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The No Surprises Act is causing lengthy billing disputes with health insurers and reimbursement delays, according to some healthcare companies that are under increased financial pressure. Photo: Getty Images/iStockphotoA law designed to protect patients from surprise medical bills is contributing to the financial distress of some medical-service providers, which say lengthy billing disputes and payment delays with insurers are hurting their ability to stay afloat. The No Surprises Act, which took effect last year, aims to protect patients from surprise medical bills from out-of-network healthcare providers when there are disagreements over reimbursements between insurers and providers. Previously, providers often billed patients to make up for the amounts insurers were unwilling to pay.
Bybit operates one of the world’s largest cryptocurrency trading exchanges. Photo: karim sahib/Agence France-Presse/Getty ImagesBankrupt cryptocurrency exchange FTX has filed a lawsuit against Bybit Fintech and two affiliates to try to claw back assets valued at $953 million that were withdrawn shortly before FTX’s November 2022 collapse. The lawsuit, filed Friday in the U.S. Bankruptcy Court in Wilmington, Del., alleges that Bybit’s investment arm, Mirana, “leveraged its VIP connections to pressure FTX group employees to fulfill its withdrawal requests as soon as assets became available.”
Persons: Bybit, karim sahib, FTX, Bybit Fintech Organizations: Agence France, Getty, Bankruptcy Locations: U.S, Wilmington, Del
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/bankruptcy-judge-jones-to-stop-handling-complex-cases-after-relationship-with-lawyer-revealed-fad88b0c
Persons: Dow Jones, fad88b0c
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/bankruptcy-judge-jones-to-stop-handling-complex-cases-after-relationship-with-lawyer-revealed-fad88b0c
Persons: Dow Jones, fad88b0c
Amazon-Business Acquirer Benitago Files for Bankruptcy
  + stars: | 2023-08-31 | by ( Becky Yerak | Paul Page | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/amazon-business-acquirer-benitago-files-for-bankruptcy-a3926b5a
Persons: Dow Jones, a3926b5a
Big Bankruptcies Rise at Faster Pace This Year
  + stars: | 2023-07-25 | by ( Becky Yerak | ) www.wsj.com   time to read: 1 min
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Organizations: Wall Street
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Organizations: Wall Street
Bittrex Inc., once among the country’s biggest crypto trading platforms, filed for bankruptcy Monday after being sued by federal securities regulators and winding down its U.S. operations. The Securities and Exchange Commission sued Bittrex last month as the Seattle-based crypto exchange was preparing to exit the American market, citing what it called the difficulty of working with U.S. regulators, The Wall Street Journal reported. Bittrex told its U.S. customers they should withdraw their funds by April 30, when the company shut down its American operations, according to its website.
Resume SubscriptionWe are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service.
Resume SubscriptionWe are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service.
Bankrupt crypto lender BlockFi Inc. faces risks of having its funds locked up at Silicon Valley Bank, which collapsed Friday after a run on deposits doomed the bank’s plans to raise fresh capital. BlockFi, which filed for bankruptcy in November, had roughly $227 million in unprotected funds at the bank, the U.S. Trustee, a unit at the Justice Department overseeing bankruptcies, said in a court filing Friday.
Bankrupt cryptocurrency exchange FTX said it has located more than $5 billion in cash and other liquid assets and is hoping to sell hundreds of additional investment holdings with a book value of more than $4.6 billion. Those assets are valued as of FTX’s bankruptcy filing in November and don’t include $425 million held by authorities in the Bahamas, company lawyers said on Wednesday in the U.S. Bankruptcy Court in Wilmington, Del.
The government says it has seized or is in the process of seizing Robinhood shares whose ownership is disputed by FTX and BlockFi. Federal authorities are moving to seize hundreds of millions of dollars in assets in the U.S. tied to the bankrupt cryptocurrency exchange FTX, a sign that the battle over control of the company’s remaining funds is escalating. Seth Shapiro, a Justice Department official, said at an FTX bankruptcy court hearing Wednesday that the federal government has seized or is in the process of seizing Robinhood shares whose ownership is disputed by FTX and BlockFi, a cryptocurrency lender that collapsed in late November. The Wall Street Journal previously reported that the dispute involves 56 million shares.
Bahamas securities regulators said they seized digital assets valued at $3.5 billion from FTX’s local operation in mid-November as the cryptocurrency exchange spiraled toward collapse and confirmed they relied on FTX’s co-founders to make the transfers happen. Christina Rolle, executive director of the Securities Commission of the Bahamas, said in an affidavit made public Thursday that the commission sought control of the crypto assets held by FTX Digital Markets Ltd. last month after FTX co-founder Sam Bankman-Fried told local authorities under oath about a hacking attempt.
FTX is expected to make its debut appearance Tuesday in Delaware bankruptcy court, where its new management is expected to recount events leading up to the cryptocurrency platform’s sudden collapse and explain the steps it has since taken to secure customer funds and other assets. FTX’s lawyers are advancing an unprecedented chapter 11 case marked already by allegations of major failures against its former leadership and a budding jurisdictional dispute with the government of the Bahamas, where the firm’s inner circle ran its doomed crypto operation.
Details are scarce in the multibillion dollar free-fall of cryptocurrency firm FTX, and the crypto industry is grappling with what bankruptcy means for companies in a relatively unregulated sector. Here is what to watch in bankruptcy court as the case unfolds. Who filed for bankruptcy? More than 130 FTX entities have filed for bankruptcy including FTX Trading Ltd., the company presiding over the global trading website FTX.com. In bankruptcy, all of the action will eventually be consolidated under one entity.
Revlon Inc. shares will be delisted from the New York Stock Exchange after a surge of market interest in the beauty-products supplier following its chapter 11 filing in June. Shares fell 5% on Thursday to close at $3.90 before the NYSE said it had denied Revlon’s appeal to stay listed on the Big Board. The stock is now expected to continue trading over the counter, according to the company, which was trading around $2 when it filed for bankruptcy but soared more than 400% the following week. It has since closed at prices approaching $9.
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