Understanding the Latest Developments
In the latest twist of the Celsius saga, mathematician and biologist Joel E. Cohen has stepped up as the man with the plan, confirming the fair value of assets and liabilities for the cryptocurrency firm. With his trusty valuation advisors from Stout Risius Ross by his side, Cohen’s findings reflect numbers as of May 31, 2023.
Cracking the Vote: The Creditors’ Choice
After what felt like the world’s longest game of tug-of-war, a resounding 95% of creditors decided to put their trust in a new plan aimed at returning roughly $2 billion worth of Bitcoin (BTC) and Ethereum (ETH) to those who lent a helping hand. Clearly, patience is a virtue and sometimes a winning lottery ticket!
Let’s Talk Numbers: Valuations Galore
On September 28, following the vote, the court filing confirmed the valuation of assets, thanks to Stout’s meticulous valuation process. These include not just cryptocurrency assets, but also loans and alternative investments. If only every filing could be so exciting!
Cohen’s Crystal Ball: Methodology Explained
In his declaration at the New York bankruptcy court, Cohen detailed the rigorous methodologies that led him to declare the Valuation Report as accurate. “Based on my work performed and the information and methodologies considered, I believe the Valuation Report accurately reflects the fair value of certain of the Debtors’ assets and liabilities as of May 31, 2023,” he stated, undoubtedly earning a gold star for clarity.
Redistribution of Riches: What’s Next for Creditors?
This plan doesn’t just give back crypto; it also includes a sprinkle of equity in a new company, charmingly referred to as “NewCo.” As creditors wait for their paychecks, they can reflect on whether they’ll be surfing the waves of financial freedom or stuck in the kiddie pool.
Meanwhile, in Related News…
Speaking of bankrupt crypto operations, BlockFi’s liquidation plan has also been given the thumbs up by a New Jersey court. Fingers crossed for those unsecured creditors! Their repayment fate largely hinges on BlockFi’s ongoing legal scrimmage against FTX and pals. It’s like watching a dramatic soap opera unfold, but with actual dollars on the line.
