A New York-based bitcoin company affiliated with Bitcoin Center NYC has filed for Chapter 11 bankruptcy protection after months of legal wrangling.
A non-profit industry advocate founded last year, the World Bitcoin Association (WBA) has been embroiled in a legal dispute with its landlord over site issues at 40 Broad Street, a building that also houses Bitcoin Center NYC.
The organization claimed between $100,000 and $500,000 in liabilities, and up to $50,000 in assets, according to court documents obtained by CoinDesk. The filing also states that the company expects to have enough funds to pay unsecured creditors, with a creditor meeting scheduled for 17th April.
The legal situation involving WBA may see further developments in the days ahead, as according to Bitcoin Center NYC co-founder Nick Spanos, the company is planning to file to have the bankruptcy petition dismissed.
In an interview, Catafago said of the landlord’s behavior toward his client:
“In 30 years, I’ve never seen a landlord behave as poorly as this landlord.”
The WBA first filed suit against its landlord, 40 Broad Associates No 2 LLC, in October 2014, and is being represented by New York attorney Jacques Catafago in those proceedings. For its separate