Discover and read the best of Twitter Threads about #CelsiusBankruptcy

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1/

From the latest #Celsius Coin Report:

Total Coin Liabilities: $4.7b
Equity: ($1.2b)

Taking the ratio of the two numbers we get:

Size of Hole: 25%

That is the value missing, and the remaining 75% is still in the estate. Image
2/

Bankruptcy Law is clear.

Any plan, whether by TradFi or not, must return at least 75% back to creditors in order to meet the threshold defined in the clause below.

Anything short of that will not be approved by the judge. Image
3/

So if 75% of the value is still there (not including the intangible value of the business, tech stack, and community), then any plan should provide at least 75% back.

Those creditors that are selling their claims today for the measly 15-17% are literally being scammed.
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