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Funding the Claim Is Not Owning the Claim: What Mariana Reveals About Litigation-Finance Rights

The Mariana dam litigation has exposed a private-asset problem that is usually hidden inside funding agreements: a claimant can own the cause of action, lawyers can control day-to-day litigation, a client committee may hold strategic authority, a litigation funder can finance the case and receive a share of proceeds, and none of those roles is automatically the same as owning or controlling the claim. Financial Times reporting in September 2026 described a dispute involving funder Gramercy,...

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The Gold Stays in the Vault. The Rights Move: Why Tokenised Commodities Need an Asset Passport

The UK Financial Conduct Authority is exploring whether tokenised gold can improve how bullion is traded, transferred, pledged and held, with wholesale collateral identified as a particularly important use case. The consultation exposes a deeper infrastructure problem: the token is not the gold. A serious institutional record must connect the physical bullion, vault and custodian, legal ownership, digital representation, redemption rights, encumbrances, transfers and collateral state....

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A $1 Billion Claim Is Not a $1 Billion Asset: What 1MDB Shows About Recovery Rights

Liquidators of four companies have sued DBS Bank in Singapore for an estimated S$1.298 billion in damages in connection with 1MDB recovery efforts. DBS categorically rejects the claim and has made no provision for it. The case is a useful illustration of a broader private-asset problem: once the original money has moved or disappeared, the economically relevant asset can become a recovery right. But the amount claimed, the expected value of the claim, a judgment, cash actually recovered and...

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An Insured Invoice Is Still Not a Verified Receivable: What Radiant World Reveals About Trade-Credit Evidence

The Radiant World disputes have moved beyond lenders and commodity counterparties into trade-credit insurance. The Financial Times reported that Zurich and Allianz Trade wrote policies covering transactions linked to the embattled iron-ore trader, including Zurich cover tied to non-payment by counterparties such as Glencore. That adds a new layer to a case already involving allegations that some invoices used in financing were invalid or had already been paid. The lesson is not that...

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The Collateral Is Not Enough: Why AI Data-Center Debt Is Becoming Milestone-Backed Finance

AI infrastructure borrowing has reached extraordinary scale, but lenders are becoming more selective about when committed capital can actually be drawn. Reuters reported in September 2026 that AI-related debt issuance had reached nearly $500 billion through early August, while data-center financing increasingly requires evidence such as permits and signed leases before construction funding becomes available. Galaxy’s Helios project shows the other side of the same problem: $3.5 billion of...

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The Bond Was Already Digital: What India’s First Tokenised Bond Actually Changes

REC’s ₹500 crore issuance under India’s regulatory sandbox is the country’s first tokenised corporate bond, but the underlying bond market was already dematerialised. The important change is therefore not that a paper bond became digital. Demat 2.0 moves the securities record onto distributed-ledger infrastructure while the RBI’s wholesale CBDC provides a digital cash leg, allowing atomic delivery-versus-payment and same-day pay-in, allotment and listing. The experiment exposes a broader...

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How to Prepare a Claim for Review in DaDepo

Follow a claim file from document upload and reviewed findings to an Asset Passport working record, with a separate route to issuance and controlled review. A practical example keeps a €4 million claim, a €1.2 million settlement and €400,000 collected distinct, and shows where to record ownership, security, funding and unanswered questions.

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A Claim Is Not Its Proceeds: What First Brands Reveals About Litigation Assets

First Brands’ failed Chapter 11 plan exposed a distinction that matters far beyond one bankruptcy: a legal cause of action, the future proceeds of that action, a lien over those proceeds, litigation funding and an economic interest in a litigation trust are not the same asset. The court rejected a proposed credit bid for certain estate claims where the lenders’ liens attached to proceeds rather than the claims themselves, while the wider plan depended on major future litigation recoveries....

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Paperless Trade Fails at the Border: Why Electronic Documents Need Portable Legal State

APEC is moving paperless trade from policy language into cross-border pilots through the APEC Centre of Excellence for Paperless Trade. Its initial work focuses on electronic bills of lading, certificates of origin, invoices and customs bonds, with real transactions intended to expose where legal recognition, technical standards and operational workflows still break between jurisdictions. The deeper lesson is that a digital trade document is useful only when its authority, control, current...

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The Token Cannot Have Its Own Reality: What the SEC’s New Stock Rules Reveal About Asset Identity

The US Securities and Exchange Commission has created a five-year conditional exemption allowing limited on-chain trading of tokenised NMS stocks on Tokenized Securities Venues. The conditions make the underlying infrastructure lesson unusually explicit: a tokenised stock must provide the same rights and privileges as the equivalent traditional share, issuers can object to unaffiliated third-party tokenisation, smart contracts must be public and auditable, and trading in the tokenised stock...

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The Home Is Not the Receivable: How Ijarah Turns Property Finance Into an Institutional Asset

Egypt’s Nawy Now and Synergy Capital have closed a second EGP 633 million issuance of an Ijarah-based fixed-income fund, taking the programme above EGP 1 billion in less than a year. Nawy says the fund buys mortgage receivables from its home-finance portfolio, freeing balance-sheet capacity for new financing. The structure is a useful reminder that property, the Ijarah contract, the customer’s payment obligation, the receivable, the portfolio transferred to a fund and the investor’s fund...

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The Invoice Exists. The Receivable May Not: What Radiant World Reveals About Trade-Finance Asset Identity

The widening Radiant World disputes show why an invoice is not enough to establish a financeable receivable. In one Singapore lawsuit, Incomlend alleges that it advanced $31.7 million against two Glencore invoices with a combined face value above $34 million, only to be told later that the invoices had already been paid and that the underlying contracts were not genuine. Separately, a Jefferies-linked fund has obtained a London freezing order of up to $499 million against Radiant World, its...

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