1/4) If we don't see a #Celsius plan on 2/15, we're probably all getting liquidated $USD back at this point. Regulators are running low on patience. Time to show the plan Celsius. No more messing around cases.stretto.com/public/x191/11…
2/4) Multiple state entities (Alabama, Arkasas, DC, Hawaii, Maine, New York, North Carolina, North Dakota, Oklahoma, California) agree that the estate has been bleeding funds and Celsius has not proven that they are ready to present a plan.
3/4) They note the "devastating report of the Examiner" and they are interested in the Trustee motion if the facts surrounding the Special Committee members appointment and degree of actual independence present a conflict in discovery.
4/4) They want to include a status conference in the 2/15 hearing on the Trustee motion to expedite any discovery they would need regarding a Trustee motion. If the plan is not presented on 2/15, they would like the extension denied & the plan should be for an orderly liquidation
Looks like they're settings the stage for the litigation trust. If you want to get in trouble with your significant other read this on Valentines Day inserts of being romantic. ❤️
One of the valuable assets for creditors is the personal wealth of the insiders. Here is how they unjustly enriched themselves using our funds & what they want to come after.
"For the reasons detailed below, the Court finds, on the evidence before it, that the Terms of Use formed a valid, enforceable contract between the Debtors and Account Holders, and that the Terms unambiguously transfer title and ownership of Earn Assets deposited into Earn…
Accounts from Accounts Holders to the Debtors. The Court also finds that stablecoins, like other Earn Assets, are property of the Estates and the Debtors may sell the stablecoins outside of the ordinary course of business to provide liquidity for these Chapter 11 proceedings."
#2. Returning about $1.3 mm coins that were apparently accidentally transferred to Celsius after the bankruptcy filing cases.stretto.com/public/x191/11…
#Celsius service was referred to as “securities” lending rather than “secured” lending. Secured lending means you hold the coins in custody to sell if loan goes wrong. Securities lending means you use the collateral to invest & can back loan by a security known as Rehypothecation
“We search for yield” means coins are used to make a range of investments meaning they are selling a security which diversifies. That’s a fund that is subject to securities laws - registration, suitability & disclosure requirements are required. That’s not collateralized lending.
“Were like a bank, but not a bank” - They are like a bank as they rehypothecate, own coins & sell securities. They are not like a bank as they don’t have the licenses, oversight or protections of a bank or broker. That’s worse than a bank, not better than a bank. IMO that’s fraud
The Full Testimony #SBF Planned To Give To Congress Today! @SBF_FTX Testimony page 1 #FTX U.S. House of Representatives Committee on Financial Services…
#SBF Testimony page 2 #FTX U.S. House of Representatives Committee on Financial Services…
#SBF Testimony page 3 #FTX U.S. House of Representatives Committee on Financial Services…