Silvergate: Best in Class Investigations and Meta Analysis
Delivering results under court mandate and budget
Silvergate, a crypto-focused bank, became deeply entangled with FTX and Alameda Research, triggering regulatory scrutiny, reputational damage, and its eventual Chapter 11 filing in September 2024. The Court appointed an Examiner to evaluate a prior internal investigation that had recommended sweeping liability releases for directors and officers.
Action:
- Pivot >, led by Stephanie Wickouski as Court-appointed Examiner, conducted an independent, court-ordered investigation into the Special Investigation Committee’s process.
- The team uncovered procedural failures, potential conflicts of interest by counsel, and substantive deficiencies in the internal review.
- Pivot’s investigation identified potential causes of action with material settlement value.
- The work was completed within the court-mandated budget and 60-day timeframe.
Results:
- Uncovered flaws that reshaped creditor negotiations and litigation strategy.
- Enabled an out-of-the-money creditor class to recover value in the confirmed plan.
- Provided a credible basis to challenge broad director and officer releases.
Pivot > Team:
Stephanie Wickouski
Managing Director
Chelsea Grayson
Managing Director
Steve Borse
Senior Director
Liz Gonzalez
Director