3AC Wants To Join The Reconciliation Process With Genesis
Key Points:
- 3AC has requested to participate in the bankruptcy mediation process of crypto lender Genesis Global.
- According to court documents, without the involvement of 3AC’s joint liquidators, Genesis’ plan negotiations and mediation efforts would not have been able to reach an agreement.
- In March, 3AC reached an interim agreement to limit Genesis’ ability to transfer stocks and cryptocurrencies.
According to a document on Sunday, the collapsed cryptocurrency hedge fund Three Arrows Capital (3AC) has requested to participate in the bankruptcy mediation process of the cryptocurrency lender Genesis Global.
Russell Crumpler and Christopher Farmer, representatives of Three Arrows Capital Liquidators in the British Virgin Islands, said in the filing:
“…mediation and plan negotiation efforts will be unable to address consensually the claims of all stakeholders and thereby maximize the value of the Debtors’ estates without the participation of the Joint Liquidators.”
The judge had appointed Randall J. Newsome on May 1 to mediate negotiations that Genesis owner Digital Currency Group (DCG) should contribute to any restructuring plan, but Genesis sought to extend Newsome’s mandate for another two weeks. That prompted a belated response from 3AC. The proposal to extend the mediation will be discussed at a hearing in the Southern District of New York on Monday.
In March, 3AC reached an interim agreement to limit Genesis’ ability to transfer stock and cryptocurrencies during claims settlement, but Crumpler and Farmer now say they did not fully participate despite being one of the largest creditors in Genesis negotiations.
Genesis has been in liquidity difficulty since the FTX market breakdown in November 2022. Genesis had to declare bankruptcy in January of this year, stating that it owed over $900 million to Gemini customers.
According to the lending platform’s January bankruptcy proceedings, DCG’s total debt to Genesis includes $575 million due this month and a $1.1 billion promissory note due in June 2032. DCG may have borrowed $500 million in cash and up to $100 million in Bitcoin (BTC) from Genesis in February.
As Coincu reported, DCG published the most recent information in light of the crypto community’s concerns over the company’s condition and debt with Genesis.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
News
3AC Wants To Join The Reconciliation Process With Genesis
Key Points:
- 3AC has requested to participate in the bankruptcy mediation process of crypto lender Genesis Global.
- According to court documents, without the involvement of 3AC’s joint liquidators, Genesis’ plan negotiations and mediation efforts would not have been able to reach an agreement.
- In March, 3AC reached an interim agreement to limit Genesis’ ability to transfer stocks and cryptocurrencies.
According to a document on Sunday, the collapsed cryptocurrency hedge fund Three Arrows Capital (3AC) has requested to participate in the bankruptcy mediation process of the cryptocurrency lender Genesis Global.
Russell Crumpler and Christopher Farmer, representatives of Three Arrows Capital Liquidators in the British Virgin Islands, said in the filing:
“…mediation and plan negotiation efforts will be unable to address consensually the claims of all stakeholders and thereby maximize the value of the Debtors’ estates without the participation of the Joint Liquidators.”
The judge had appointed Randall J. Newsome on May 1 to mediate negotiations that Genesis owner Digital Currency Group (DCG) should contribute to any restructuring plan, but Genesis sought to extend Newsome’s mandate for another two weeks. That prompted a belated response from 3AC. The proposal to extend the mediation will be discussed at a hearing in the Southern District of New York on Monday.
In March, 3AC reached an interim agreement to limit Genesis’ ability to transfer stock and cryptocurrencies during claims settlement, but Crumpler and Farmer now say they did not fully participate despite being one of the largest creditors in Genesis negotiations.
Genesis has been in liquidity difficulty since the FTX market breakdown in November 2022. Genesis had to declare bankruptcy in January of this year, stating that it owed over $900 million to Gemini customers.
According to the lending platform’s January bankruptcy proceedings, DCG’s total debt to Genesis includes $575 million due this month and a $1.1 billion promissory note due in June 2032. DCG may have borrowed $500 million in cash and up to $100 million in Bitcoin (BTC) from Genesis in February.
As Coincu reported, DCG published the most recent information in light of the crypto community’s concerns over the company’s condition and debt with Genesis.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Other Posts
Related Posts
Latest
Coinbase List PEPE Driven 50% Surge, Is PropiChain Next? Catch the 38,203% Rally Early
Crypto Analyst Puts Ethereum Price At $6,000 In 2025, Dogecoin At $1.2, And This AI Altcoin To Skyrocket 15,000%
Press Release
Coinbase List PEPE Driven 50% Surge, Is PropiChain Next? Catch the 38,203% Rally Early
Crypto Analyst Puts Ethereum Price At $6,000 In 2025, Dogecoin At $1.2, And This AI Altcoin To Skyrocket 15,000%
