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Joel E. Cohen, a mathematician and biologist representing Celsius Community’s valuation advisor Stout Risius Ross, LLC, confirmed the accuracy of the honest worth of sure of the debtors’ property and liabilities as of Could 31, 2023.
Following months of backwards and forwards, most Celsius collectors lately voted in favor of a plan to see roughly $2 billion value of Bitcoin (BTC) and Ethereum (ETH) returned to collectors.
The voting outcomes are in! Over 95% of collectors throughout all eligible courses voted to simply accept the Plan, a testomony to our collaborative efforts throughout Chapter 11. https://t.co/9Z5xlBhNts @CelsiusUcc @FahrenheitHldg.
— Celsius (@CelsiusNetwork) September 25, 2023
Two days after attaining consensus round Celsuis’ reorganization plan, a Sept. 28 court docket submitting confirmed the accuracy of the worth of debtors’ property and liabilities. Stout performed the valuations of cryptocurrency property, loans and different investments.
Within the declaration offered on the New York chapter court docket, Cohen defined the methodologies used within the valuation evaluation, and concluded:
“Based mostly on my work carried out and the knowledge and methodologies thought of, I imagine the Valuation Report precisely displays the honest worth of sure of the Debtors’ property and liabilities as of Could 31, 2023.”
In accordance with a disclosure assertion filed on Aug. 17, roughly $2 billion will likely be redistributed amongst collectors and the plan may even distribute fairness in a brand new firm, quickly dubbed “NewCo.”
Associated: SEC raises issues over Coinbase in objection to Celsius restructuring plan
Sporting the same scenario, bankrupt cryptocurrency lending platform BlockFi’s liquidation plan acquired approval from the New Jersey chapter court docket.
The reimbursement quantity obtained by BlockFi’s unsecured collectors will largely rely on whether or not BlockFi succeeds in its authorized battle in opposition to FTX and different bankrupt cryptocurrency companies.
Journal: Blockchain detectives: Mt. Gox collapse noticed start of Chainalysis
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