Polsinelli is pleased to be representing Virtual Citadel, Inc. (the Company), an Atlanta-based data storage and bitcoin mining company, in its Chapter 11 bankruptcy proceedings commenced on February 14, 2020 in the U.S. Bankruptcy Court for the Northern District of Georgia, along with several of its affiliates. The filing was precipitated by the unexpected death of its founder, Michael L. Oken on Oct. 30, 2019. Oken owned about 87% of the shares of the company. In the crisis following Oken's death, Marshall Glade of GlassRatner Advisory & Capital Group LLC was appointed receiver and later the Chief Restructuring Officer of the Company. Glade stated that he plans to pursue a sale of the Company to Block Data Processing Corp. Although the sale process has not yet been finalized, Block Data is already serving as third party Manager Virtual Citadel as an ongoing concern and will continue to do so during the Chapter 11 process.

Polsinelli's representation is being handled by David E. Gordon together with Gwendolyn J. Godfrey and Caryn E. Wang. This representation demonstrates the broad range of Polsinelli's Fintech and Regulatory Practice as we assist our client in all aspects of blockchain and crypto currency related matters.