Press Release
Greenberg Glusker Secures Court Approval for MyConstant's Out-of-Court Wind-Down
LOS ANGELES—Greenberg Glusker LLP secured final court approval of a settlement establishing a liquidating trust projected to return approximately 15-18% to 4,700 customers of Const LLC, d/b/a MyConstant, a cryptocurrency lending platform that suspended customer withdrawals during a period of market volatility.
Representing MyConstant, Greenberg Glusker structured an orderly, out-of-court liquidation and wind-down to maximize customer recoveries, contain administrative costs, and avoid the expense and uncertainty of a formal insolvency proceeding. When a fully consensual resolution proved out of reach, that groundwork became the architecture for the court-approved settlement in which the company transferred its assets to a liquidating trust.
"This matter raised many of the challenges of a bankruptcy case without the protections and tools bankruptcy provides," said Greenberg Glusker partner Jonathan Shenson
The Greenberg Glusker team was led by Partner Jonathan Shenson and Counsel Eric Sefton.
