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Celsius Investors Request For Protection Of Interests Bankruptcy Procedure

On Thursday, two investors with shares in cryptocurrency lending platform Celsius asked for a committee to defend their interests in bankruptcy proceedings.

According to their filling, growth equity company WestCap and Quebec pension fund Caisse de dépôt et placement du Québec (CDPQ) urgently require their own fiduciary.

According to the petition, the requirement for a fiduciary is especially crucial given that there are only two categories of genuine economic stakeholders: retail consumers and equity investors.

The two firms are afraid that if such safeguards are not implemented, the court action would be unfairly and inequitably slanted in favor of customers at the expense of equity holders.

Objections to the move will be received until next week, and a hearing to address the filing is planned for Oct. 6 at 10 a.m. EDT. Celsius announced on Twitter that the claims procedure and court appearance are expected to commence on the same day.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.