Joel E. Cohen, a mathematician and biologist representing Celsius Community’s valuation adviser, Stout Risius Ross, confirmed the accuracy of the honest worth of sure of the debtors’ belongings and liabilities as of Might 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 Ethere (ETH) returned to collectors.
The voting outcomes are in! Over 95% of collectors throughout all eligible lessons voted to simply accept the Plan, a testomony to our collaborative efforts throughout Chapter 11. @CelsiusUcc @FahrenheitHldg.
— Celsius (@CelsiusNetwork) September 25, 2023
Two days after attaining consensus round Celsius’ reorganization plan, a Sept. 28 court docket submitting confirmed the accuracy of the worth of debtors’ belongings and liabilities. Stout carried out the valuations of cryptocurrency belongings, loans and different investments.
Within the declaration supplied 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 data and methodologies thought-about, I imagine the Valuation Report precisely displays the honest worth of sure of the Debtors’ belongings and liabilities as of Might 31, 2023.”
In line with a disclosure assertion filed on Aug. 17, roughly $2 billion shall be redistributed amongst collectors, and the plan will even distribute fairness in a brand new firm, quickly dubbed “NewCo.”
Associated: SEC raises issues over Coinbase in objection to Celsius restructuring plan
Sporting an identical state of affairs, bankrupt cryptocurrency lending platform BlockFi’s liquidation plan acquired approval from the New Jersey chapter court docket.
The compensation quantity obtained by BlockFi’s unsecured collectors will largely rely on whether or not BlockFi succeeds in its authorized battle towards FTX and different bankrupt cryptocurrency corporations.
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