, 29 tweets, 3 min read Read on Twitter
Good Morning sports fans, back at court this morning for what promises to be a very dry day about money in the @QuadrigaCoinEx case. Gang's mostly here
Court room's open and we're waiting for the judge and it appears there'll be conference call action for the toronto folks to call in
We're doing attendance on the phone. Lawyers for BMO, custodian inc and monitor are on the phone and waiting, maybe for RBC
RBC is on the line, we should be starting soon
I wonder if the people on the phone stood when they were told to
EY saying they have been working with RBC, Custodian and BMO to streamline the money process.
Want the court to okay RBC taking the money. Judge saying he's unwilling to do that because the court's not in the business of limiting risk for companies and doesn't see a threat of an unknown party making claim to the money
It seems like a weird argument to me because afaik banks can do transactions with crypto but chose not to, so this doesn't seem nessesary
I'm with the judge, this really seems like the banks just wanting to cover their asses.
The concern is that RBC is trying to do a solid but wants the court to do a solid back. The monitor saying they will have issues finding a bank without something like this.
EY asking for more authority, judge saying it was already granted. Asking EY to streamline the process to save clients money
Well today I learned that I get annoyed at people opening loud candies in theatres... and court
BMO saying it'll deal with all drafts. Also saying this case is "uncharted territory" first crypto insolvency etc etc which is why they also want the CYA paragraph to protect any bank willing to be involved
Judge: You didn't answer the question tho
Custodian saying that the CYA motion doesn't protect banks from improper use of the money, just improper third party attempts to access the money
Custodian saying BMO just froze the funds and then was like, no we need court protection now after saying we could do it. Custodian lawyer more diplomatically called "disruptive"
BMO saying it really just wants to be helpful
Judge seems unimpressed with the banks arguments.
Banks having trouble answering the specifics about why they need protection
I can't hear the RBC lawyer.
Just to be clear banks are asking for protection from negligence and mismanagement. I assume this is to not be on the hook for money transfered to inaccessible cold wallets... hypothetically
EY: Banks are being asked to do something unusual so "for the greater good" they need to be protected
Aren't there two schedule one banks (at least) that deal with crypto? Why isnt EY dealing with them?
Another quiet talker, I'm taking a miss on this guy
Judge is having none of the banks asking for protection of negligence and misconduct
Talking about language in redrafting
NSSC is going to try and webcast the court case on March 5 making me unnessesary. So yes judge I have an issue with webcasting
But like kudos to @CourtsNS_News
Anyways we are done today, see you on the 5th
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