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Financial services coverage - ElevenFlo

Financial services coverage

46 articles

Week of June 8, 2026

Lehman Brothers Inc.: $38B Affiliate Settlement, Full Customer Recovery

Lehman Brothers Inc., the U.S. broker-dealer subsidiary of Lehman Brothers Holdings Inc., entered SIPA liquidation September 19, 2008. After 14 years, it concluded September 2022 with 100% customer recovery and a $38B affiliate settlement resolving cross-border claims with LBIE and LBJ.

Week of June 1, 2026

CTN Holdings: $20M Credit Bid Sale and Chapter 7 Conversion

CTN Holdings, Inc. (f/k/a Aspiration Partners) filed chapter 11 March 30, 2025 in Delaware (No. 25-10603). Insider Inherent Aspiration served as DIP lender and credit-bid $20M for all assets. Auction cancelled; cases converted to chapter 7 Aug. 7, 2025.

Impac Mortgage: Court Confirms $23.95M Hildene Debt-for-Equity Plan

The Delaware bankruptcy court confirmed Impac Mortgage Holdings prepackaged chapter 11 plan on May 29, 2026 — 33 days after filing. Plan sponsor Hildene Re SPC converts $23.95M in senior secured claims into 100% of reorganized equity; $850M in federal NOLs preserved; existing equity cancelled.

Week of May 18, 2026

Mosaic Transfers Solar Loan Servicing in Bankruptcy

Mosaic’s Chapter 11 plan moved servicing of an $8 billion solar loan portfolio to Forbright’s Solar Servicing. Loan origination ended.

Week of May 11, 2026

Society Pass: Jointly Administered SoPa Chapter 11 Opens in Houston

Society Pass and SoPa opened jointly administered chapter 11 cases in Houston. The early docket shows Society Pass as lead debtor, SoPa's $11.85M disputed claim, and no filed DIP terms yet.

Week of May 4, 2026

Celsius Network: Earn Asset Ruling, MiningCo Pivot, and $4.35B Creditor Distributions

Celsius Network filed chapter 11 in SDNY on July 13, 2022 after halting withdrawals June 12. Judge Glenn ruled Earn assets were estate property; Fahrenheit NewCo failed SEC audit and pivoted to MiningCo (Ionic Digital). Effective Jan 31, 2024 with $4.35B cumulative distributions.

Diebold Nixdorf: $1.25B DIP-to-Exit and the First U.S./WHOA Cross-Border Restructuring

Diebold Nixdorf filed a prepackaged chapter 11 in S.D. Tex. on June 1, 2023 alongside a Dutch WHOA scheme. Confirmed July 12, 2023; effective Aug 11; $1.25B DIP converted to a 5-year exit term loan. First Lien took 98% of new equity; Class 7 was crammed down.

MF Global Holdings: Liquidating Plan Delivers 100% Customer Recovery After 2011 Collapse

MF Global Holdings Ltd. filed chapter 11 in SDNY on October 31, 2011, alongside a parallel SIPA liquidation of its broker-dealer subsidiary MF Global Inc. A Joint chapter 11 Plan of Liquidation went effective June 4, 2013, delivering 100% net equity recovery to customers.

Week of March 23, 2026

RAD Diversified REIT Files Chapter 11 Amid SEC Enforcement and Florida AG Ponzi Probe

RAD Diversified REIT and four affiliates filed chapter 11 on March 1, 2026 in Tampa. The SEC declared the Reg A offering abandoned in 2024 and the Florida AG characterized the enterprise as a potential Ponzi scheme. Over 5,000 investors hold claims.

Week of March 16, 2026

BlockFills: Crypto Brokerage Files Chapter 11 After Customer Fund Freeze and Misappropriation Lawsuit

BlockFills, an institutional crypto brokerage processing $61B in 2025 volume, filed chapter 11 in Delaware after suspending customer withdrawals, facing misappropriation allegations, and accumulating over $75M in counterparty losses.

Lehman Brothers: Largest U.S. Chapter 11 Still Winding Down

Lehman Brothers Holdings Inc. filed chapter 11 in the Southern District of New York on September 15, 2008. This post covers the liquidity crisis, Barclays sale, plan confirmation, creditor recoveries, and the still-open LBHI wind-down, including the 32nd distribution scheduled for April 2, 2026.

Vroom: Holding-Company Prepack Equitizes $290M Convertible Notes

Vroom’s SDTX prepack chapter 11 equitized ~$290M of convertible notes at the parent while subsidiaries like UACC and CarStory stayed out of court.

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