Thread by @VGX_Heroes

⚠️ Live from #Voyager court hearing ⚠️

As of 2/27/23: Estimated 73% recovery.

If #Alemeda claim goes through: Estimated 48% recovery.

⚠️ Judge Wiles slamming the SEC rep about their objection. ⚠️

Says, (paraphrase) "You're asking the debtor to prove that the cryptos being transacted are not securities, but you've given no regulatory guide as to what that is."

⚠️ US Trustee says (paraphrase), "Of the eligible creditors, only 6% voted. This makes the 97% approval misleading. Additionally there should have been more information in the disclosure statement so that creditors understood what they were voting on." ⚠️

⚠️ Voyager rep says (paraphrase), "There is intention to sell the $VGX smart contract to a 3rd party, which may help recovery %."

This is not confirmed yet though. ⚠️

⚠️ Of the 4 currently unsupported states, it seems that Vermont will become supported prior to closing of the deal. ⚠️

⚠️ Voyager current cash position is over $40mil; also currently holding over 8,000 $BTC. Voyager trying to rebalance as much as possible prior to closing. Current closing date estimated to be April. ⚠️

⚠️ Pro-Se creditor @GinaDiResta highlights and proves that the @BinanceUS offer of $20mil increases recovery by only 1%, compared to the Toggle plan (faster).
Additionally, your KYC will be sent to Binance even if you choose to get cashed out (not to making a Binance account). ⚠️

⚠️ Pro-se @ChelleDiVita questions Voyager data security practices and disclosures, stating Binance's ability to purchase creditor biometric data (photo verifications etc). Also points out that more people have signed up for @BinanceUS, than actual number of voters on the plan. ⚠️

⚠️ Pro-Se creditor J. Wall points out that despite 1% increase in recovery on Binance deal, unsupported states will potentially see significantly less recovery, than if the Toggle option were implemented. Unsupported states represent a large portion of creditors. ⚠️

⚠️ Court has paused for lunch break from 1:50pm EST until 2:40pm EST. Pro-Se creditor @NoLimitAlski says, "Enjoy your hour lunch. It's on the Voyager creditors dime." ⚠️

⚠️ Pro-Se creditor T. Hendershott questions the legal domicile of #Binance; parent company of #BinanceUS, as well as the potential commingling of customer funds, and Voyager's resistance against the Toggle option due to their concerns of "drastic market movements". ⚠️

⚠️ Pro-se creditor @007_jdw asks if creditors will have protection from clawbacks in the instance that #Binance goes under after the deal closes. Asks what they think is going to happen to $VGX holders stuck in unsupported states if they release 80% of the supply all at once. ⚠️

⚠️ Pro-se creditor @NoLimitAlski gets ejected and barred from further proceedings after an outburst, calling Judge Wiles a fraud and all of the lawyers "criminals robbing creditors in plain sight". ⚠️

⚠️ Voyager now saying actual recovery is closer to 50% with #BinanceUS deal. The earlier mentioned 70% was in regards to a different dollar amount. ⚠️

⚠️ Pro-Se creditor shares personal DM's between herself and @Ehrls15 about the safety of her $3.5mil on platform, where he personally assures her "things are fine". Voyager confirms that Steve testified under oath, and anything they are able to recover from him, will be. ⚠️

⚠️ Pro-Se creditor asks about @psaroe's assets and worth. Voyager says there's nothing significant to recover there. Separately, individual claims are not being released.

(Opinion: This sounds like @Ehrls15 & @psaroe knew exactly what they were doing.) ⚠️

⚠️ Pro-Se creditor asks if @MarketRebels were able to exercise any options prior to bankruptcy. Indications are "no". Questions Steve's assets, potential clawbacks. Board rep says they didn't find anything substantial. ⚠️

⚠️ Pro-Se creditor T. Hendershott questioning special board with only 3 members, 1 of which is @Ehrls15. Board member says there is no foul play within the board, and he himself has no stake or special interest, and is completely independent. ⚠️

⚠️ Pro-Se creditor @ChelleDiVita asks about breach of fiduciary duty. Board member says there was negligence, but not gross negligence. Board member says they do have a claim preserved on this matter and intend to pursue what they are able to. ⚠️

⚠️ Board member says that only the CEO and COO had real decision making power, and things were rarely passed down to other members. This is why they will pursue claims against the 2, and not other employees. ⚠️

⚠️ Pro-Se creditor @GinaDiResta mentions circulating rumors about people potentially being tipped off about the bankruptcy. Witness says he has not heard that, and they did not investigate. ⚠️

⚠️ Pro-Se creditor @007_jdw asks about investgating potential trusts or shell companies that Steve is tied to. Witness says he was deposed and did not find things relating to that. However, personal actions could still be taken should an individual choose to. ⚠️

⚠️ Witness dismissed and court has adjourned for the day. Will resume at 10:00am EST tomorrow. ⚠️

⚠️ US DOJ has entered the chat 👀. ⚠️