Thread by @SimonDixonTwitt

#CELSIUS HEARING LIVE: Updated Agenda
- Company Status Update

Uncontested Matters
- Stout Retention Application (Valuation Advisor)
- Withhold Settlement
- Wohlman Settlement

Contested Matters
- Class Claim Motion

Fee Applications
- Fee Examiner's Summary Report
- K&E
- Akin… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Ferraro going over Company Status Update Presentation. Going over withdrawal slide.

#CELSIUS HEARING LIVE: Going over mining slides. Estimating 58k miners deployed in May and 68k deployment in June.

#CELSIUS HEARING LIVE: Going over revenue slide. Judge Glenn asks Ferraro about how BTC price affects mining EBITDA. K&E stating they've received 3 bids in addition to NW stalking horse. K&E emphasizing the bids need to remain confidential while negotiations are going on. 🙏

#CELSIUS HEARING LIVE: They mention the bids will not be confidential forever. K&E needs to process the bids over the next few days. They have different structures so they don't think a typical auction will work since they aren't directly comparable. Still shooting for Apr 28 for… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Judge Glenn re-enforcing to K&E and W&C how much regulatory approval is necessary so any alternative bid contemplated should have their structures coordinated with them. K&E has been meeting weekly with the regulators & getting something that passes is just… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Discussing the retention of Stout as Valuation Advisor. They have coordinated with other parties and no objections to the motion. Approved.

#CELSIUS HEARING LIVE: Fee examiner has reached agreement with 9/12 of the companies. Other's are still in discussion. Current approvals are for the 1st interim period from petition date to end of Oct. 2nd interim period is the Nov-Feb timeframe. Fee Examiner is asking to be cc'd… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Judge Glenn is praising the work of the Fee Examiner (even after his initial reservations) given the volume of fees being contemplated by the court. Fee examiner is mentioning they will be more stringent on staffing for the 2nd interim period given the case… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Judge Glenn is supporting Pro Se motions as even when they fail, they help elucidate the issues that should be brought up and contemplated. Judge Glenn mentions to the Fee Examiner Frishberg's thoughts about adjusting K&E's fees for their lack of timely… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Just Glenn implying this should be something looked into for the 2nd interim period given Frishberg's objection was untimely for this fee period and the Fee Examiner mentions that the 20% holdback would potentially be able to cover this issue.

#CELSIUS HEARING LIVE: Moving on to the Withhold Ad Hoc Settlement. Judge Glenn wanting clarification on whether Withhold's settlement is coming out of Earn Creditors. K&E says it will but the cost of litigating it would be more than the entire Withhold claim as 15% is $1.3m.

#CELSIUS HEARING LIVE: They are initially offering the settlement just to the 13 ad-hoc members, but then offering to the whole class upon plan confirmation. Deb mentioned the things they would have litigated to support the settlement. Manny @mannymane and @CelsiusUcc in support.

#CELSIUS HEARING LIVE: withhold Settlement approved. Moving on to the Odette Wohlman separation agreement settlement. Settlement of £85k Approved for disgruntled employee in UK. W&C up for Class Claims Motion.

#CELSIUS HEARING LIVE: Colodny elaborating on the need to give account holders a fair fight, therefore a class claim only makes sense. He's also countering the objection by the US Trustee that this was brought in haste by going through the timeline of how the UCC has communicated… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Using Rebecca's case details in his arguments. Colodny mentioning how of all the calls & emails he has from creditors, even when they don't agree with UCC strategy, they all agree that they were lied to. Colodny going through case law to counter US Trustee… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Judge Glenn asking about the timeline assuming he were to approve their motion and the Preferred opposed. Judge Glenn asking about the status of the schedule for intercompany claims. He states his "patience is running out." He says they have until the 20th… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Leblanc/Milbank up. Leblanc trying to thread the line and use procedural issues to support their objection. Judge Glenn pushing back with common sense rebuttals so far. Leblanc actually trying to argue that the UCC FAQ and other communication was detailed… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: US Trustee is backtracking a bit on their "objection" and saying that they weren't necessarily opposing it but were mostly arguing for an independent lead for integrity reasons. They think the motion was in "haste" because of how serious and unorthodox this… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: US Trustee on a hot mic bashing the Judge. 🫢 Judge did not take kindly to that at all. K&E coming in to help support W&C on how much more efficient this would make the case. Motion Approved. 🎉

#CELSIUS HEARING LIVE: Still have class certification ahead to be argued (Milbank will definitely oppose, US Trustee may as well) before a class claim can be filed. On to the Status Conference portion.

#CELSIUS HEARING LIVE: KEIP, Connor Nolan Reimbursement, Witness Cooperation Agreements all still being negotiated. W&C wants UCC and Debtor approvals and disclosures on an individual basis for each person based on whether it benefits the estate. Manny asking for transcripts on… twitter.com/i/web/status/1…

#CELSIUS HEARING LIVE: Judge Glenn asking Debtor to prepare a motion for a transcript for today. That should be good for anyone filing their own non-contract claim since Colodny referenced a lot of the historical support for the the class claim motion earlier.

#CELSIUS HEARING LIVE: OK. On tonight’s Space I’ll cover:

- Court Hearing Updates.
- Bid Updates.
- Custody & Withhold settlement updates.
- Class Claims.
- New Ad Hoc’s (Earn & CEL).

Set a reminder twitter.com/i/spaces/1lDxL…