LevFin Insights objects to request to seal Silicon Valley documents

LevFin Insights has filed a legal challenge to SVB Financial’s motion to seal certain documents pertaining to how it ran its business, reports Teri Buhl.

Buhl of LevFin Insights writes, “The motion to seal documents in the case was first filed by the debtor’s counsel Sullivan & Cromwell earlier this month in SDNY bankruptcy court. The challenge motion from LFI, which was filed by counsel to LFI’s parent company, Hearst Corporation, asserts that press freedom and access to information is the foundation of our bankruptcy courts, and the sealing of documents should not be allowed especially for those deemed non-confidential.

“Access to information is also critical in helping investors in over $3 billion of SVBF bonds make trading decisions. Creditors are currently counting on the FDIC returning just over $2 billion of cash the agency seized after the parent company’s bank was put into receivership last month.

“LFI previously reported SVB Financial Group counsel, in a document filed in SDNY bankruptcy court on March 21, called out the FDIC for allegedly improperly blocking its access to certain funds.”

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Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.