Judge Lane will consider the objection to Three Arrows Capital’s claims at a hearing on August 24th.įollowing an emergency status conference on July 13th, Judge Lane approved a sixth extension of the mediation period, this time to July 27th. Genesis filed its First Omnibus Objection seeking to disallow and expunge Three Arrows Capital’s three proofs of claim totaling more than $1 billion. Judge Lane instead directed Genesis and the FTX Group each to submit letter briefs to the court by July 27th outlining open issues and a proposed schedule for estimation, which will be considered during a status conference on August 2nd or August 4th. On July 20th, Judge Lane again declined to rule on a pair of motions from Genesis and the FTX estate addressing FTX’s $3.7 billion preference claim against Genesis while the parties continue to exchange information and meet and confer on discovery and outstanding open issues (see July 7th update, below). This week, there were also two important developments regarding the FTX Group’s and Three Arrows Capital’s claims against Genesis. Genesis and DCG owe Earn users more: more expediency and more consideration. The Debtors’ continuous extensions and postponements and lack of visibility has significantly delayed the return of Earn users’ assets to them for over eight months.
(DCG) will be announced on the eve of the Disclosure Statement hearing without sufficient time for creditors, including Earn users, to evaluate it (see July 14th update, below).
Gemini remains concerned with the possibility that a potential deal between Genesis and Digital Currency Group, Inc. The hearing is now scheduled for August 4th.
For a third time, Genesis adjourned the hearing on the adequacy of information in its Disclosure Statement and on the solicitation and the voting procedures with respect to Genesis’s Amended Plan.
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