Celsius Creditors Endorse Plan to Recover $2 Billion in Cryptocurrency; New Entity 'NewCo' on the Horizon
Summary:
Mathematician and biologist Joel E. Cohen verified the fairness of the valuation of certain assets and liabilities of Celsius creditors as of May 31, 2023. After a long period of discussion, most Celsius creditors approved a plan to recover approximately $2 billion in Bitcoin and Ethereum. In a court filing, it was revealed that this decision comes after broad consensus was achieved on Celsius' reorganization strategy. Following approval, around $2 billion should be redivided among creditors, with plans also in place to distribute shares in a new entity, temporarily named "NewCo.
Renowned mathematician and biologist Joel E. Cohen, an authoritative figure at Celsius Network's appraisal advisor firm Stout Risius Ross, LLC, has affirmed the verity of the fair market value of specified creditor's assets and liabilities as of May 31, 2023. After a prolonged period of negotiation, a majority of Celsius' creditors endorsed a proposal to recover an estimated $2 billion worth of Bitcoin (BTC) and Ethereum (ETH). Gladdening news is that over 95% of eligible creditors rubber-stamped the plan, a seal of approval for our collective endeavors in Chapter 11.
A mere two days post reaching a mutual agreement over Celsius' transformation strategy, a court file on Sept. 28 affirmed the legitimacy of the valuation of creditor's holdings and debts. Stout managed the appraisals of cryptocurrency holdings, borrowings, and unconventional investments. Cohen's outline of findings delivered for Celsius Network's valuation dossier can be found in the sources.
As per a statement furnished at the New York insolvency tribunal, Cohen untangled the techniques utilized in the valuation examination and rounded off his analysis affirming that the Valuation Report accurately mirrors the fair market value of determined creditor's assets and liabilities as of May 31, 2023.
As outlined in a revelation report submitted on Aug. 17, around $2 billion is slated to be redivided among the creditors, and the blueprint will also hand out shares in a nascent venture, for the time being, given the moniker "NewCo."
In relatable news, the defunct cryptocurrency lending infrastructure BlockFi’s settlement blueprint just received a green light from New Jersey's insolvency tribunal. The precise payback sum to be received by BlockFi’s unguaranteed creditors is hinging on BlockFi's triumph in its ongoing legal wrangle against FTX and other insolvent cryptocurrency companies.
Published At
9/28/2023 9:01:17 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.