Digital Currency Group Proposes New Agreement Benefitting Genesis Global Creditors and Gemini Earn Users
Summary:
Digital Currency Group proposes a new agreement plan benefiting creditors of bankrupt Genesis Global, with a high recovery rate for unsecured creditors and nearly full claims recovery for Gemini Earn users.
Digital Currency Group (DCG) has put forward a new agreement plan to benefit the creditors of Genesis Global, which is now bankrupt. This proposal also includes a promising recovery plan for Gemini Earn users, allowing them to reclaim almost all of their claims. DCG's plan, as outlined in a recent filing on September 13th, suggests that unsecured creditors can expect a recovery rate of 70-90% with a significant portion of the reclaimed funds in the form of digital currencies. Moreover, the plan estimates that Gemini Earn users would recover approximately 95-110% of their claims even without any contribution from Gemini. However, if Gemini were to agree to contribute $100 million to Gemini Earn users, as previously done, it is highly likely that these users would receive a full recovery and more. This is an ongoing story, and we will continue to provide updates as soon as new information becomes available.
Published At
9/13/2023 12:50:26 PM
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