U.S. Bankruptcy Court Grants Trustee’s Right to “18F” Apt. in Miles Guo Chapter 11 Case

On Aug 4, 2022, local time, the Connecticut Bankruptcy Court held another hearing for multiple motions in Miles Guo’s Chapter 11 case. The Court granted the appointed trustee, Luc A. Despins’ right to the 18th-floor Apartment at the Sherry Netherland, located at 781 Fifth Avenue, New York City. 

 Previously, on July 23, Despins filed a motion requesting the Court to approve his rights of holding all economic and corporate governance rights in Miles-controlled entities and also to authorize him to act in any foreign country on behalf of Miles’ estate.

 In the motion, Despins stressed that “Miles-controlled entities” include Genever Holdings Corporation (Genever BVI), a British Virgin Islands corporation that, through its wholly-owned subsidiary, Genever Holdings LLC (Genever US), a New York limited liability company, is the registered owner of an apartment at the Sherry-Netherland building.

 In addition, Despins requested the Court to authorize himself to act as Miles’ foreign representative in any foreign country on behalf of Miles’ estate, in any way permitted by applicable foreign law for himself to investigate, collect and recover Miles’ assets located in foreign countries, including relief in foreign courts; and to exercise control over Miles-controlled entities, to obtain corporate documents from appropriate foreign corporate registries, including the corporate documents related to Genever BVI from the appropriate BVI entity; Despins also requested that the Court shall enable himself to exercise the authority without Miles’ interference, hinder or delay and the assistance of the foreign courts.

 Despins argued that Miles owns all of Genever’s BVI, while Genever’s (BVI) wholly owns Genever’s US, which includes the Sherry-Netherland Apartment.

 Regarding the fact that currently, Genever US is seeking in its own chapter 11 case to sell the Sherry-Netherland Apartment, Despins believes that because Miles has been: directing counsel in the conduct of Genever US’s chapter 11 case”, so himself, being the trustee “has stepped into the shoes of Miles”, and as it related to Miles economic and governance rights, should have the authority to provide direction to Genever US, and also he needs to exercise as soon as possible.

 Later, on Aug 5, Miles commented on the Court order saying that he respects the Court’s order but reserves the rights of appeal including the motion of relief of the trustee appointment of Luc A. Despins, and Paul Hastings LLP as its counsel; and the fact that he owns neith Genever BVI nor Genever US entities, so he is only an unrelated third party in the dispute over the Sherry Netherland apartment, which will soon be proven through the forthcoming investigative process.

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Translator: MOS English Team
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