Terraform faces ‘significant liability’ after SEC trial

Terraform CEO Chris Amani said in a filing that his company filed for bankruptcy because Terraform would “likely not be able to satisfy” a potential money judgment in the Securities and Exchange Commission’s case against it.

“Because of the size of the potential money judgment in the SEC Enforcement Action, the Debtor would likely not be able to satisfy such judgment nor would it be able to post the supersedeas bond necessary for an appeal.”

Amani became CEO last summer. According to the filing, he was previously chief operating officer and chief financial officer before taking over company operations.

He said that the board met in late January and decided to file for Chapter…

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