2023-08-03 15:05:00
A New Jersey bankruptcy court has conditionally approved the disclosure statement of crypto-lending firm BlockFi. The document, which is approved by the court and describes the debtor’s assets and liabilities, represents another step in the company’s reorganization process. “BlockFi’s goal was to provide lenders with the highest possible return. The conditional approval of the disclosure statement brings us closer to that goal,” BlockFi’s Mark Renzi said in a statement. The plan: quick refunds and multiple companies’ money back The company has confirmed that its plan is to quickly return the cryptos to its customers. At the same time, he is urging BlockFi customers to vote to accept the plan. If the bankruptcy plan is approved, efforts will focus on recovering money from Alameda, FTX, 3AC, Emergent, Marex and Core Scientific. Criticism of Proposed Bankruptcy Plan FTX, Three Arrows Capital (3AC), and the Securities and Exchange Commission (SEC) have objected to BlockFi’s proposed bankruptcy plan. According to a previous report by CoinDesk, objections include that it unfairly downgrades their claims. It also lacks procedural fairness and too broadly absolves BlockFi and its management of legal liability for over $1 billion in disputed transactions. Three Arrows Capital’s Moves 3AC’s liquidator reported in early July that it was trying to reclaim $220 million in “concessional payments” to BlockFi. Voting deadline Customers have until September 11 to vote on the proposed reorganization. In doing so, the company continues to prioritize protecting the interests of creditors and paying customers as soon as possible.
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