Andrew · LinkedIn · September 1, 2026
I’m in front of a $20M claim holder asking for six cents on the dollar when the market is four. An extra two cents doesn't sound like much compared to what the seller lost. But to the prospective buyer, it's paying 50% over market with no new facts to justify it....
Andrew · LinkedIn · August 27, 2026
In law school one of my favorite courses was a mediation clinic with Professor Lela Porter Love. Every week my classmates and I would head down to Manhattan Small Claims Court on Centre Street where we’d wait in the jury box until a court officer handed us a slip with two names on it and a dollar amount....
Other · LinkedIn · June 11, 2026
The Federal Circuit has now stayed the CIT's injunction against the Trump administration's Section 122 tariffs, signaling that the CIT majority's narrow reading of "balance-of-payments deficit" and the related legislative history should be viewed with skepticism and observing that, in its independent assessment of the facts, the administration is likely to win on the merits. So what does this mean for importers....
Andrew · LinkedIn · June 10, 2026
On June 8, Judge Leo Sorokin (D. Mass.) vacated the $100,000 fee on new H-1B petitions as a "tax" that was never authorized by Congress. What matters is the substance, not the label. Compared to the scale of IEEPA tariff refunds ($166 billion!) this is miniscule. As of mid-February, only about 70 employers had actually paid, totaling roughly $7 million of revenue (there's a Trump-change / chump-change joke in here somewhere, but I digress....).
Andrew · LinkedIn · June 8, 2026
Many importers who were expecting full refunds are disappointed, having received only a fraction of their Phase 1 entries back. They're wondering when the rest of the cash is coming . . . and what's going to happen with Phase 2 now that the government is appealing the refund process. Curious how this is all impacting market pricing? It's a multi-factor equation, driven by: Liquidation Status, Refund Size and Counterparty Risk. Andrew breaks it down....
Andrew · LinkedIn · June 4, 2026
The U.S. Government continues its work to issue refunds to importers that paid (now-unconstitutional) tariffs in 2025 and early 2026 through the recently deployed CAPE portal. What's actually being paid right now in Phase 1?
Other · Turnpage Digital Markets · May 26, 2026
When the Supreme Court struck down the IEEPA tariff regime in Learning Resources, Inc. v. Trump on February 20, 2026, it converted years of duty deposits into the largest involuntary federal receivable in modern customs history — by industry estimate, over $166 billion across the importing community. What it did not do is hand any importer cash. Between the SCOTUS opinion and a wire on Friday sits a filing process, a buyer's underwriting screen, and a closing set. This piece walks through all three, from the seller's chair.
Andrew · LinkedIn · May 15, 2026
Class counsel in Bartz v. Anthropic PBC (N.D. Cal.) sought final approval of the $1.5 billion settlement and for the court to overrule all objections. At the hearing, counsel simultaneously disclosed a downsized fee request from 15% to 12.5% of the gross fund (approximately $187.5 million plus $3 million in incurred expenses, an $18.22 million cost reserve, and $50,000 service awards to each of the three class representatives). The claimant participation rate is unprecedented: 440,490 of 482,460 eligible works, or 91.3% (as reported in April) compared to typical filing rates of 20-30%. The settlement is structured as a per-work compensation scheme with each work eligible to receive approximately $3,000 (far less than the $150,000 statutory limits), split among rights holders. Judge Martínez-Olguín took the ruling under submission and could approve the settlement on a final basis at any time in the coming days or weeks, which would trigger an additional funding requirement by Anthropic. Key developments to watch: → June 11 - expected distributions per work to be calculated → June 11 - appellate oral argument in Thomson Reuters v. ROSS on whether AI training constitutes fair-use → July - Potential appeals by objecting parties (group-registration undercounting - Pinder, opt-out due process - Chakanga, and co-owner consent - Esquivel) Meanwhile, the docket for copyright cases against LLM providers continues to grow, with 60+ putative class actions working their way through the process. hashtag#Copyright hashtag#AILitigation hashtag#ClassAction hashtag#FairUse hashtag#BartzVAnthropic
Andrew · LinkedIn · May 12, 2026
The CIT's determination that Trump's use of Section 122 to impose 10-15% tariffs on importers was unlawful all hinged on whether there was a "balance of payments deficit". So what does that actually mean? Post WWII, most countries used a system called Bretton Woods to handle international money. The US promised to trade gold for dollars at a fixed price, and other countries promised to trade their currencies for US dollars at fixed prices too. So exchange rates didn't really move around — they were locked in place by international agreement. Under that system, countries sometimes ran into a problem called a "balance of payments deficit." Basically, more money was flowing out of a country than flowing in (as determined by economists based on highly technical metrics). In 1973, the Bretton Woods system collapsed. Countries stopped promising fixed exchange rates, and currencies started floating freely based on supply and demand (which is still how it works today). Then in 1974, Congress passed the Trade Act, which included rules about what to do if the US had a "balance of payments deficit." When Congress wrote the law, they were thinking about the old Bretton Woods system that had just ended. Unsure if the US might eventually go back to fixed exchange rates, they wrote the law as a safety net for that possibility. The Trump administration attempted to take a broader, modern interpretation to "balance of payments deficit", asserting in its original proclamation that “the United States runs a trade deficit, does not currently make a net income from the capital and labor that it deploys abroad, and experiences more transfer payments, on net, flowing out of the country than into the country.” But the administration failed to identify any "balance of payments deficits" within the meaning of Section 122 as it was enacted in 1974. The majority opinion in the CIT's ruling rationalized that if the court were to permit the executive branch to stretch the definition of "balance of payments deficits" from its narrow intended meaning to any kind of trade imbalance, it would materially expand the executive branch's power beyond Congress' original intent. But there was a dissenting opinion so we're likely to see an appeal to the Federal Circuit Court of Appeals. Stay tuned folks. For more insights on the evolving tariff landscape, follow along and make sure to check out Rewind Tariffs, where importers can track filings, get updates and access liquidity solutions. #IEEPA #Trade #Tariffs #Trump #Policy #Legal
Andrew · LinkedIn · May 11, 2026
Yesterday a 2-1 panel at the Court of International Trade ruled in Burlap & Barrel v. Trump that Trump's 10% global tariff, imposed under Section 122 of the 1974 Trade Act, is unlawful. Unlike the rulings in V.O.S. Selections and Learning Resources, which halted IEEPA tariffs and required refunds on all duties paid, here, the CIT crafted narrow relief for the two importer plaintiffs (Burlap & Barrel, Basic Fun!) and Washington State, which paid duties directly. The court rejected any universal injunction on Section 122 tariffs (which are set to expire by statute on July 24 in any event) and denied standing to the other 23 state Attorney Generals that joined the suit because their alleged harm — pass-through costs borne by in-state businesses — was indirect and speculative. So what’s next? ➡️ Unlike with IEEPA, there are no automatic refunds here. Importers will need to preserve their rights by filing protests under 19 U.S.C. §1514 or fresh lawsuits at the CIT (i.e., the same protocol for IEEPA prior to the rulings earlier this year that kicked off the refund process through CAPE. ➡️ A Federal Circuit appeal is likely, and although the administration’s track record hasn’t exactly been sterling here, this extends the uncertainty around whether all importers will ultimately be eligible for refunds of Section 122 tariffs as well. ➡️ The Office of the United States Trade Representative’s Section 301 investigations into 16 economies continue marching toward replacement tariffs before the Section 122 tariffs expire. ➡️ The first IEEPA refunds are expected to flow starting around May 12 via CAPE. Only a fraction of importers are due to receive this first wave of payments with many importers still unregistered on the ACE Portal. The government still has a window to try and halt payments by filing an appeal, but hasn’t taken action. For importers holding significant Section 122, IEEPA, Section 232, or Section 301 exposure seeking to evaluate and monetize their refund rights, Rewind Tariffs is here to help. www.rewindtariffs.com. hashtag#TariffRefunds hashtag#Section122 hashtag#IEEPA hashtag#InternationalTrade hashtag#CIT hashtag#FederalCircuit hashtag#CustomsLaw hashtag#TradePolicy hashtag#ClaimsTrading
Andrew · LinkedIn · April 25, 2026
There’s a lot of talk about the upcoming April 20th opening date for the CAPE portal, which will allow importers to submit declarations and, in theory, within 60-90 days after approval, receive refund payments via ACH (I posted separately here about the likelihood that timeline gets blown out significantly —> https://lnkd.in/erGNJJpU). I’m seeing a lot of warnings from folks about the April 20th CAPE deadline so wanted to clarify here that the April 20th date is merely the starting gate, not the finish. It’s a milestone for payment readiness but not a cut off. It’s likely that importers that register early will be first in line to receive checks, and it’s important not to lose track of liquidation dates, but no one should be panicking here. If you’re an importer looking for help registering for the ACE portal, submitting declarations in CAPE, understanding your refund eligibility or interested in exploring an early payment, get in touch! Rewind Tariffs is offering refund holders competitive rates and a streamlined closing process. Check us out. www.rewindtariffs.com
Andrew · LinkedIn · April 25, 2026
The CAPE portal for IEEPA tariff refunds started processing submissions yesterday. No refunds yet, just accepting declarations. As expected, there were some glitches, but it's a major achievement for a government agency to move this fast. Someone at the CBP is certainly asking "what did you get done today?" 🚀 The Trump administration has until early June to appeal, but there's been no filing, no motion for an extension of time, no public signaling of intent since the most recent orders by Judge Eaton requiring the CBP to push forward. What does it all mean? Might the administration pursue other means of recovery or are they still going to jam up the works before a single dollar starts flowing? Time will tell, but market pricing for Tariff Refunds still assumes appeal risk among other factors such as the application of tariff setoffs that could materially compromise funder recovery efforts. Sasha Rogelberg at Fortune has a good take on this: https://lnkd.in/ed4e_qRF hashtag#IEEPA hashtag#TradePolicy hashtag#ImportDuties hashtag#TariffRefund Rewind Tariffs
Andrew · LinkedIn · March 20, 2026
Last week, BlockFills, Chicago-based institutional crypto liquidity provider and lender, suspended client deposits and withdrawals citing "market and financial conditions". The firm, founded in 2018, has raised a total of $44 million, including a $37 million Series A in 2022 led by Susquehanna Private Equity Investments, with participation from CME Ventures, among others. According to BlockFills' 2025 year-in-review, the firm transacted $61.1B+ in volume in 2025 (up 28% from 2024), including $40.8B+ across derivatives trading and $17.9B+ across spot trading. BlockFills serves 2,000+ institutional clients across 95+ countries — hedge funds, miners, asset managers, proprietary trading groups — with options products restricted to Eligible Contract Participants and Qualified Counterparties. The firm onboarded over 300 new institutional clients across 50+ countries in 2025. BlockFills also named an interim CEO, Joe Perry, who has served on the company's Board of Directors since 2019, in late December. The crypto selloff accelerated after Trump named Kevin Warsh as the next Fed chair on January 30, sparking expectations of balance sheet tightening and reduced institutional appetite for digital "risk" assets. Bitcoin is now down ~47% from its October all-time high above $125K, with Ethereum and Solana down roughly 40% and 45% respectively over the past month. There are rumors of a balance sheet hole at BlockFills in the tens of millions of dollars. If true, the company needs a major capital infusion, which may be impossible outside of a chapter 11. In a statement posted to its website on February 11, BlockFills said management has been "working hand in hand with investors and clients to bring this issue to a swift resolution and to restore liquidity to the platform," but no timeline or updates has been provided and neither Susquehanna nor CME Ventures have responded to requests for comment. Clients can open and close certain spot and derivatives positions — but funds are locked. If you have capital stuck on the platform you should be reviewing your contracts, considering what remedies are available, and documenting all prior communications with BlockFills and your account balances. The 2022 parallels are hard to ignore. Celsius, Voyager, Genesis, BlockFi — all froze withdrawals before filing chapter 11. In each of those cases, the "temporary pause" turned permanent, and creditors spent years litigating over recoveries, account classifications, and priority disputes. There have been no fraud allegations or reports of missing funds — but the pattern is familiar. Distressed investors and claims buyers will be watching this closely.
Andrew · LinkedIn · March 15, 2026
#BTC is up this AM but more or less stuck in the doldrums. It's not a crypto winter but crypto is just not all that exciting right now. #Stablecoin infrastructure is quietly taking over the settlement layer in traditional finance and the lines between the crypto and non-crypto world are quickly evaporating. Boring is generally good for long term value creation. 🥠 Much of the action has moved to hashtag#prediction markets. Kalshi and Polymarket are everywhere, and the numbers back it up: $22B+ in combined volume in February alone (second-highest month on record) with both platforms now in fundraising talks targeting $20B valuations each. They're integrating with major exchanges, media outlets, and traditional brokerages. While I have no moral objections about betting on sports, outcomes of Supreme Court cases or what Trump will say in his next press briefing, I have deep misgivings about some of the markets that represent a significant focus for these companies. Betting on elections in particular is a seriously dangerous game that is not going to end well for American democracy and I'm skeptical that any safeguards can be put in place to sufficiently overcome my concerns about foreign election interference and large scale societal manipulation. Polls are problematic enough and election markets simply put too much power in the hands of those who wish to cause harm to our cities and country. What else out there is interesting? 🧑💻 Agentic hashtag#AI. Every day we see new revolutions in AI and it's a full time job to keep up. I've been spending much of my time tracking this and thinking deeply about where the long-term moats and opportunities will lie, both in my native spaces and other industries I find interesting. 🚢 hashtag#IEEPA hashtag#Tariffs. There's a massive play right now with $130B+ in potential refunds due to importers following the Supreme Court's February 20th ruling in Learning Resources v. Trump that invalidated the IEEPA tariffs. The CIT issued its refund order on March 4, but then paused enforcement days later while CBP builds an automated refund system in its ACE portal (potentially launching around April 20). Depending on the extent to which your tariff payments have been liquidated and/or finalized, you may be looking at an automated refund or a 2+ year wait. The government's motion to stay refunds was already denied from the bench, but an appeal to the Federal Circuit is the near-certain next move and could reshape the timeline. Refund rights are trading on a daily basis, with prices ranging widely depending on size, liquidation status, CBP portal access and counterparty risk. 🤑 BlockFills. The company faces ~$75M in lending losses and a ~$77-80M deficit. Talks between large customers and potential capital providers about financing to fund a chapter 11 process and potential NewCo spinoff continue, but the Dominion Capital complaint filed in SDNY and the court's order freezing 70.6 BTC make an out-of-court option unlikely. Expect a filing soon.
Andrew · X · March 2026
Some great content from my friend @zackbshapiro. For all those out there building these kind of systems, you should read your employment agreements. Your company likely owns whatever system you're building for yourself. So either don't become too reliant on it, or start thinking about re-negotiating your agreement now.
Andrew · American Bankruptcy Institute · September 4, 2025
ABI Newsletter: Cardone’s bet is an unusual one. He proposes to merge the Via Mizner property with a $100 million slug of Bitcoin (BTC) and syndicate the package to retail investors. His pitch is that the real estate/BTC mix will allow him to plow rental cash flows into more BTC when crypto prices fall and to buy more real estate assets when crypto prices rise. But there are no obvious synergies between rental properties and BTC, and historically weak correlation between these asset classes mean both could easily fall in value at the same time. In June, the Ninth Circuit Court of Appeals in Christine Pino vs. Cardone Capital et al revived a securities class action lawsuit against Cardone Capital claiming fraudulent misrepresentation related to earlier real estate investment offerings. If this project fails, he’ll almost certainly face another.
Andrew · American Bankruptcy Institute · July 1, 2025
ABI Journal: The unsecured creditors’ committee (UCC) is a fiduciary body appointed in chapter 11 cases to represent all unsecured creditors.1 When creditor interests are fractured, the UCC often finds itself hamstrung — unable to advocate for certain of its constituents without harming the interests of others. Sophisticated creditors will form unofficial “ad hoc” groups and engage counsel to represent their distinct objectives. Smaller or less-experienced creditors may, naively or due to inadequate resources, rely on the UCC or these ad hoc groups to advance their own priorities. By failing to organize early or at all, these creditors can find their interests sidelined at pivotal inflection points.
Andrew · LinkedIn · June 9, 2025
Many importers who were expecting full refunds are disappointed, having received only a fraction of their Phase 1 entries back. They're wondering when the rest of the cash is coming . . . and what's going to happen with Phase 2 now that the government is appealing the refund process. Curious how this is all impacting market pricing? Andrew discusses the multi-factor equation....
Other · Nalu Finance Podcast · February 3, 2025
In this episode of Nalu Finance, we sit down with Andrew Glantz to explore the $40-50 billion market of bankruptcy claims trading. Andrew dives deep into the risks and rewards of investing in bankruptcy claims, including why this asset class remains largely uncorrelated to traditional markets, the four key risks investors must assess, and how careful research can uncover significant value-creation opportunities. He also unpacks the extraordinary case of FTX bankruptcy claims, where early buyers saw 10x+ returns as assets were uncovered.
Other · Grant's Interest Rate Observer · May 24, 2024
Money back plus interest paid for the customers and creditors of a certain bankrupt crypto exchange. Andrew Glantz quoted on FTX recoveries. (Vol. 42, No. 10)
Other · NPR Planet Money · April 19, 2024
For the last year and a half, the story of FTX has focused largely on the crimes and punishment of Sam Bankman-Fried. But in the background, the actual customers he left behind have been caught in a financial feeding frenzy over the remains of the company. On today's show, we do a deep dive into the anatomy of the FTX bankruptcy. We meet the vulture investors who make markets out of risky debt, and hear how customers fare in the secretive world of bankruptcy claims trading.
Other · Grant's Interest Rate Observer · February 16, 2024
The once and future opportunity to profit from crypto-related distress. Andrew Glantz quoted on FTX and Genesis trading dynamics. (Vol. 42, No. 3)
Other · The New York Times · December 20, 2023
Andrew Glantz quoted on trading volume in Genesis and FTX.
Other · Benzinga · November 14, 2023
Benzinga CEO Jason Raznick moderated a discussion with Thomas Braziel, John Glover, and Andrew Glantz. Raznick, a member of the unsecured creditor committee in the Voyager Digital bankruptcy case, set the stage with his experience on Voyager’s credit committee, highlighting the difficulties in the bankruptcy process and the partial recovery of investments. He emphasized the complexity and unpredictability of the crypto bankruptcy process, underscoring the need for better systems and regulations. “I don’t think bankruptcy and crypto are set up to work properly right now,” Raznick said. Glantz shared how his firm's platform has become a vital tool in the trading of bankruptcy claims, including those in crypto. [We're] educating both bankruptcy and crypto investors, bridging a critical knowledge gap, he said. “Bankruptcy is a good opportunity, I think, for the crypto industry to grow up a little bit.” Glantz’s insights into the process of claim trading and the emotional impact on claimants provided a human perspective on the bankruptcy process. He also discussed the challenges of reconciling the privacy desires of crypto investors with the transparency requirements of bankruptcy proceedings.
Other · The Business, Humanities, Science and Ethics University, USA (BHSEU) · April 15, 2023
Other · Grant's Interest Rate Observer · March 10, 2023
Sifting through the opportunities in crypto salvage investment. Andrew Glantz quoted on Genesis market activity. (Vol. 41, No. 5)
Other · Bloomberg · February 2, 2023
Just months after FTX’s collapse drew some of the largest distressed investors to crypto, the spiraling industry has thrown up a new high-profile target: Genesis. While the lender only filed for bankruptcy less than two weeks ago, the broker XClaim has confirmed three trades for its claims with an average value of over $1 million, in the range of 25% to 35% of face value, according to Chief Strategy Officer Andrew Glantz. A $4 million claim was sold to Jefferies Leveraged Credit Products LLC, according to a Tuesday filing. Genesis, a unit of Barry Silbert’s Digital Currency Group, ...
Other · CoinDesk · January 11, 2023
Andrew · American Bankruptcy Institute · December 1, 2022
ABI Journal: Debtors are not the only parties that experience financial distress in chapter 11. Creditors often have their own economic woes that are created or exacerbated by a debtor’s f iling. This has been on dramatic display in the proceedings of two cryptocurrency finance platforms: Voyager Digital and Celsius Network.1 Pre-petition depositors, unable to access their accounts and unexpectedly finding themselves as creditors, inundated the courts with pleas for immediate relief, many in dire financial straits.2 While the presiding judges asked for patience to address threshold legal issues, it is cash — not sympathy — that pays the bills. Congress understood the importance of timely liquidity. It created a mechanism by which creditors may sell their rights to payment to another party pursuant to Rule 3001 (e) of the Federal Rules of Bankruptcy Procedure (FRBP). This allows creditors to “collect” from a third party rather than the debtor without violating the automatic stay, which precludes collection actions during the debtor’s chapter 11 case.
Other · Bloomberg · August 9, 2022
Andrew discussed the incredible inflow of Voyager and Celsius creditors seeking liquidity in the summer of 2022.
Other · BBC Radio 4 · May 22, 2015
All through history people have wanted to get one over on the tax man. Whether it was the peasants of the 14th century who hid their fellow villagers to avoid the Poll Tax, homeowners in the 18th century who promised their votes to those tax collectors who would turn a blind eye to the window tax or the rich money men of the 1970s who would pay clever accountants to construct shell companies to avoid income tax. It has created a headache for governments throughout the ages. Paul Lewis looks at what can history tell us about what is a fair rate of tax, what will bring in the most revenue and asks when did paying your taxes become a moral issue.
Other · PBS · Feb 26, 2015
The window tax lasted until 1851, but its legacy survives in architecture. Residents were charged a flat rate of two shillings -- plus four shillings more for homes with 10 to 20 windows and double that for homes with more than 20. Soon, English homes featured either nine or 19 windows. Andrew Glantz, a window tax expert and a lawyer, says new construction was affected as well, noting that "entire bottom floors would have no windows" in lower-income housing designs. The tax also gave rise to internal stairwell windows, which allowed for surreptitious access to light and air.
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