summertop
83 posts
@laurashin For anyone that doesn't know.... mediation is NOT dead. A UCC member confirmed last night. Currently there is not a date for next mediation session.
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A Genesis creditor and someone close to the matter have told me that the mediation is dead. The parties are too far apart, and talks are not continuing.
Can/will Genesis force collection of payment? 👀
DCG@DCGco
1) DCG Statement on Genesis Mediation: dcgupdate.com DCG continues to be engaged with the various stakeholders in the Genesis Capital restructuring process pursuant to the 30-day mediation period entered into by all parties on May 1.
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summertop retweetledi
UPDATE: Anger amongst some of the largest @GenesisTrading (and by extension DCG) creditors as the previously reported 'pre-packaged' bankruptcy is nowhere close to final.
**source: “DCG doesn’t have the $630M they owe on May 10th.”
**source: “…stall tactics and constant legal maneuvering to avoid any meaningful return of capital. It’s a shit show.”
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@Handyman590 @crypto_equality @UccGenesis Theoretically UCC should be motivated towards existing BK as soon as they can right? (So they can get paid too). I’m new to the process, wondering what’s holding up
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@crypto_equality @UccGenesis I feel like we’re in the beginning of how celcius and voyager people were. Lawyers collecting our money for the next year, and now people calling to just liquidate it all. Let’s try and avoid the millions in lawyer fees and just pay us back what’s on hand + wind down the rest.
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@UccGenesis
Can you please ask the court to compel DCG and debtors to comply with your requests at the hearing on Thursday? Up until now the attorneys have been congratulating each other on their ability to work together. This indicates otherwise
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1/ DCG shared financials today. This sheds new light on the Genesis Ch 11 plan and the $GBTC discount.
It is in DCG's strong interest that creditors approve the Joint Plan.
DCG had ~$575 MM due in May, but only has $262 MM in cash as of end of 2022 - a liquidity crunch...
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@Geminiearn @Gemini What do you think would be the % of fund release in short term? (1-3 month)
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It appears @Gemini is publicly stating fund recovery will be roughly within 1-3 months, with an estimated recovery of near 100%. gemini.com/earn
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@ramahluwalia @BudFry65 @Gemini @tyler @cryptowatchdoge @cameron Care to comment why it’s ‘next 2 weeks or sooner’? Was thinking the case will drag for long like all BKs. Thanks
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@BudFry65 @Gemini @tyler @cryptowatchdoge @cameron We need to see the Joint Creditor plan OR the plan that Gemini Creditor committee would like to submit to the bankruptcy court.
We will see one of these two in the next two weeks or sooner.
Going to be interesting to see where Genesis and Gemini agreed or disagreed.
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How about something more specific tomorrow after the duplicate updates last week! @Gemini @tyler @cryptowatchdoge @cameron @ramahluwalia
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@colin7559 @donutapp they aren't telling us. we should file complaint with government and local agencies. SEC is already on Gemini and Genesis but donut is not getting attention. there's thousands of users and 78MM+ fund locked. it's devastating to us.
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Thank you for your continued patience, understanding and words of encouragement.
Starting today, and every Tuesday and Friday until a resolution is reached, we will publish updates to our FAQ with the latest material information available.
help.donut.app/en/articles/67…
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These 2 below are CA sources but you can find similar offices in your state (Department of Financial Protection, and State Attorney General)
@CaliforniaDFPI: docqnet.dfpi.ca.gov/complaint/
@RobBonta oag.ca.gov/contact/consum…
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Please spread the words
#donutapp #GeminiEarn #Gemini #GenesisBankruptcy #cryptocurrency #CryptoNews
also kudos to @ramahluwalia and @AP_Abacus info and analysis since this started.
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@JeremyL34071482 @hl0001 @CluphfDaniel @Spicy_Noodles__ @LisaSte00552855 @donutapp @Robinater5 has @donutapp blocked you? they are blocking everyone who's saying even slightly adverse things under their tweets.
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@hl0001 @CluphfDaniel @Spicy_Noodles__ @LisaSte00552855 @donutapp @Robinater5 If there is no collateral as #donutapp claimed, it would be fraud. Even worse, can be Ponzi - Donut did not even invest, use one customer’s money to pay the other’s earnings. This is why helping to know the list of collateral and investing activities.
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@patelhariomm @donutapp have you filed complaint with government and local agencies? SEC is already on Gemini and Genesis but donut is not getting attention. there's thousands of users and 78MM+ fund locked. it's devastating to us.
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@donutapp How does this relate to getting my funds? Stop this nonsense. Release the before you get many lawsuits.
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@mpdas108 @RadixIsBetter @AP_Abacus @GenesisTrading I might overlooked this …which page of docket 19 says 120days?
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@cieletchanson @RadixIsBetter @AP_Abacus @GenesisTrading According to docket document 19, Genesis states that “No later than 120 days from the Petition Date, the Plan shall become effective” I.E. May 19th. The details of the plan state that payments should be made as fast as possible, no ongoing business operations to generate income.
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UPDATE: Several conversations yesterday regarding @GenesisTrading bankruptcy claims trades. Activity has dramatically picked up since Ch. 11 filing.
**sources: larger trades are being finalized at 30% +\-
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@AP_Abacus @GenesisTrading Confused … if there’s a pre packaged bk deal why would some creditors want to sell their claims at 30%? My guess if the deal is no longer on the table?
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UPDATE: @GenesisTrading bankruptcy court date next Wednesday, February 1. Noted as a ‘status conference’.
**the pre-packaged bankruptcy deal with creditors will be presented and discussed with the judge.
**the next hearing date on the schedule for @GenesisTrading is Feb. 22.
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@AP_Abacus @RadixIsBetter @mpdas108 @GenesisTrading Makes sense. @bitvavocom updates have been unrealistically optimistic imo. @donutapp not providing much informative updates either. What creditors need are repayment plans and when.
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@RadixIsBetter @cieletchanson @mpdas108 @GenesisTrading Bitvavo and Donut have a vested interest in projecting best case scenario; so as to placate their own customers and potential lawsuits.
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