores (debtors’ counsel), G-I Holdings (debtors’ counsel), and Regal Entertainment (debtors’ counsel). In addition, Timothy has represented individual creditors, statutory committees and ad hoc groups in the restructuring cases of OneWeb Global Limited, McDermott International, iPic International, Weatherford International PLC, ENNIA Caribe Holding BV, Ultra Petroleum Corp., BFN Operations, TransCare Corporation, Hoop Holdings (Disney Stores), Kodak, New World Pasta, Coram Healthcare, American Airlines, Blockbuster, Trident Microsystems, Innkeepers Trust USA, Chrysler Financial Corporation, Midway Games,, and New Stream.

Timothy has substantial experience representing public and private companies, secured and unsecured creditors, investors, hedge funds, private equity, family offices and financial institutions in a broad range of U.S. and international business restructuring and litigation cases. He advises companies and creditors in a wide array of industries, including oil and gas, health care, retail, technology, hospitality, financial services, airline and entertainment.

In addition to his focus on financial restructuring, Timothy has extensive experience in the field of regulatory reform. He led a Proskauer team that worked with federal regulators from the Federal Reserve Board and the Office of the Comptroller of the Currency as part of Independent Foreclosure Review to reform mortgage servicing and foreclosure practices for borrowers who have sought bankruptcy protection. He has advised large institutional clients to develop strategies to ensure compliance with consent orders with the Federal Reserve Board and the Office of the Comptroller of the Currency. In connection with his work for ITT Educational Services, Inc., he has litigated against (and achieved consensus with) the Consumer Financial Protection Bureau (CFPB), Securities and Exchange Commission (SEC), Department of Education (ED) and multiple states attorney’s general.

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Regulation in the Post-FTX Environment: SEC’s Proposed Enhanced Custody Rule and Its Effects on Crypto

When it rains, it pours.  On January 23, 2023, the New York Department of Financial Services announced that it had issued certain Guidance on Custodial Structures for Customer Protection in the Event of Insolvency in which it emphasized the importance of sound custody and disclosure practices to protect customers in the event of an insolvency … Continue Reading

New York Department of Financial Services Issues Guidance on Cryptoasset Custody in Wake of Recent High-Profile Bankruptcies

Demand for virtual currency services, including custody services, has soared in the past several years.  Like their counterparts in traditional finance, these custodians are stewards of retail and institutional customer funds and serve an important and valuable function.  However, as evidenced by a number of headline-grabbing failures during the lingering crypto winter, inadequate disclosures and … Continue Reading

The Other Side of The Coin: Cryptocurrency Assets in Bankruptcy

On July 5, 2022, cryptocurrency brokerage Voyager Digital filed for chapter 11 in the Southern District of New York Bankruptcy Court, citing a short-term “run on the bank” due to the “crypto winter” in the cryptocurrency industry generally and the default of a significant loan made to a third party as the reasons for its … Continue Reading
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