Okay, so it's only on their US branch/based exchange. I thought it is the Bittrex exchangeas a whole. Well, good enough if the file won't be denied. Also, it's probably bad timing for its US users knowing there are only several exchanges can legally operate there and the BTC price keep hanging the 30k barrier.
If that is true, I wonder if it's the same company, how can they go bankrupt only partially, i.e. only in the U.S. Rather, I would say that this is an attempt to avoid responsibility, especially if we consider that their problem with the SEC is that they have been working illegally for years, without the necessary permits and licenses.
Very disappointing, I don't know what to expect from them in the future. It's probably better to close them completely.
Because legally it's a 100% separate company from the rest. They formed a corporation in the US that operated independently from the other Bittrex entities.
It's actually quite common in a lot of businesses. You see it a lot in property.
The building at 1 Dave Street is a different company then 2 Dave Street and 3 Dave Street. This way if something happens at or to 3 Dave Street that may cause it financial stress or something else #s 1 & 2 are not bothered by it. Also, if you want to sell 3 Dave Street, there is nothing to split up. It's 100% on it's own.
Look at it this way, if instead of filing Chapter 11 they decided to sell off the US arm to 1 Dave Street properties, all they would have had to do is sell that one thing. Not split it off form some huge monolithic Bittrex World Wide entity. It was already split off.
-Dave
