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Bill and Mary: Protected Their Assets from Lawsuits or Attachment
Bill and Mary, a couple with a strong desire to safeguard their legacy and retain control over their resources, sought assistance from Falcon Rappaport & Berkman’s Asset Protection Practice Group. With over 35 years of marriage and three married children, they aimed to protect their assets while accessing them when needed. Bill, a successful business owner and investor, received an appealing offer to sell his business and wished to devote more time to his family and personal investments, including rental properties. He also intended to remain on the board of directors of certain companies. Concerned about potential liabilities, Bill sought advice on restructuring their estate plan. Falcon Rappaport & Berkman provided a solution encompassing comprehensive estate planning and reducing their taxable estate by gifting assets to their children and grandchildren while maintaining control. By implementing this strategy, Bill and Mary achieved their objectives: asset protection, estate tax reduction, control over their properties and investments, and a robust estate plan that would withstand legal challenges in the future. This matter was handled by the attorneys in our Asset Protection Practice Group prior to joining FRB earlier this year.
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FRB Secures Full Allowance of Client’s Earn Claim in Celsius Network Bankruptcy
Background
When cryptocurrency lender Celsius Network LLC filed for Chapter 11 protection in the Southern District of New York, thousands of account holders faced the possibility of losing access to their digital assets. Among them was an FRB client whose Earn Account balance exceeded $111,000.
The client’s claim was initially disputed by the Litigation Administrator overseeing post-confirmation matters. The administrator argued that the claim was “inaccurately supported” and did not align with Celsius’s internal records, placing it among dozens of claims targeted in the Sixteenth Omnibus Objection to Certain Proofs of Claim.
FRB’s Approach
Falcon Rappaport & Berkman LLP was retained to advocate for the client’s rights and recovery. Led by Michele K. Jaspan, the FRB team performed a detailed analysis of blockchain transaction data, exchange records, and communications with Celsius and its custodians.
FRB’s investigation confirmed that the client had made two legitimate deposits totaling $108,000 USDC to Celsius addresses previously maintained by its custodian, BitGo, shortly before that relationship ended. Although the deposits were not credited to the client’s account at the time, Celsius later recovered those same funds from BitGo—establishing a direct link between the recovered assets and the client’s proof of claim.
FRB argued that the claim represented a valid Earn Account Claim entitled to treatment under Class 5 of Celsius’s confirmed Modified Joint Chapter 11 Plan, the same classification applicable to other similarly situated customers.
Negotiation and Resolution
Through sustained engagement with counsel for the Litigation Administrator, Kirkland & Ellis LLP (counsel to the post-effective-date debtors), and Pryor Cashman LLP (co-counsel to the Litigation Administrator), FRB achieved a consensual resolution.
The parties entered into a Joint Stipulation and Agreed Order providing that:
1. The prior order sustaining the objection to the client’s claim would be vacated; and
2. The client’s claim would be allowed in full as a Class 5 Earn Claim in the amount of $111,545.57.
The stipulation was approved by the Bankruptcy Court without the need for further litigation, ensuring full participation in distributions under the confirmed plan.
Result and Significance
FRB’s advocacy led to the complete reversal of a sustained objection, preserving over $111,000 in digital-asset value for its client. The firm’s meticulous work—combining technical blockchain forensics with sophisticated bankruptcy strategy—secured a prompt and favorable outcome in one of the most complex crypto-bankruptcy proceedings to date.
This result demonstrates FRB’s depth of experience in cryptocurrency insolvency and its commitment to achieving practical, high-impact results for clients navigating the intersection of digital assets and bankruptcy law.
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Protecting a Son's Inheritance
When an individual dies intestate, his or her property passes to his or her surviving heirs. In one case, the individual who died lived in another state, and his Aunt was appointed as his Administratrix, but she refused to apply for letters of ancillary administration in New York to sell the decedent’s New York property. And we soon found out why. The Decedent’s Uncle had made a claim to her that he was the actual owner of the NY property, and that he and the Decedent had an understanding that the Uncle paid for the down payment and mortgage, but the property would be held in the Decedent’s name. The out-of-state administrator promised the Uncle to send him a deed to the New York property if the Uncle would pay for the Decedent’s father’s mortgage, which was not an estate obligation. FRB obtained ancillary letters of administration for the minor son’s mother and contacted the Uncle to see if he wanted to purchase the NY property. The Uncle then sued our client, asserting that he was the “beneficial” owner of the NY property. FRB obtained a decision from the Supreme Court dismissing the claims against our client, and then obtained an Order from the Surrogate’s Court providing advice and direction to our client, which allowed the Supreme Court to lift its lis pendens (a lien that prevents the sale of the property) against the New York property, and also allowed the son, who is now an adult, to sell the property directly and keep the proceeds (rather than sending the proceeds back to the Aunt/administratrix). Our client’s son now has funding for his college education, as we are sure his father would have intended.
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Summary Judgment Victory Enforcing NDA Protections
Falcon Rappaport & Berkman’s Intellectual Property and Litigation Practice Groups secured a summary judgment victory for a brand investment client in a dispute arising from a potential partner’s misuse of confidential information while the client was preparing to pursue a bid for a target company in a bankruptcy auction. FRB enforced the client’s contractual rights under a Non-Disclosure Agreement drafted by the firm and asserted claims for breach of contract and trade secret misappropriation under New York law and the federal Defend Trade Secrets Act. The court granted summary judgment on the breach of contract claim, finding that the defendant violated the NDA by disclosing and misusing the client’s confidential information, while permitting the trade secret claims and damages to proceed to trial. This outcome underscores the value of clear, enforceable confidentiality protections when sharing sensitive business information in high-stakes transactions.
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Favorable Outcome in NYC Campaign Finance Board Investigation and Hearing
A client came to FRB’s Election Law & Campaign Finance attorneys believing the New York City Campaign Finance Board (“CFB”) had messed up their audit. However, upon further review by our attorneys and discussions with the CFB, it was discovered that the Campaign was under internal investigation for alleged malfeasance. Our Compliance unit worked tirelessly with the Campaign and the CFB and ultimately received a positive outcome for the Campaign at the CFB hearing. If you are running for office, managing a campaign, or representing a political organization, FRB has the knowledge and experience to assist you in campaign finance matters.