As the title suggests. I have my opinion but i will reserve until after polling so not to interfere. What type of bankruptcy do you feel would have the greatest chance of creditors getting a better return.
Posted Aug 19, 2022, 1:17 AM UTC
Let's wait until the external examiner publish the real numbers and confirm the real gap. I personally think chapter 7 will do us more harm than good.
Chapter 7 means that your assets will be sold for dollars lower than the market price. Most likely a bank would take care of this process and be the main beneficiary. I would better go with in-kind haircut and equity (for whatever that would worth!) than just selling our assets for cheap.
Disagree with this, most celsius funds are very liquid sell pressure would be mostly absorbed, prices would probably fall a little but then at least you have a chance to buy back with pay out. When even under 11 your not getting back in kind anyway, is there any precedent for bust companies giving crypto back to users?? I think no. You do realise what celsius tells you that you have doesn’t actually exist and never did? It was gambled as soon as you put it on the platform what you have is a number on a screen that is all. Your not getting back in kind its foolish to think you are and only giving them ammunition to shoot you more with.
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Results are pretty unanimously in favour of 7 which is what i agree with. There is nothing to restructure here. It lost trust and as a financial institution that makes it entirely untenable to continue im any way shape or form. Now its just burning the dollars left on wages and whatever else it wants and every one of those dollars would have gone back to users under chapter 7. All it has to offer is the remaining funds in its kitty outside the hole this would be sold at market value now when there is a larger amount of it or in the future when theres less if it (they have already asked and been granted permission to sell btc for wages) that would of gone back to users under 7. Celsius is a cancer that needs to be cut out, you dont bargain or reason or give it further chance to live its only aa vacuum of your funds the longer it exists now.
I agree with you!
We haven’t heard anything in regard to a potential takeover. We haven’t gotten to the stage where we hear their offers. Ask me then.
I certainly don’t want the company to continue under Alex Mashinsky, but I am willing to consider a restructure under some other entity.
7/11 was a part time job
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If results are clearly Chapter 7, why is creditor committee not pushing towards Chapter 7? Lets insist on this, liquidate Celsius and get this over with.
Cause chapter 7 means you get peanuts.. while chapter 11 means we might get up to 50% back. Sure it might be 20%, but that's probably still more then we get at chapter 7.
Wouldn’t you get a high % back based on the USD value at the time of bankruptcy filing because crypto has risen since then?
Its paid in kind. Confirmed by the judge.
The problem with chapter 7 is that you dont necesarily get back your what is owed. They Just sell to the highest bidder, and good luck finding one. Then they split the money. Its like imagine selling all that btc for far less then the market price. Which sounds insane right? But that's whats gonna happen. Cause they arent gonna fuck around with order books, exchanges etcetera. They just sell everything at once at the highest bid. And there are enough vultures flying around Celsius its dead carcass..
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Chapter 11 but it needs new management. Alex and his execs needs to be removed by the judge.