Silicon Valley Bank v. SVB Financial Group: Complaint (‘$294M Upstream Distribution’)

Complaint to void a “$294 Million distribution made by Silicon Valley Bank to SVBFG, its sole shareholder, at a time when the Bank’s insolvency and collapse was a certainty and overlapping board of directors and officers were well aware of SVB’s critical financial distress” in Andrew Childe, Niall Ledwidge, and Michael Pearson, as Joint Official Liquidators of Silicon Valley Bank (in Official Liquidation), of the Cayman Islands v. SVB Financial Group at the U.S. Bankruptcy Court for the Southern District of New York.

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Pages: 163

Date: July 24, 2024

Defendants/Respondents: SVB Financial Group

Plaintiffs/Applicants Attorneys: Holland & Knight, Warren Gluck

Case Number: Xx Xx Xx

Topic: Banks & Trusts, Liquidations & Insolvencies

Plaintiffs/Applicants: Silicon Valley Bank

Insolvency Practitioner: Stout, Niall Ledwidge, Michael Pearson, FFP, Andrew Childe

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Silicon Valley Bank SVB Financial Group

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Silicon Valley Bank v. SVB Financial Group: Complaint (‘$294M Upstream Distribution’)

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Liquidators of ‘ticking time bomb’ Silicon Valley Bank (Cayman) sue shareholder SVB Financial Group to void ‘$294M distribution’