Monsoon Blockchain Storage, Inc. v. Magic Micro Co., Ltd.
- Clarke
- 1:22-cv-03114
- U.S. District Court · Southern District of New York
- 42
In Monsoon Blockchain Storage v. Magic Micro, Judge Clarke entered default judgment confirming the arbitration award and ordered a net payment of $55,597,776.90.
Monsoon Blockchain Storage, Inc. received a court judgment confirming its arbitration award against Magic Micro Co., Ltd. Magic Micro’s separate award was offset and deemed paid in full, leaving $55,597,776.90 owed to Monsoon as of the judgment date, with continuing interest.
What happened
Monsoon Blockchain Storage, Inc. asked the Southern District of New York to confirm an arbitration award against Magic Micro Co., Ltd. Magic Micro initially opposed the request, but after its counsel withdrew, it did not obtain new counsel or continue participating in the case.
The court confirmed the arbitration award in full. The award required Magic Micro to pay Monsoon $27 million plus interest, legal fees, transcription costs, and arbitration expenses. It also required Monsoon to pay Magic Micro $3 million plus interest, and the court offset that amount against Monsoon’s award.
Judge Jessica G. L. Clarke entered default judgment, set the amount then owed to Monsoon at $55,597,776.90, ordered continuing interest, directed the parties to follow the arbitration award, and closed the case.
The detailed version
- Monsoon Blockchain Storage, Inc. v. Magic Micro Co., Ltd. · No. 1:22-cv-03114
- Clarke
- Nov. 24, 2025
Background
Monsoon filed a petition asking the court to confirm an April 14, 2021 arbitration award. The arbitration concerned agreements under which Magic Micro agreed to invest in Monsoon and did not pay the remaining purchase price. The arbitrator awarded Monsoon $27 million for breach of contract, with interest at a compounding rate of 1% per month from March 15, 2019. The arbitrator also awarded Monsoon legal fees and disbursements, transcription costs, and specified arbitration expenses. The arbitrator separately awarded Magic Micro $3 million plus interest at 5% per year, compounded annually, from September 27, 2018.
Magic Micro was personally served with the petition and initially opposed it through counsel. The court later stayed the case while bankruptcy proceedings in the Republic of Korea were pending. After the stay was lifted, the court noted that Magic Micro had not complied with an order requiring it to obtain new counsel and was no longer participating. The court held a hearing on November 12, 2025 and made findings of fact and conclusions of law.
Ruling
Applying the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, the court found no sufficient reason to refuse confirmation. Judge Jessica G. L. Clarke entered default judgment confirming the arbitration award against Magic Micro in full and ordered the parties to comply with it.
The judgment stated that the $27 million award to Monsoon, with interest calculated through November 12, 2025, amounted to $59,258,723.63. It also included $138,460.30 in legal fees and disbursements, $10,743.52 in transcription costs, and $143,640 in arbitration administrative fees and arbitrator compensation, for a total award to Monsoon of $59,844,411.27. The judgment stated that Magic Micro’s $3 million award, with interest calculated through November 12, 2025, amounted to $4,246,634.39.
The court offset Magic Micro’s $4,246,634.39 award against Monsoon’s $59,844,411.27 award. It deemed Magic Micro’s award satisfied and paid in full and entered judgment for Monsoon in the remaining amount of $55,597,776.90, subject to continuing interest at 1% compounded monthly until payment. The clerk was directed to enter judgment consistent with the order and close the case.
Read the full 42-page opinion on CourtListener, the free public archive maintained by the Free Law Project.