Joel E. Cohen, a mathematician and biologist representing valuation counsel at Celusia Network Stout Risius Ross, LLC, confirmed the accuracy of the fair value of certain of the debtors’ assets and liabilities as of May 31, 2023.
After months of decline, most of Celsius’ creditors recently voted in favor of a plan to return nearly $2 billion worth of Bitcoin (BTC) and Ethereum (ETH) to creditors.
Voting results are in! More than 95% of creditors across all eligible classes voted to accept the plan, a testament to our collaborative efforts during Chapter 11. https://t.co/9Z5xlBhNts @CelsiusUcc @fahrenheithledge.
– Celsius (@CelsiusNetwork) September 25, 2023
Two days after reaching consensus on the Celsusis reorganization plan, a court was held on 28 September Deposit Ensuring the accuracy of the value of the debtors’ assets and liabilities. Stout has conducted evaluations of crypto assets, loans, and alternative investments.
In the declaration filed in New York Bankruptcy Court, Cohen explained the methodologies used in the valuation analysis, concluding that:
“Based on the work I have 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 disclosure In a statement filed on August 17, approximately $2 billion will be redistributed to creditors and the plan will also distribute shares in a new company, tentatively called “NewCo.”
Related: SEC raises concerns over Coinbase objecting to Celsius restructuring plan
In a similar situation, the liquidation plan of bankrupt cryptocurrency lending platform BlockFi received approval from the New Jersey Bankruptcy Court.
The amount of repayment BlockFi’s unsecured creditors receive will depend largely on whether BlockFi is successful in its legal fight against FTX and other bankrupt cryptocurrency companies.
Journal: Blockchain Investigators: The collapse of Mount Gox marked the birth of Chainalysis
Latest news about Bitcoin, Ethereum, Blockchain, Altcoin, Litecoin, Ripple, Mining, Policy and Regulations, Cryptocurrency prices, and Technology