WEBVTT - Who Is Kirkland + Ellis LLP?

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<v Speaker 1>I'm Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg News.

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<v Speaker 1>And this is Bloomberg Crypto, a daily Bloomberg I Heart podcast.

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<v Speaker 1>It's Tuesday, July. There's an old joke in finance. When

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<v Speaker 1>companies fight, lawyers win, and right now in crypto, lots

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<v Speaker 1>of companies are fighting, some for their corporate lives. Enter

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<v Speaker 1>the lawyers. Kirkland and Ellis, one of the biggest law

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<v Speaker 1>firms in the world by revenue, has emerged as a

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<v Speaker 1>major player in crypto. Earlier this month, the firms signed

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<v Speaker 1>on to work on the bankruptcy filings for both Celsius

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<v Speaker 1>Network and Voyage of Digital. There's relatively little case law

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<v Speaker 1>that addresses how crypto assets and their holders should be

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<v Speaker 1>treated in a bankruptcy. That means any legal precedent set

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<v Speaker 1>in these cases could shape the future of crypto lending

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<v Speaker 1>and crypto bankruptcy and determine how distressed crypto companies pay

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<v Speaker 1>back their creditors. Form on this joining me now you'll

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<v Speaker 1>hear from Bloomberg report to Jeremy Hill. He'll share his

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<v Speaker 1>reporting on big Laws entry into the world of krypto. Jeremy,

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<v Speaker 1>thank you so much for being on the show. Thank

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<v Speaker 1>you for having me. So, before we get into the

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<v Speaker 1>weeds of krypto and bankruptcy and bankruptcy filings, what is

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<v Speaker 1>it that lawyers do in these sorts of situations? What

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<v Speaker 1>is Kirkland's rule here? Sure, so Kirkland Analysis is representing

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<v Speaker 1>the company in these bankruptcies. There are lots of different

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<v Speaker 1>roles that lawyers can play when a company falls into

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<v Speaker 1>distress um and one of the most important ones is

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<v Speaker 1>giving advice to the bankrupt company itself and its management.

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<v Speaker 1>So here Kirkland has come in. They've been hired by

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<v Speaker 1>the company to sort through how much money it has

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<v Speaker 1>or doesn't have, where the biggest problems are, and give

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<v Speaker 1>them advice on how they can and can't behave as

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<v Speaker 1>a bankrupt company. In the United States, there are very

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<v Speaker 1>specific and criss crossing rules about things you can and

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<v Speaker 1>can't do. Do they do is for free? They certainly

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<v Speaker 1>don't do it for free, the opposite of free if

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<v Speaker 1>you can, if you can imagine so. Colleagues on Bloomberg

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<v Speaker 1>Globe published a story earlier about you know Kirkland, which

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<v Speaker 1>has been involved in multiple difference at this point, crypto companies, bankruptcy,

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<v Speaker 1>filings that they made something like three million dollars in

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<v Speaker 1>a relatively short amount of time. I would like to

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<v Speaker 1>make three million dollars in a relatively short amount of time.

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<v Speaker 1>But what are the kinds of tasks? What's the kind

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<v Speaker 1>of advice as you mentioned that they would possibly be

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<v Speaker 1>giving to these companies, What does that look like? Sure,

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<v Speaker 1>so let's start with the kinds of things that need

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<v Speaker 1>to be understood. Once a team of lawyers is brought

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<v Speaker 1>under the hood of a company hires Kirkland Annalys or

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<v Speaker 1>any other big law firm UM to to give them

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<v Speaker 1>advice on their financial situation, these lawyers are going to

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<v Speaker 1>need to get up to speed on UM the kinds

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<v Speaker 1>of holes that may exist in their balance sheet, how

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<v Speaker 1>much money is coming in, how much as going out,

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<v Speaker 1>what kind of actions have been taken in the weeks

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<v Speaker 1>leading up to the hiring of this law firm, and

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<v Speaker 1>are those problematic? All of this stuff just takes um

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<v Speaker 1>time crucially and a certain amount of knowledge about things

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<v Speaker 1>that are important in the context of a of a

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<v Speaker 1>failing company, a distressed company. And when you're charging something

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<v Speaker 1>like an hour as more senior people at Kirkland do UM,

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<v Speaker 1>the builds add up fast they have. You even seen

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<v Speaker 1>some associates, some lower level big law attorneys charging more

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<v Speaker 1>than a thousand dollars an hour. Good work if you

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<v Speaker 1>can get it well. There's a lot of work to

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<v Speaker 1>go around at this moment. Voyager is one of the

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<v Speaker 1>companies that's been hit hard by the bad tab from

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<v Speaker 1>Three Arrows Capital, which is a cryptal hash fund, and

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<v Speaker 1>Voyager provides trading of staking services and then most importantly

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<v Speaker 1>lending services. So this is where they take cryptal deposits

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<v Speaker 1>from retail users and then they landed out to institutional

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<v Speaker 1>borrowers such as Three Arrows Capital in order to generate

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<v Speaker 1>a yield. The issue here is as Windows three Arrows

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<v Speaker 1>Capital has been defaulting on islan. The company is set

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<v Speaker 1>for liquidation in British Virgin Silence, and Voyager was not

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<v Speaker 1>unable to get back the loan from Three Arrows Capital,

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<v Speaker 1>which triggered this bankruptcy proceeding for Voyager. Sometimes when people

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<v Speaker 1>hear bankruptcy they think, oh, no, this company is like

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<v Speaker 1>shutting down immediately, or that means that I as a person,

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<v Speaker 1>I am completely out of luck. I have no claim left.

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<v Speaker 1>What in practice is bankruptcy shaping up to be like

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<v Speaker 1>for these crypto companies, like, what are the next steps?

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<v Speaker 1>I am Voyager, I'm Celsius. I filed for bankruptcy protection,

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<v Speaker 1>Like what does that mean if I'm somebody who had

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<v Speaker 1>crypto with one of these companies? Right, So, bankruptcy is

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<v Speaker 1>not a good thing. I think everyone knows that, but

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<v Speaker 1>as saying, it's not the end of everything. Something that

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<v Speaker 1>you'll hear a lot from lawyers and judges to like,

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<v Speaker 1>is this phrase breathing spell. When you file for bankruptcy

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<v Speaker 1>in the United States, it gives a company or a

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<v Speaker 1>person legal protections that they don't otherwise have, where they're

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<v Speaker 1>protected from people that they owe money to suing them

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<v Speaker 1>or otherwise just trying to seize their assets. So this

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<v Speaker 1>gives you time to sort of, Okay, what's going on,

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<v Speaker 1>what can we do and how can we repay our

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<v Speaker 1>debts in the best way possible. It gives them a

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<v Speaker 1>breathing spell. It's too early to say how much creditors

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<v Speaker 1>of Voyager or Celsius are going to get back and

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<v Speaker 1>even in what form they'll be repaid, if that's cash,

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<v Speaker 1>if that's crypto, but it's going to be more than zero.

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<v Speaker 1>Usually everybody gets a little something unless you are like

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<v Speaker 1>a stockholder, and I don't think that's the biggest concern here,

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<v Speaker 1>not at the moment. It's more people who are like,

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<v Speaker 1>I had a million dollars in bitcoin with Celsius, what

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<v Speaker 1>do I do now? There's something that you said at

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<v Speaker 1>the very beginning that I want to go back to,

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<v Speaker 1>which is the idea of where are the holes. The

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<v Speaker 1>recent Bloomberg Crypto conference in New York, we heard Sam

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<v Speaker 1>bankmunt Freed very colorfully described the fact that when you know,

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<v Speaker 1>he's Mr Bilouds at the moment, and so when he

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<v Speaker 1>was being called up by various crypto companies to get

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<v Speaker 1>either rescued or advice, he would ask them questions that included, well,

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<v Speaker 1>tell me about your positions, like what do your books

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<v Speaker 1>look like right now? Do you know where your assets are?

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<v Speaker 1>Do you know what your liabilities are? And one of

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<v Speaker 1>the things he said that really struck me was some

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<v Speaker 1>folks just couldn't answer that question, like they didn't really

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<v Speaker 1>have a good sense of their holdings or who their

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<v Speaker 1>creditors were, who their debtors were. As the case may be,

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<v Speaker 1>is that an area that these lawyers are having to

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<v Speaker 1>spend perhaps an above average amount of time on When

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<v Speaker 1>it comes to crypto companies compared with maybe other firms

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<v Speaker 1>and other sectors, difficult to say precisely what they're doing

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<v Speaker 1>behind the scenes these platforms, though, Voyagers Celsius, they seem

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<v Speaker 1>more complicated than your average bankruptcy. If you're like a retailer,

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<v Speaker 1>you know the supply chain might be complicated. J C.

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<v Speaker 1>Penny went bankrupt a few years ago. Big stores all

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<v Speaker 1>over the country, vendors overseas. But at the end of

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<v Speaker 1>the day, you have uh people spending money at the

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<v Speaker 1>store and you have inventory that is sold. It's like

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<v Speaker 1>pretty intuitive what's going on there? Lots of crashed questions

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<v Speaker 1>um around crypto about what these assets actually are, who

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<v Speaker 1>has a claim to them, what does it mean to

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<v Speaker 1>be a depositor? Um, Who should we be talking to?

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<v Speaker 1>So things are just a bit more complex than they

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<v Speaker 1>are in a run of the mill bankruptcy. And to

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<v Speaker 1>go back to what you said about this bankruptcy not

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<v Speaker 1>being the end, like J C. Penny is in business now,

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<v Speaker 1>so you know they have come back from from that claim.

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<v Speaker 1>It may not have played out the way that everybody

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<v Speaker 1>wanted it, but you can still buy things from them.

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<v Speaker 1>I do think the point that you make about complex

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<v Speaker 1>asy is really really important. And in additional parts of

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<v Speaker 1>that complexity is there just haven't been a ton of

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<v Speaker 1>crypto bankruptcies prior to this one. So you know, as reposes,

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<v Speaker 1>certainly we're getting the impression that folks are like slightly

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<v Speaker 1>figuring things out as they go. Is that something that

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<v Speaker 1>you have seen as well in your reporting. Yes, it

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<v Speaker 1>seems like a little bit of on the fly sort

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<v Speaker 1>of sort of advice um. In the case of Voyager,

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<v Speaker 1>for example, Kirkland and Elis, as soon as the case

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<v Speaker 1>was filed, they uploaded what they called a stocking horse

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<v Speaker 1>bankruptcy plan, the idea being, uh, if we can't figure

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<v Speaker 1>out anything better, here's how we're going to repay people,

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<v Speaker 1>and this is how it works. And this is our

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<v Speaker 1>view on the law. Now, as I've done some more

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<v Speaker 1>reporting since then, interesting questions have emerged. Voyager is assuming

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<v Speaker 1>that the user agreement that people signed when they deposited

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<v Speaker 1>their crypto onto the platform, that that has effect, that

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<v Speaker 1>that is binding because the user agreements said basically, you

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<v Speaker 1>put your crypto here or it belongs to us. Now

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<v Speaker 1>that's just part of the deal. But perhaps if users

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<v Speaker 1>didn't think that's what was going on. Even if they

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<v Speaker 1>signed it, if enough of them say I really thought

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<v Speaker 1>this was more like a bank situation. I thought you

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<v Speaker 1>were just holding my stuff. It may be the case

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<v Speaker 1>that that agreement is not all and a judge is

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<v Speaker 1>going to have to decide that. And if the whole

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<v Speaker 1>bankruptcy plan is premised on this idea that the user

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<v Speaker 1>agreement was legit changes everything. That's just one of the questions.

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<v Speaker 1>Just nobody knows the answer. I don't know that the

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<v Speaker 1>judge knows the answer. It comes spooky, It's quite spooky.

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<v Speaker 1>I mean, it's such a fundamental question whose crypto is it?

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<v Speaker 1>That seems like a major thing to hash out. Right,

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<v Speaker 1>we'll be right back with more from Bloomberg Reports or

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<v Speaker 1>Jeremy Hill on the legal team tackling crypto bankruptcies. And

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<v Speaker 1>so when you say the judge decides, you know, it's

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<v Speaker 1>basically you're going to have the lawyers for the company

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<v Speaker 1>making arguments to the judge in one direction. But you

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<v Speaker 1>know what, I think when people think about court cases,

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<v Speaker 1>there's like a prosecution and a defense. So who's representing

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<v Speaker 1>the other side of that argument? Right, bankruptcies are a

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<v Speaker 1>little bit different in that way, because often there are

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<v Speaker 1>little skirmishes UM rather than there's like a villain and

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<v Speaker 1>a hero, or this side and that side. The company

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<v Speaker 1>is working with creditors usually like the company has a

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<v Speaker 1>duty to maximize the value of its assets for the

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<v Speaker 1>benefit of creditors, and creditors are the people they owe

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<v Speaker 1>money to, exactly right. So in the case of Voyager

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<v Speaker 1>and Celsius, the people who use the platform their creditors.

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<v Speaker 1>Now it's not the best life ever. So okay, that's

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<v Speaker 1>a very helpful explanation. So when it comes to Voyager,

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<v Speaker 1>you know they've got Kirkland on one side, but who's

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<v Speaker 1>going to represent the creditors? Right? The creditors are going

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<v Speaker 1>to be represented by a law firm called McDermott, Will

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<v Speaker 1>and Emory. It's a big law firm base three to

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<v Speaker 1>I'm sure presumably. So that is who Voyage your customers

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<v Speaker 1>UM will have on their side and engaging with Kirkland

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<v Speaker 1>and engaging with Kirkland's financial advisors about what the best

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<v Speaker 1>way to repay creditors is and how do they get picked.

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<v Speaker 1>Did the creditors get together and decide it's a it's

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<v Speaker 1>a pitching process. So this arm of the Department of

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<v Speaker 1>Justice called the US Trustee. They act like we we

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<v Speaker 1>we say they police bankruptcy court, but basically they like

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<v Speaker 1>kind of referee um. At the beginning of a case,

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<v Speaker 1>they will put out mail asking for people who want

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<v Speaker 1>to serve on the creditor committee. People will respond, The

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<v Speaker 1>US Trustee will select some people to serve on the committee,

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<v Speaker 1>and then there's a pitching process to decide which law

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<v Speaker 1>firm gets to represent the committee. And if you're a

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<v Speaker 1>person that has money on these platforms, you can reach

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<v Speaker 1>out to this lawyer. You don't have to pay for them.

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<v Speaker 1>The company pays for this lawyer and they kind of

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<v Speaker 1>have to listen to you. So wait, the company has

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<v Speaker 1>to pay two sets of lawyers. It has to pay

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<v Speaker 1>the lawyers that are advising them and what they should do,

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<v Speaker 1>and it has to pay lawyers who are going to

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<v Speaker 1>advise creditors on what they should do. That's absolutely right.

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<v Speaker 1>That seems wild. Yeah, it's a it's a pretty nice

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<v Speaker 1>like side benefit. So when a company goes bankrupt, it

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<v Speaker 1>stops being like you know, Voyager or Celsius, and now

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<v Speaker 1>it's the estate a Voyager or Celsius. So it sounds

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<v Speaker 1>very fancy and old now that I think about it.

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<v Speaker 1>So the estate pays for the lawyer that represents the

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<v Speaker 1>official committee of unsecured creditors, and those are going to

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<v Speaker 1>be people that have used Celsius and Voyager. And in

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<v Speaker 1>the meantime, the estate is paying all of these lawyers

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<v Speaker 1>with money that would otherwise potentially be recovered by creditors. Yes,

0:12:38.840 --> 0:12:41.080
<v Speaker 1>this comes up all the time. It's a source subject.

0:12:41.400 --> 0:12:45.240
<v Speaker 1>But the thinking is, the thinking is in theory, if

0:12:45.280 --> 0:12:48.840
<v Speaker 1>you have really good lawyers who really understand bankruptcy law

0:12:49.040 --> 0:12:53.400
<v Speaker 1>and are good negotiators, everybody's better off, because probably it's

0:12:53.440 --> 0:12:56.320
<v Speaker 1>better than if the company just liquidated. We just sold

0:12:56.320 --> 0:13:00.320
<v Speaker 1>everything that Celsius owns and distributed them according to everyone,

0:13:00.360 --> 0:13:04.199
<v Speaker 1>slice up the pie. That would be okay, probably pretty sad.

0:13:04.600 --> 0:13:06.800
<v Speaker 1>If you can do even just a penny better than

0:13:06.800 --> 0:13:09.440
<v Speaker 1>that by having really fancy lawyers do get out and

0:13:09.440 --> 0:13:11.320
<v Speaker 1>come up with some plan for the future, why not

0:13:11.360 --> 0:13:13.600
<v Speaker 1>do it? I'm sure that's what the lawyers would argue.

0:13:14.280 --> 0:13:16.120
<v Speaker 1>And you know, you make a good point about liquidation.

0:13:16.440 --> 0:13:20.200
<v Speaker 1>This is a pretty aggressively negative market right now, and

0:13:20.240 --> 0:13:23.440
<v Speaker 1>so it doesn't seem like selling off crypto assets when

0:13:23.640 --> 0:13:26.720
<v Speaker 1>you know Bitcoin is hovering below eighteen is is the

0:13:26.760 --> 0:13:30.120
<v Speaker 1>move that the creditor is probably one that's exactly right,

0:13:30.240 --> 0:13:32.440
<v Speaker 1>And um, it's something that is going to come up

0:13:32.480 --> 0:13:35.199
<v Speaker 1>in court. I'm sure. UM. I really do not want

0:13:35.240 --> 0:13:37.520
<v Speaker 1>to compare this to Lehman Brothers, but I'll just make

0:13:37.520 --> 0:13:40.199
<v Speaker 1>everyone's doing it. I would just make the point that

0:13:40.320 --> 0:13:43.760
<v Speaker 1>Lehman Brothers was also unusual because it took many years

0:13:43.960 --> 0:13:47.720
<v Speaker 1>for its bankruptcy to to play out. It's technically not

0:13:47.880 --> 0:13:49.920
<v Speaker 1>over yet, there's still a little bit of stuff to

0:13:49.960 --> 0:13:51.800
<v Speaker 1>sort out. The reason it took so long is in

0:13:51.840 --> 0:13:54.560
<v Speaker 1>part because the people involved took a look at the

0:13:54.600 --> 0:13:57.839
<v Speaker 1>assets that they had to distribute and said, now is

0:13:57.880 --> 0:14:00.760
<v Speaker 1>not a good time. Two thousand eight, thousand nine is

0:14:00.800 --> 0:14:02.960
<v Speaker 1>not a good time to sell these off. So let's

0:14:03.120 --> 0:14:06.160
<v Speaker 1>hold on and wait for things to improve, and then

0:14:06.200 --> 0:14:09.439
<v Speaker 1>we will sell these and distribute the proceeds to creditors.

0:14:10.600 --> 0:14:14.000
<v Speaker 1>And of course, things improved fairly dramatically in the following

0:14:14.080 --> 0:14:15.719
<v Speaker 1>years compared to what the markets were trading out in

0:14:15.720 --> 0:14:18.040
<v Speaker 1>two thousand and eight two thousand nine. I know no

0:14:18.080 --> 0:14:20.520
<v Speaker 1>one who is currently making well, that's not true. There's

0:14:20.520 --> 0:14:22.320
<v Speaker 1>a few people who are, like Bitcoin will definitely go

0:14:22.360 --> 0:14:25.040
<v Speaker 1>back to a hundred thousand dollars, but they may not

0:14:25.160 --> 0:14:27.160
<v Speaker 1>be as confident in those predictions as they were six

0:14:27.200 --> 0:14:31.160
<v Speaker 1>months ago. You know, you've mentioned some interesting misconceptions that

0:14:31.200 --> 0:14:33.360
<v Speaker 1>folks might have about bankruptcy and how this works. I

0:14:33.360 --> 0:14:35.120
<v Speaker 1>imagine at parties when people hear what you do, you

0:14:35.160 --> 0:14:37.560
<v Speaker 1>become the most interesting man in the room. I'm sure

0:14:37.600 --> 0:14:40.000
<v Speaker 1>that's what your life is like. But is there anything

0:14:40.040 --> 0:14:43.200
<v Speaker 1>you find yourself sort of explaining to non bankruptcy experts

0:14:43.240 --> 0:14:45.840
<v Speaker 1>Often I think a lot of people are under the

0:14:45.880 --> 0:14:48.760
<v Speaker 1>impression that, as you alluded to earlier, company files for

0:14:48.840 --> 0:14:50.600
<v Speaker 1>bankruptcy and then it's over. They just throw in the

0:14:50.680 --> 0:14:54.080
<v Speaker 1>towel um. But actually the action just starts when a

0:14:54.160 --> 0:14:57.640
<v Speaker 1>company files that Chapter eleven petition. There's so much interesting stuff,

0:14:57.680 --> 0:15:00.760
<v Speaker 1>both legally and just like you know, little knife fights

0:15:00.800 --> 0:15:04.760
<v Speaker 1>that occur between creditors and the company after the petition

0:15:04.880 --> 0:15:09.040
<v Speaker 1>is filed. It's worth following along because the company's fortunes

0:15:09.080 --> 0:15:12.240
<v Speaker 1>can change dramatically while they're in core protection. I want

0:15:12.240 --> 0:15:13.640
<v Speaker 1>to come back to what you said about leban Leman

0:15:13.680 --> 0:15:20.080
<v Speaker 1>file for bankruptcy on September eight. So is the takeaway

0:15:20.120 --> 0:15:22.640
<v Speaker 1>here that the folks who are creditors to Celsius and

0:15:22.680 --> 0:15:28.760
<v Speaker 1>voyagers should maybe expect a long journey. Probably not that long,

0:15:29.120 --> 0:15:33.080
<v Speaker 1>that is, uh Lehman is like it might have said

0:15:33.120 --> 0:15:36.000
<v Speaker 1>some kind of records for for how long things have

0:15:36.080 --> 0:15:38.440
<v Speaker 1>been playing out. I mean, it's the biggest bankruptcy of

0:15:38.520 --> 0:15:41.400
<v Speaker 1>all time. But in general, these things do you take

0:15:41.440 --> 0:15:43.920
<v Speaker 1>a while to play out because if there's especially if

0:15:43.920 --> 0:15:46.960
<v Speaker 1>there's any kind of litigation, if somebody wants to sue

0:15:46.960 --> 0:15:51.000
<v Speaker 1>the company or its founders. Oh man, things just really

0:15:51.000 --> 0:15:54.360
<v Speaker 1>start to get kicked out timeline wise. Takes forever to

0:15:54.400 --> 0:15:57.200
<v Speaker 1>dig through all these documents, make people sit for depositions

0:15:57.240 --> 0:15:59.120
<v Speaker 1>and then get a trial date and all of this.

0:15:59.200 --> 0:16:01.680
<v Speaker 1>At the end of it, um, maybe the judge is

0:16:01.760 --> 0:16:05.760
<v Speaker 1>just like, oh, I don't know, maybe fifty million dollars

0:16:06.000 --> 0:16:10.720
<v Speaker 1>to the creditors. What a fascinating time. Thank you so much, Jeremy,

0:16:10.760 --> 0:16:14.480
<v Speaker 1>I really appreciate you being here today. Problem On the

0:16:14.480 --> 0:16:17.760
<v Speaker 1>next episode of Bloomberg Crypto, we're going to explore a

0:16:17.840 --> 0:16:21.920
<v Speaker 1>fascinating tension. Fascinating to me at least, on the one hand,

0:16:22.240 --> 0:16:27.040
<v Speaker 1>there's a belief in the necessity, indeed the superiority of decentralization.

0:16:27.600 --> 0:16:30.160
<v Speaker 1>On the other hand, there's the reality that when things

0:16:30.240 --> 0:16:33.720
<v Speaker 1>hit the fan, which happens often, folks respond by seeking

0:16:33.720 --> 0:16:38.000
<v Speaker 1>a bailout or by demanding that someone, anyone, even a regulator,

0:16:38.440 --> 0:16:42.520
<v Speaker 1>hold frauds does accountable. In an industry so prone to

0:16:42.560 --> 0:16:46.960
<v Speaker 1>spectacular scams and expensive hacks, this tension is ever present.

0:16:47.680 --> 0:16:51.600
<v Speaker 1>Can you simultaneously reject all forms of centralized control and

0:16:51.640 --> 0:16:55.000
<v Speaker 1>then seek help from big centralized authorities in times of trouble.

0:16:55.560 --> 0:16:58.160
<v Speaker 1>For more on this, you'll hear from Bloomberg reporter Emily

0:16:58.240 --> 0:17:05.040
<v Speaker 1>Nicole m I'm Stacy Marie Ishmael, and this is Bloomberg Crypto,

0:17:05.359 --> 0:17:08.480
<v Speaker 1>a daily podcast from Bloomberg and I Heart Radio. For

0:17:08.560 --> 0:17:10.760
<v Speaker 1>more shows from I Heart Radio, visit the I Heart

0:17:10.840 --> 0:17:14.359
<v Speaker 1>Radio app, Apple Podcasts, or wherever you get your podcasts.

0:17:14.760 --> 0:17:17.600
<v Speaker 1>Email your questions, comments, or suggestions for the show to

0:17:17.720 --> 0:17:20.439
<v Speaker 1>Crypto at Bloomberg dot net, and you'll find us on

0:17:20.440 --> 0:17:25.840
<v Speaker 1>Twitter at Crypto. The supervising producer of Bloomberg Crypto is

0:17:25.920 --> 0:17:29.720
<v Speaker 1>Vicky very Galina. Our senior producer is Janet Babin. Our

0:17:29.760 --> 0:17:34.480
<v Speaker 1>producer is Sharon Burriro, associate producer is Ty Butler. Desta

0:17:34.520 --> 0:17:38.080
<v Speaker 1>wonder At is our engineer. Original music by Leo Sidrin,