1/ Per the Examiner Report, Celsius has spent $558m to buy its own token, and that allegation is often repeated by certain detractors seeking to subordinate CEL creditors. However, one glaring omission from such analysis is any attempt to trace where that money actually went. 2/ Such an obvious question critically important to creditor recovery is never asked.

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. 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.