HOUSTON, TEXAS / ACCESSWIRE / December 26, 2024 / Rhodium Enterprises, Inc., a leading industrial-scale bitcoin mining company, is pleased to announce a significant legal victory in the case of Rhodium Encore LLC v. Whinstone, a contested bankruptcy matter in the Southern District of Texas. This case, which began over a year ago, posed an existential threat to Rhodium's operations.
Over a year ago, Rhodium was confronted with a drastic and unlawful attempt by its landlord to forcibly evict the company. The landlord, newly acquired by one of Rhodium's largest competitors, Riot Platforms, Inc., sent armed security to remove personnel, lock the premises, and cut off power to Rhodium's operations. As a bitcoin mining company that relies on continuous electricity to power tens of thousands of computers, the disruption of power was a direct threat to the survival of the business.
The landlord falsely claimed that Rhodium's contracts had been terminated or superseded, seeking to evict the company under these unfounded pretenses. Faced with the potential destruction of its business, Rhodium moved quickly to secure a temporary restraining order and a preliminary injunction to protect its operations.
This set the stage for a year-long legal battle spanning multiple forums-state court, arbitration, and ultimately bankruptcy court-culminating in a week-long trial before Judge Alfredo Perez in the Southern District of Texas. On Monday, December 16, Judge Perez delivered an important ruling, confirming that none of Rhodium's contracts had been superseded or terminated. This victory ensures that Rhodium can continue operating under contracts worth hundreds of millions of dollars and effectively ends the landlord's efforts to undermine the business.
"This case was critical to Rhodium's future," said a company representative. "The court's ruling protects our operations and confirms the validity of our contracts, allowing us to focus on driving the company's growth moving forward."
While the litigation will continue on certain remaining issues, the ruling establishes that the landlord's actions were improper and unjustified, allowing Rhodium to focus on its operations and future growth.
For more information or to request a copy of the judge's opinion and trial transcripts, please contact Rhodium Enterprises, Inc.
About Rhodium Enterprises, Inc.
Rhodium Enterprises, Inc. is a founder-led, Texas-based digital asset technology company that leverages proprietary technology to self-mine bitcoin. We create innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry.
Contact:
Rhodium Enterprises, Inc.
2617 Bissonnet St., Ste. 234
Houston, TX 77005
press@rhdm.com
https://rhdm.com/
956-746-3486
Contact Information
Victor O'Connell
Litigation Counsel for Rhodium Enterprises, Inc.
voconnell@stris.com
213-995-6802
SOURCE: Rhodium Enterprises, Inc.
Related Documents:
- INTERIM ORDER ON PHASE 1 OF MOTION TO ASSUME EXECUTORY CONTRACTS (ECF NOS. 7 & 32).pdf
View the original press release on accesswire.com
