Selling Bankruptcy Claims

Claims Market, the best way for creditors to sell claims

Introduction

Claims Market¹ is a market for sellers of trade claims that solves the three biggest problems in trade claims: getting sellers get the best price, providing transparent closing documents, and structuring a predictable closing process. Since Claims Market was launched on March 22, 2019, there have been 77 transactions on the site with over $13 million in volume. In most bankruptcy cases, the largest amount of claims are for money borrowed by the bankrupt debtor, such as bonds evidenced by a bond indenture, or loans evidenced…


J.C. Penney $800 million Loan Sale

The Begining of the of the Slow Burn in the Loan Market

On December 6, 2019 media sources reported that H/2 Capital Partners was in the market to sell a $800 million J.C. Penney loan secured by mortgages on certain real estate, due 2023. H/2 Capital’s portion of the loan is almost half of the $1.7 billion total. The loan is rated CCC+ by S&P. Prior to the news the loan had been quoted around 89. H/2 Capital’s loan, which will be sold at auction, is being marketed around 87. Reuters reported on July…


a Practical Platform to Sell Trade Claims

Vladimir Jelisavcic

Introduction

Claims Market [1] is a market for trade claims that solves the three biggest issues in trade claims: helping sellers get the best price, providing transparent closing documents, and a structuring predictable closing process. “Trade claim” is a catch-all term for claims in a bankruptcy case that are not debts for money borrowed. In most bankruptcy cases, the largest amount of claims are for money borrowed by the bankrupt debtor, such as bonds evidenced by a bond indenture, or loans evidenced by a credit agreement.

The underlying basis of a trade claim is usually the extension of…


Utility Tokens and the Real World

Picture this, Starbucks announces an ICO of 1 billion new “StarCash” tokens. Each StarCash token lets you buy one Grande Americano that costs $3.53. The ICO price is set at $3.00 per StarCash token. Let’s say you missed out on the ICO, how much should you pay for StarCash in the secondary market ?

Probably about $3.50. Maybe you would want to pay slightly more for the convenience of holding StarCash in your digital wallet. You could send some to your family and friends if they needed to buy coffee. Some people would only…


In 1973 Fischer Black and Myron Scholes published an article titled “The Pricing of Options and Corporate Liabilities.” This innovation in quantitative finance became the standard for options pricing and enabled the explosive growth of the listed options market. From a historical perspective, the Black-Scholes paper is analogous to Satoshi Nakamoto’s 2008 white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” in its foundational significance.

In 1973, the Chicago Board Options Exchange (“CBOE”) began to trade listed options. This lead to explosive growth in volume. By June 1974, the CBOE average daily volume exceeded 20,000 contracts. In 1975 the Philadelphia Stock…


As an investor in two blockchain analytics companies (visit Panda Analytics and Elementus), I am very optimistic about the cryptoasset space as a whole. However, I have found the industry heavy on overvaluation of assets and light on data and fundamental analysis. The most obvious area of this overvaluation that I have observed has been in the space of utility tokens — digital assets that are proposed to provide access to services but lack intrinsic value beyond their use case.

Investors have bid up the price of many utility tokens over the last year. I think there are two main…

Vladimir Jelisavcic

Manager of Cherokee Acquisition, an investment banking firm focused on the accounts receivable ecosystem.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store