Judge Lane Approves Genesis Global's Customer Repayment Plan
Saturday, 18 May 2024, 10:04
Genesis Global's Repayment Plan Approval
Bankrupt crypto lender Genesis Global secures court approval to refund $3 billion to customers, with parent company DCG not benefiting from the plan.
Judge Lane's Ruling and Distribution Principles
Judge Lane approves the Chapter 11 liquidation plan emphasizing compromised Distribution Principles and prioritizing creditors based on near-term distributions and digital asset allocations.
- DCG Position: Last in line for repayment due to being an equity holder
- Court Decision: Genesis' value distributed to creditors over DCG
DCG potentially filing an appeal to challenge plan approval.
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