For the past two years, the subprime auto market has defied expectations, but 2023 is off to a cold start. Normalization is on the horizon, but when we will get there and what it will look like when we do, remains unclear. What is normal in this moment is to ask whether the performance data is a sign of deeper trouble. And if so, will the structural protections in auto ABS continue to protect...
Joseph Cioffi was quoted in an American Banker article "CFPB Lawsuit Seen as Warning Shot to Subprime Auto Lenders."
You may have heard this before: As cannabis remains a Schedule I drug under the federal Controlled Substances Act ("CSA"), cannabis companies cannot seek bankruptcy relief under federal law. Not so fast. Access to bankruptcy can be highly fact-dependent.
When the history books are written, it may be said that the biggest event to shake the crypto world was not the crypto bankruptcies of 2022, but rather, the clawback of billions of dollars in crypto value in those bankruptcies. Since summer 2022, five major crypto companies have filed bankruptcy: a hedge fund (Three Arrows Capital), two lenders (Celsius and BlockFi), a broker (Voyager), and an...
Joseph Cioffi was quoted in a MarketWatch article, "Why Worries Over Subprime Auto Bonds Might Be Only Getting Started."
As we learn more about FTX’s operations, speculation is slowly giving way to certainty. It’s clear FTX’s collapse will have a deep impact on the future of regulations, its bankruptcy will help create the blueprint for clawbacks in the crypto space, and potential tensions between the trustee and foreign liquidators could forge new jurisdictional law.
Joseph Cioffi was quoted in a Bloomberg Law article, "Madoff, MF Global Offer Guidance as FTX Faces CFTC in Bankruptcy."
