Joel E. Cohen, a mathematician and biologist representing Celsius Network’s valuation adviser, Stout Risius Ross, confirmed the accuracy of the truthful value of sure of the debtors’ assets and liabilities as of May 31, 2023.
Following months of again and forth, most Celsius collectors lately voted in favor of a plan to see roughly $2 billion value of Bitcoin (BTC) and Ethere (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 around Celsius’ reorganization plan, a Sept. 28 court docket filing confirmed the accuracy of the value of debtors’ assets and liabilities. Stout carried out the valuations of cryptocurrency assets, loans and various investments.
In the declaration supplied on the New York chapter court docket, Cohen defined the methodologies used within the valuation evaluation and concluded:
“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.”
According to a disclosure assertion filed on Aug. 17, roughly $2 billion might be redistributed amongst collectors, and the plan may even distribute fairness in a brand new firm, briefly dubbed “NewCo.”
Related: SEC raises concerns over Coinbase in objection to Celsius restructuring plan
Sporting the same scenario, bankrupt cryptocurrency lending platform BlockFi’s liquidation plan obtained approval from the New Jersey chapter court docket.
The reimbursement quantity acquired by BlockFi’s unsecured collectors will largely rely upon whether or not BlockFi succeeds in its authorized battle towards FTX and different bankrupt cryptocurrency corporations.
Collect this article as an NFT to protect this second in historical past and present your help for unbiased journalism within the crypto house.
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