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New York Bankruptcy Judge Allows Case Against Crypto CEO to Move Forward
U.S. Bankruptcy Judge Martin Glenn of the U.S. District Court for the Southern District of New York ruled that a lawsuit, in which the plaintiff alleged that Alex Mashinsky, the founder and ex-CEO of Celsius Network, caused the insolvent crypto lender to incur billions of dollars in damages, can move forward because the terms of the agreement to stay stated that it would be lifted when the litigant’s criminal trial ended.
Alan Rosenberg, a partner at Markowitz Ringel Trusty & Hartog, said that while it is understandable that a criminal defendant such as Mashinsky would not want to litigate simultaneously on multiple fronts, bankruptcy courts are “not receptive to stall tactics.” Rosenberg also suggested that potential Fifth Amendment issues do not necessarily mandate the stay of a civil action during a pending, related criminal proceeding.
“Delays in insolvency proceedings not only frustrate the bankruptcy process, but also increase administrative expenses, which ultimately deplete the recovery for creditors,” said Rosenberg, who is not involved in the matter. “Given Mashinsky’s guilty plea — and thus, the cancellation of the January 28 trial — coupled with the litigation administrators’ agreement to structure the trial schedule to accommodate the TL customers’ concerns, Judge Glenn’s ruling was correct.”
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